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Rating:NYSE: Brokers Can Vote For Fund Shareholders Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, May 25, 2007

NYSE: Brokers Can Vote For Fund Shareholders

by: Neil Anderson, Managing Editor

The NYSE 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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