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The New ABO's of Proxy Communications
January 4, 2010
Should NOBOs and OBOs give way to ABOs?
That’s the opinion of one proxy solicitor: Kenneth Altman, president of the New York proxy solicitation firm Altman Group, who believes that companies should send materials directly to every shareholder when soliciting votes on corporate resolutions. Even if the materials encourage them to allow other parties to be their proxies in those votes.
Altman’s proxy solicitation approach would be known as the “all beneficial owners” system. Under this approach, companies who have issued stock to the public would know exactly who their beneficial shareholders are.
This could replace the system of NOBOs and OBOs now used by banks and brokerages, who supply names of some, but not all, shareholders to issuers.
NOBOs are non-objecting beneficial shareholders. These are shareholders who allow financial intermediaries to disclose their names to corporate issuers. OBOs are objecting beneficial shareholders, who do not.
THE WEEK AHEAD:
TUESDAY, JANUARY 5
TRAINING: Underwriting System Submissions
Noon, Depository Trust and Clearing Corporation
WEDNESDAY, JANUARY 6
WEBINAR: Technology Trends You Can't Afford to Ignore
11 a.m., Gartner managing vice president Raymond Paquet
WEBINAR: The Real Truth About Cloud, SaaS
Noon, Gartner fellow Daryl C. Plummer
WEBINAR: Business Intelligence Management Overview
2 P.M., Oracle Enterprise Product Manager Amjad Afanah
THURSDAY, JANUARY 7
EARNINGS WEBCAST: Global Payments Inc. (GPN)
4:30 p.m. Earnings estimate: 61 cents
FRIDAY, JANUARY 8
ECONOMIC DATA: Consumer Credit
3 p.m., Federal Reserve
THE WEEK THAT WAS:
SEC Charges Broker With Defrauding Florida Municipalities (S.I.N.)
S.F. Investment Bank Tries to Regain Nasdaq Compliance (S.I.N.)
Goldman Sachs to Create an ETF Trust (S.I.N.)
The Ups and Dow(ns) of 2009 (S.I.N.)
Data Management 2010: The Ins and Outs (S.I.N.)
The Accidental Advantage of Naivete (S.I.N.)
Lehman Creditors Support Plan to Return Assets (NY Times)
Options Traders Prepare for REIT Pullback (WSJ)
Morgan Stanley sued over failed $1.2 billion CDO (Reuters)
Goldman Sachs denies betting against its clients on CDOs (Telegraph – U.K.)
Nasdaq OMX Signs Deal to Distribute Data in Brazil (CNNMoney)
