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SEC adopts new rules for universal proxy cards in contested director elections

On November 17, the SEC adopted final rules requiring parties in a contested director election to use universal proxy cards that include all director nominees presented for election at a shareholder meeting. The rule changes will give shareholders the ability to vote by proxy for their preferred combination of board candidates on a proxy card that would include all registrant and dissident nominees, similar to voting in person. The rules will apply to all non-exempt solicitations for contested elections other than those involving registered investment companies and business development companies. The new requirements will apply to any shareholder meetings involving contested director elections held after August 31, 2022.

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