SEC Proposes Measures to Improve Corporate Governance and Enhance Investor Confidence

The Securities and Exchange Commission today voted on three measures that are intended to better inform and empower investors to improve corporate governance and help restore investor confidence: the Commission proposed requiring public companies receiving money from the Troubled Asset Relief Program (TARP) to provide a shareholder vote on executive pay in their proxy solicitations, and also - approved a New York Stock Exchange rule change to prohibit brokers from voting proxies in corporate elections without instructions from their customers; Mary Schapiro commented.