Uninstructed Voting Gets Marching Orders

The Wall Street Journal is reporting that the SEC has decided to approve the NYSE's re-proposed amendments to Rule 452. Rule 452 allows brokers to vote shares on routine matters if shareholders don't tell them how to vote. The amendment would classify director elections as non-routine. As I blogged last month, the SEC has gotten lots of comment letters on the proposal. No official word from the SEC so far.