The Wall Street Legal & Regulatory Feed
Securities Industry Commentator by Bill Singer Esq
October 5, 2023
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Nondisclosure of FINRA 2023 Board Votes Is Hypocritical Lack of Corporate Governance Transparency (BrokeAndBroker.com Blog)
https://www.brokeandbroker.com/7164/finra-board-election/
About a month ago, FINRA published a press release announcing the victors of the two unopposed Board elections without also announcing the number of votes cast. Oddly, FINRA refuses to announce the number of abstentions cast despite the fact that FINRA engaged a proxy solicitor to help FINRA meet the requirement of a quorum in the face of a call to boycott the elections. FINRA spent its members' funds on trying to force a quorum, and, as such, FINRA should disclose to its members the numbers of votes that the proxy solicitor was paid to obtain. Given FINRA's lack of transparency, the conversation now moves from "why" didn't the self-regulatory-organization timely disclose the vote tallies to "what" is the regulator hiding.
https://www.brokeandbroker.com/7169/finra-sec-fingerprint/
There are times when things are so idiotically silly that the beauty of the absurdity is that it's based on reality. This is one of those times. FINRA has had a fingerprint plan for a few years; and, geez, the self-regulatory-organization seems to be in the midst of a fingerprint channeling emergency and has asked the SEC to allow it to continue to not do what it's not doing but on a permanent basis. Despite that, fingerprints are still attached to the ends of our fingers.
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