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The problem is, according to David Drake, president of Georgeson, a proxy solicitation firm, under this new system, only 10% of retail investors are completing a proxy online.
FORBES: Magazine Article
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Beginning in 2007, regulators allowed companies to save shipping and paper costs by sending only a one-page form to shareholders, while referring them to proxy statements and annual 10-K reports online.
WSJ: Getting Going: Why Proxy Votes May Matter More This Year
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Ignoring the fact that prestige may be a poor proxy in the first place, the problem for online learning (and new universities primarily offering online courses) is that building prestige takes a long time and requires considerable resources.
FORBES: Technology's Continuing Struggle to Disrupt Higher Ed