On July 14, the SEC published the Concept Release on the US Proxy System. They occasionally issue these releases, maybe two or three times a year, when they’re considering substantial problems. They want your feedback.
This time around, the SEC describes our current proxy voting system, its consequences on shareholder communication and participation, and the imperfect coupling of voting power and economic interest. From the introduction to this document:
…we are reviewing and seeking public comment as to whether the U.S. proxy system as a whole operates with the accuracy, reliability, transparency, accountability, and integrity that shareholders and issuers should rightfully expect. With over 600 billion shares voted every year at more than 13,000 shareholder meetings, shareholders should be served by a well-functioning proxy system that promotes efficient and accurate voting.
If you have something that might help the SEC think this through, drop them some comments before October 20th. Last November, Moxy Vote formally submitted some thoughts of our own on the challenges posed by the current system and the power of technology to address some of these challenges.
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