In accordance with FINRA By-Laws, three new governors will represent large firms, three will represent small firms and one will represent midsize firms. Results also indicated that firms supported seven non-binding proxy proposals.
The newly elected governors, who will begin their terms immediately, are:
? First Class: Richard Brueckner, chairman and CEO of Pershing LLC, and Ken Norensberg, president and CEO of Four Points Capital Partners LLC, who were elected to one-year terms representing large and small firms, respectively;
? Second Class: Seth Waugh, CEO of Deutsche Bank Americas, W. Dennis Ferguson, executive vice president and director of clearing at Sterne, Agee & Leach, Inc., and Joel Blumenschein, president of Freedom Investors Corp., who were elected to serve two-year terms and represent large, midsize and small firms, respectively; and
? Third Class: James Weddle, managing partner at Edward Jones, and Jed Bandes, president and COO of Mutual Trust Company of America Securities, who were elected to three-year terms, representing large and small firms, respectively.
The electors also approved seven member-submitted proxy proposals, which are non-binding:
? Disclosure of officer compensation
? The commissioy related to Bernard L. Madoff Securities
? FINRA's investment policies, practices and transactions
? Public access to transcripts of Board of Governors meetings
? "Say on Pay"
? Creation of an independent, private-sector inspector general
? Disclosure of certain IRS correspondence.
The statement said that the board of governors would review each of the proxy proposals beginning at its next meeting.
Michael S. Fischer (msf7@columbia) is a New York-based financial writer and editor and a frequent contributor to WealthManagerWeb.com.
