Wolosky Quoted in Ongoing Debate Over Universal Proxy
Olshan Activist Partner Steve Wolosky was quoted in a Law360 article about the ongoing debate over the concept of a universal proxy ballot, allowing shareholders voting by proxy to have the same voting options as those shareholders who are able to vote in person. Typically, voting by proxy involves voting on the company’s card or the activist’s card, both of which may or may not include the full list of nominees. A universal ballot would list the complete candidate lists on both sides. “Institutional investors really want it,” said Wolosky. “They're saying, 'Why shouldn't I, because I'm a significant shareholder, be able to vote for the seven people I want to vote for that I think are the best candidates for the board?'” Although support for the universal proxy is growing, the SEC still has a number of issues to work out with regard to its implementation.