Written by Edgar Agents on March 7, 2018

Last week, the SEC approved the NYSE’s proposal to eliminate their issuers’ requirement to provide hardcopies of  the proxy materials to the NYSE. Prior this amendment, NYSE-listed companies were required to provide hardcopies of all proxy materials to the NYSE.

The SEC stated that the NYSE “has no real need to receive hard copies” because the Exchange staff is notified when a NYSE issuer submits a filing via on EDGAR. The appropriate NYSE personnel generally reviews proxy materials online, long before receiving the hardcopies of the proxy documents.

  • Listed companies will not be required to provide proxy materials to the NYSE in physical form, or otherwise notify the NYSE, provided the proxy materials are included in an SEC filing available under Schedule 14A on the SEC’s EDGAR filing system.
  • Any listed company whose proxy materials are available on EDGAR but not filed pursuant to Schedule 14A under the Act will be required to provide the NYSE information sufficient to identify such filing by designated means not later than the date on which such material is sent, or given, to any security holders.
  • Any listed company whose proxy materials are not included in their entirety (together with proxy card) in an SEC filing available on EDGAR will continue to be required to provide three physical copies of any proxy material not available on EDGAR to the NYSE not later than the date on which such material is sent, or given, to any security holders.

We support this, as it removes an archaic, legacy step. For our clients, this adjustment will go mostly unnoticed as we always took care of that step for them.

Going mobile with your proxy

Obviously, the NYSE will be reviewing (and downloading) their issuers’ proxy PDF, but a PDF is not the best solution for your shareholders.  Our recent news release explains: “Edgar Agents Partners with EZOnlineDocuments to Create Mobile, Highly Engaging Annual Report & Proxy Materials.”