The US Securities and Exchange Commission (SEC) is to announce a plan whereby firms can communicate with shareholders by email and the web, the Financial Times reported today.
The SEC is to propose that companies provide shareholders with proxy statements – documents which form the basis for voting at annual meetings – via their websites. It predicts this could save many firms millions of pounds.
Currently some firms allow shareholders to receive such information electronically, but it is the exception rather than the norm. It is estimated that US firms spend over £580m a year posting documents to shareholders.
The plan will also make it easier for shareholders to nominate alternative board members due to the ability to simply post names on the company’s website.
The plan will go to public consultation with a view to implementation in 2007.
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