Partner Dave Bell Spoke with Law360 on the Impacts of SEC’s Universal Proxy Rule

Despite initial expectations, the U.S. Securities and Exchange Commission's universal proxy rule has not had a seismic impact on shareholder activism in the current proxy season. While there are indications of its impact, the number of proxy fights this season is in line with previous years.

But beyond the seemingly average numbers, attorneys believe effects will become more pronounced in the coming years. Partner Dave Bell spoke with Law360 about this expectation, comparing the situation to the adoption of new technologies and suggesting that it will take time for people to learn how to use the rule effectively. He also mentioned the changing role of proxy advisory services and the increase in settlements as potential outcomes of the rule.

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