Word: votes
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...financial crisis has no doubt played a role in this jump," says Scott Fenn, senior managing director for policy at Proxy Governance. "There's a greater willingness on the part of big institutions to hold boards accountable and to vote against directors when they perceive a problem at companies...
Fenn expects this trend to continue in 2010 when a new rule, approved by the NYSE and the SEC, goes into effect and no longer allows brokers to vote shares if they haven't received specific instructions from the shareholder on how to vote those shares. In the past, Fenn says, brokers were allowed to use their own discretion to vote shares and "typically voted management's slate" of directors...
...many companies, these uninstructed broker votes may have constituted 10% or 20% of the vote, and with those votes no longer going in favor of management's candidates, it's going to naturally push up the percentages of opposition votes," Fenn says...
Last night’s preliminary election narrowed the mayoral field from four candidates to two. Menino, referred to by some as “Mumbles” for his thick Boston accent and history of verbal gaffes, swept roughly half the vote...
...Confused? Probably not as much as the candidates who start popping champagne corks election night only to crash to defeat. In 2002, the CDU looked set to secure a big enough share of the vote to overtake the SPD and oust the incumbent coalition of SPD and Greens. Polling stations closed at 6 p.m., and the CDU started celebrating as television broadcasters published the results of exit polls that seemed to confirm its victory. At 6:47 p.m., Edmund Stoiber, the leader of the CDU's Bavarian sister party the Christian Social Union (CSU) and a Chancellor candidate for both...