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SEC Mandates Use of Universal Proxy Cards in Contested Director Elections

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  • SEC Mandates Use of Universal Proxy Cards in Contested Director Elections

On November 17, 2021, the Securities and Exchange Commission (SEC) adopted a new rule requiring the use of universal proxy cards in contested elections of directors. A universal proxy card lists the names of all duly-nominated director candidates for election at a shareholder meeting, regardless of who nominated the candidates. Revisions to Rule 14a-4 and newly adopted Rule 14a-19 are intended to replicate the voting options available to shareholders when voting in-person at a shareholder meeting.

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