The Proxy Voting Review Committee, a private-sector committee, has been formed at the behest of the SEC to review fairness and accountability in the proxy voting process. The nine-member committee also will analyze fee issues and proxy-voting innovations and report annually to the SEC, self-regulatory organizations and the public. Currently, ADP Brokerage Services Group has a virtual monopoly handling proxies, accounting for 97% of votes cast.
Stephen Norman, corporate secretary of American Express Co., will be chairman. Institutional investors on the committee are: Kenneth A. Bertsch, director of corporate governance at TIAA-CREF; Janice Hester-Amey, principal investment officer, equities and corporate governance, at the $100 billion California State Teachers Retirement System, Sacramento; and Gordon G. Garney, managing director of the Council of Institutional Investors. Richard H. Koppes, former general counsel at the $160 billion California Public Employees Retirement System, Sacramento, will serve as staff to the committee.