Statement regarding SEC proposal to require use of universal proxy cards

I applaud the SEC for voting to propose amendments to the outmoded proxy rules to require the use of universal proxy cards (see https://www.sec.gov/news/pressrelease/2016-225.html). The introduction of the universal proxy card will eliminate needless voter confusion in contested elections, give shareholders greater freedom of choice, and hopefully end some of the gamesmanship employed by incumbent boards to keep shareholder-nominated directors out of the boardroom. I believe this change will be extremely positive for our capital markets and am hopeful that the powerful voices in opposition to the universal proxy card, such as the U.S. Chamber of Commerce, will not be successful in defeating this important initiative, as they were when the SEC attempted to introduce proxy access.