Yesterday we distributed a client update reporting a change to Broadridge Financial Solutions Inc.'s policy on providing interim voting results during proxy contests. Late yesterday, Broadridge reversed itself, announcing that it will maintain its policy of providing interim voting reports to U.S. proxy contest participants which disclose details of the voting support for both sides.
Broadridge announced that "Upon further internal review, Broadridge will not be implementing the change announced last week. Both sides of a proxy contest will continue to receive interim voting updates for their own and each other's ballot. These procedures have been consistently applied for decades; they are understood by regulators and by the participants in the proxy process."
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