still wants brokers to stop voting on behalf of shareholders in uncontested elections, but they're willing to waive the rule when dealing with mutual funds. The WSJ
reports in the Fund Track column
that the exchange has changed its proposal to the SEC
, after the ICI
claimed that it could add one to five basis points to shareholder expenses by leading to a doubling in funds' proxy voting costs. Small public companies, however, will not be exempt under the proposed rule.
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