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Investors Seek Common Ballot for Corporate Board Battles

Sept. 6, 2019, 10:30 AM

Companies and activist investors battling for board seats should list their nominees together on a single ballot to ensure fairness in voting, an investor panel recommended to regulators.

Each side of a fight for board control usually sends out separate voting cards listing their preferred candidates, forcing shareholders voting remotely to pick one roster or the other. Combining director nominees into one ballot would let shareholders mix and match their votes, an option now available only to in-person voters, the panel told the Securities and Exchange Commission Sept. 5.

Institutional investors have championed so-called universal ballots as a fairness issue...

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