The SEC is proposing substantial amendments to its controversial 2020 proxy advisory firm rules. And it's seeking comment on its equally controversial guidance for investment advisers on proxy voting, asking whether that guidance should be rescinded, revised, or clarified. This comes after SEC Chair Gary Gensler’s directed staff to consider whether the rules warranted further action and Corp Fin announced it would not recommend enforcement action while the rules were under review.
In a 4-1 vote at Chair Gary Gensler’s first open meeting, the SEC proposed requiring institutional investment managers that are required to file Form 13F to report “say-on-pay” votes, which are non-binding shareholder votes related to corporate executive compensation.
SEC Chair Gary Gensler has issued a statement directing the SEC staff to consider whether the SEC should revisit the 2019 interpretation stating that proxy voting advice generally is a solicitation under the proxy rules.
The SEC’s Investor Advisory Committee’s (IAC’s) March meeting issued draft recommendations on minority and underserved inclusion in investment and financial services.
The SEC’s Asset Management Advisory Committee’s (AMAC’s) March meeting covered several topics that are high on the SEC’s policy agenda and introduced two new agenda items for 2021.
The SEC’s Asset Management Advisory Committee held a special meeting on July 16 that included two panel discussions, the first on diversity and inclusion in the asset management industry and the second on data privacy and technology’s impact on investment advice.
SEC Commissioner Elad Roisman raised concerns about the proxy voting behavior of investment advisers in a recent speech on proxy issues and the SEC’s current proxy proposals.
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