Final Results: FINRA Annual Meeting

August 13, 2010

Dear Executive Representative:

FINRA recently concluded its Annual Meeting, and on behalf of the entire Board of Governors, we thank all of you who participated. This email serves to report on the main business of the meeting, which was the election of industry representatives to the Board and the consideration of seven proxy proposals submitted by a firm.

Approximately 50 percent of the 4,698 firms eligible to vote at the Annual Meeting did so. In accordance with FINRA's By-Laws, large and small firms each elected three representatives to the Board, and mid-size firms elected one representative. Firms also approved the seven firm-submitted, non-binding proxy proposals.

Following are the newly elected firm representatives:

  • First Class: Richard F. Brueckner, Chairman and Chief Executive Officer, Pershing LLC and Ken Norensberg, President and Chief Executive Officer, Four Points Capital Partners LLC were elected to one-year terms representing large and small firms, respectively;
  • Second Class: Seth H. Waugh, Chief Executive Officer, Deutsche Bank Americas, W. Dennis Ferguson, Executive Vice President and Director of Clearing, Sterne, Agee & Leach, Inc. and Joel R. Blumenschein, President, Freedom Investors Corp. were elected to serve two-year terms and represent large, mid-size and small firms, respectively; and
  • Third Class: James D. Weddle, Managing Partner, Edward Jones and Jed Bandes, President and COO, Mutual Trust Company of America Securities were elected to three-year terms, representing large and small firms, respectively. In addition to these new Governors, 14 individuals were appointed to the Board, including 11 public members. You can view a complete list of the Board of Governors on FINRA's website.

We welcome the newly elected Governors, and we look forward to working together with them and the entire Board to carry out FINRA's important mission of investor protection and market integrity. Against the backdrop of the financial crisis, the passage of the Dodd-Frank Act and the addition of new market oversight responsibilities, FINRA's role has become even more important, and the Board's active engagement will be critical in helping FINRA meet these challenges.

Firms also voted in favor of seven proxy proposals submitted by a member firm. These proxy proposals are non-binding, which is an important safeguard to ensure that the Board retains the responsibility and authority to manage the business and affairs of FINRA. We take seriously the input we receive from firms. The newly constituted Board will carefully review each of the proxy proposals beginning at the next Board of Governors meeting.

In closing, we would like to thank you for your participation. We look forward to carrying out our mission of investor protection and market integrity, and working to make FINRA even more effective and efficient.


Richard Ketchum Signature 

Richard G. Ketchum
Chairman and Chief Executive Officer

Richard Brueckner Signature

Richard F. Brueckner
Lead Governor