Bloomberg Law Quotes Steve Wolosky on Using Universal Ballots for Corporate Board Battles

Bloomberg Law quoted Olshan Activist Equity Investment Practice Co-Chair Steve Wolosky in an article titled “Investors Seek Common Ballot for Corporate Board Battles” on an investor panel’s recent recommendation to the SEC that companies and activist investors vying for board seats should list their nominees on a single, or universal, ballot to ensure a fair voting process. Currently, only in-person voters can mix and match their votes for director nominees from different ballots, but a universal ballot would grant shareholders voting remotely the same ability. The SEC has considered mandating universal ballots, and recent examples of their use could facilitate the process, should the agency decide to act. “It’s a one-way consent,” Mr. Wolosky commented on the lack of fairness in the process, adding, “It should be reciprocal.”