Corporate,
Securities
Dec. 17, 2021
SEC adopted the universal proxy rule. Will it affect shareholder activism?
On November 17, the Securities and Exchange Commission adopted Rule 14a-19 under Securities Exchange Act of 1934, requiring parties in a contested board election to use a “universal proxy card” when soliciting proxies — a card that lists and allows shareholders to direct votes for any nominee in the election.
Virginia F. Milstead
Partner
Skadden, Arps, Slate, Meagher & Flom LLP
Phone: (213) 687-5000
Email: virginia.milstead@skadden.com
Virginia has a broad commercial litigation practice, including the representation of foreign-domiciled clients, with a particular emphasis on securities and merger litigation.
On November 17, the Securities and Exchange Commission adopted Rule 14a-19 under Securities Exchange Act of 1934, requiring parties in a contested board election to use a “universal proxy card” when soliciting proxies — a card that lists and allows shareholders to direct votes for any nominee in the election. Before this rule, shareholders voting by proxy generally had to direct votes either for the company’s slate of nominees using the company’s proxy card or the dis...
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