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Securities and Exchange Commission Focuses on Informing Investors

Lora Bentley

In an open meeting Wednesday, the Securities and Exchange Commission voted to approve three changes:

 

  1. A proposal to require companies receiving federal money from the Troubled Asset Relief Program (TARP) to allow their shareholders to have a say in how their executives are compensated
  2. A proposal to require "better and more timely" disclosure of executive pay in proxy statements
  3. A New York Stock Exchange rule change to prohibit brokers from voting proxies without instructions from the shareholders they represent

 

The SEC will take public comment on the proposals for 60 days following their publication in the Federal Register, and the NYSE Rule change will become effective for shareholder meetings held on or after Jan. 1, 2010.

 

SEC Chair Mary Schapiro said of the vote:

These three items considered today are all related to the fundamental goal of enhancing the quality of the system through which shareholders exercise their franchise.

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