Following the Securities and Exchange Commission's (SEC) new Universal Proxy Card (UPC) rule going into effect last September, there was a surge in proxy fights as empowered activist investors tried to influence the direction of companies.
The UPC rule, meant to simplify shareholder voting by consolidating ballots and ostensibly democratize corporate governance, has just sown more confusion and infighting while raising questions about its impact, especially on companies in sensitive industries like healthcare.
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