SEC Adopts Final Rules Requiring Universal Proxy Cards

On November 17, 2021, the Securities and Exchange Commission (SEC) adopted final rules requiring the use of a universal proxy card by all parties in contested elections for directors at shareholder meetings. The rules require registrants and dissidents to provide shareholders with a proxy card listing all the registrant and dissident director nominees presented for election. Shareholders will no longer have to choose between submitting their votes on either the registrant's proxy card or the dissident's. Putting all candidates on the same ballot will make proxy voting more closely resemble voting in person at a meeting, as shareholders will be able to select their preferred combination of candidates to serve on the board.