On July 14, the SEC voted unanimously to issue a concept release seeking public comment on the U.S. proxy system and asking whether rule revisions should be considered to promote greater efficiency and transparency.

The SEC’s concept release, as described in the Fact Sheet published with the SEC’s announcement, focuses on the accuracy and transparency of the voting process, the manner in which shareholders and corporations communicate, and the relationship between voting power and economic interest.

There will be a 90-day public comment period for the concept release after it is published in the Federal Register.

“The proxy is often the principal means for shareholders and public companies to communicate with one another, and for shareholders to weigh in on issues of importance to the corporation,” said SEC Chairman Mary L. Schapiro during the SEC’s Open Meeting on July 14.

“To result in effective governance, the transmission of this communication between investors and public companies must be timely, accurate, unbiased, and fair.”