The new system turns out to have been more management-friendly than expected.
Share on linkedin were strong supporters of the SEC's changes to the way shareholders elect corporate directors. Then, when they finally got their wish last proxy season, the proportion of seats they won steadily dropped.The new system, known as the Universal Proxy Card, or UPC, turns out to have been much more management-friendly than anybody expected.
But so far this year, when U.S. fights did go to a vote, activist board nominees won only 11% of the seats targeted. That's a huge fall from 2023 when that figure was 65% — a sign that the UPC system has turned out to hurt activists much more than management.
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