SEC - Draft Strategic Plan and Proposed Amendments to e-Proxy

On October 8th, 2009, the US Securities and Exchange Commission (SEC) announced the release of its Draft Strategic Plan for 2010-2015 (also refer to SEC Release No. 34-60799). The comment deadline is November 16, 2009. In addition, on October 14, 2009, the SEC released Proposed Amendments to Rules Requiring Internet Availability of Proxy Materials. The proposal cites findings from a survey conducted by Broadridge Financial Solutions, which indicated a significant drop in retail investor participation in, and understanding of, online-only proxies. Issuers were required to send shareholders a notice regarding availability of online proxies but, according to the survey, the boilerplate nature of notices developed under the original rules appears to have confused some investors. (Read more at the FEI Financial Reporting Blog.)