Title

Corporate Regulatory Report
A Summary of Current Regulatory Developments Affecting Publicly Listed Companies

Created date

6/30/2006

The NYSE’s Proxy Working Group has unanimously adopted and published six recommendations with respect to NYSE rules on broker non-votes and other proxy voting matters. The most important of these recommendations is a change to make the election of directors a non-routine matter, such that brokers would no longer be able to vote in the election of directors when they do not receive instructions from the beneficial owners, even in uncontested elections of directors.