SEC Approves NYSE/NASDAQ Proposed Rules Requiring Shareholder Approval of Equity Compensation Plans

07/03/2003

On Monday, June 30, 2003, the SEC approved new rules proposed and adopted by the New York Stock Exchange (“NYSE”) and the Nasdaq Stock Market (“Nasdaq”) requiring shareholder approval of equity compensation plans or material amendments to existing equity compensation plans.  The SEC also approved new rules proposed and adopted by the NYSE that will eliminate the ability of brokers to vote shares held in street name accounts in favor of proposals to approve equity compensation plans unless the brokers have received voting instructions from the beneficial owners of the shares.

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