The Proxy Fee Advisory Committee (PFAC), which was formed by the New York Stock Exchange, published on May 16, 2012 its recommendations for changes to the fees paid by public companies to banks and brokers for the distribution of proxy materials to shareholders who hold their stock in “street name.” Composed of listed companies, broker dealers and investors, the PFAC was formed in September 2010 to review the existing proxy distribution fee structure and make recommendations for change.
The goals of the Committee have been to support the current proxy distribution system, including continued support for the elimination of mailings; to encourage and facilitate active voting participation by retail beneficial owners; improve transparency of the fee structure and ensure that fees are as fair as possible and aligned with the work involved.
Click here for a PDF of the Report and Recommendations of the Proxy Fee Advisory Committee.
Click here for a PDF summary of the report.
Click here to read the press release highlighting the committee's recommendations.
View a webinar on the Proxy Fee Advisory Committee's recommendations.
Reports/Rule Filings Related to NYSE Rule 452
20 Oct 2010 NYSE comments submitted to SEC regarding concept release on U.S. proxy system (pdf)