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SEC Proposes Measures to Improve Corporate Governance and Enhance Investor Confidence

Washington, D.C., July 1, 2009 — The Securities and Exchange Commission today voted on three measures that are intended to better inform and empower investors to improve corporate governance and help restore investor confidence.

• The Commission proposed requiring public companies receiving money from the Troubled Asset Relief Program (TARP) to provide a shareholder vote on executive pay in their proxy solicitations
• The Commission also voted to propose better disclosure of executive compensation at public companies in their proxy statements.
• The Commission approved a New York Stock Exchange rule change to prohibit brokers from voting proxies in corporate elections without instructions from their customers.

“With over 800 billion shares being voted annually at over 7,000 company meetings, it is imperative that our proxy voting process work – starting with the quality of disclosure and continuing through to the integrity of the vote results,” said SEC Chairman Mary Schapiro. “These three items considered today are all related to the fundamental goal of enhancing the quality of the system through which shareholders exercise their franchise.”

Read the full release here - http://www.sec.gov/news/press/2009/2009-147.htm