Law360 Quotes Andrew Freedman on the Return of Universal Proxy Card
Co-Chair of Olshan's Activist & Equity Investment Group Andrew Freedman was quoted in a recent Law360 article on the renewed interest for the use of universal proxy cards during proxy contests. Since the SEC agreed to propose rules that would mandate the use of universal proxy cards, there has not been much attention on the proposal, “it started to become clear to us after Trump’s victory that the changing administration would likely sound the death knell for the universal ballot, at least for now. The Republican commissioners include Commissioner Michael Piwowar, who voted against the universal proxy rule proposal,” said Freedman. While companies and dissident shareholders are able to use separate proxy cards or universal cards on a case-by-case basis, Freedman observes that, “without there being an actual SEC rule in place, it really muddies the water in terms of potentially using a universal proxy card in a contest."