3 Colo. Code Regs. § 702-3-2-1-7

Current through Register Vol. 48, No. 1, January 10, 2025

Section 3 CCR 702-3-2-1-7 - Requirements as To Proxy

A. The form of proxy shall:

1. Indicate in bold face type whether or not the proxy is solicited on behalf of the insurer's board of directors, and if not, by whom it is solicited;

2. Provide a specifically designated blank space for dating the proxy; and

3. Identify clearly and impartially each matter or group of related matters intended to be acted upon, whether proposed by the issuer or by security holders.

No reference need be made to proposals as to which discretionary authority is conferred pursuant to Subsection C.

B. Proxy votes

1. Means shall be provided in the form of proxy whereby the person solicited is afforded an opportunity to specify by ballot a choice between approval or disapproval of, or abstention with respect to, each matter or group of related matters referred to therein as intended to be acted upon, other than elections to office. A proxy may confer discretionary authority with respect to matters as to which a choice is not specified provided the form of proxy states in bold face type how it is intended to vote the shares represented by the proxy in each case.

2. A form of proxy which provides both for the election of directors and for action on other specified matters shall be prepared so as to clearly provide, by a box or otherwise, means by which the security holder may withhold authority to vote for any nominee for election as a director. The form of proxy which is executed by the security holder in a manner as not to withhold authority to vote for the election of all nominees shall be deemed to grant authority for all nominees for which a vote is not withheld, provided the form of proxy so states in bold-face type.

C. A proxy may confer discretionary authority to vote with respect to any of the following matters:

1. Matters which the persons making the solicitation do not know, a reasonable time before the solicitation, are to be presented at the meeting, if a specific statement to that effect is made in the proxy statement or form of proxy;

2. Approval of the minutes of the prior meeting if the approval does not amount to ratification of the action taken at that meeting;

3. The election of any person to any office for which a bona fide nominee is named in the proxy statement and the nominee is unable to serve or for good cause will not serve;

4. Any proposal omitted from the proxy statement and form of proxy pursuant to Sections 11 or 12;

5. Matters incident to the conduct of the meeting.

D. No proxy shall confer authority to vote for the election of any person to any office which a bona fide nominee is not named in the proxy statement, or to vote at any annual meeting other than the next annual meeting (or any adjournment thereof), to be held after the date on which the proxy statement and form of proxy are first sent or given to security holders. A person shall not be deemed to be a bona fide nominee and shall not be named as such unless the person has consented to being named in the proxy statement and to serve if elected.

E. The proxy statement or form of proxy shall provide, subject to reasonable specified conditions, that the securities represented by the proxy will be voted and that where the person solicited specifies by means of ballot provided pursuant to Subsection B a choice with respect to any matter to be acted upon, the securities will be voted in accordance with the specifications so made.

3 CCR 702-3-2-1-7

37 CR 20, October 25,2014, effective 11/15/2014

37 CR 20, October 25,2014, effective 1/1/2015

37 CR 23, December 10, 2014, effective 1/1/2015

38 CR 17, September 10, 2015, effective 10/1/2015

39 CR 05, March 10, 2016, effective 4/1/2016

39 CR 14, July 25, 2016, effective 8/15/2016

39 CR 23, December 10, 2016, effective 1/1/2017

40 CR 03, February 10, 2017, effective 3/15/2017

40 CR 05, March 10, 2017, effective 4/1/2017

40 CR 13, July 10, 2017, effective 8/1/2017

40 CR 17, September 10, 2017, effective 11/1/2017

43 CR 06, March 25, 2020, effective 4/15/2020

44 CR 03, February 10, 2021, effective 3/15/2021

44 CR 23, December 10, 2021, effective 1/1/2022

46 CR 03, February 10, 2023, effective 3/2/2023