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SEC Mandates Use of Universal Proxy Cards in Contested Director Elections

Alert November 22, 2021

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

SEC Mandates Use of Universal Proxy Cards in Contested Director Elections

November 22, 2021, Covington Alert

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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