Several investor advocates, pension fund managers and hedge funds have signaled they’re concerned that the changes would weaken shareholder protections.
U.S. business titans are a step closer to victory in a long fight to overhaul corporate voting rules that they say subject them to unfair shareholder campaigns.
“It’s time to move from debate in the abstract to constructive engagement on actual proposals,” SEC Chairman Jay Clayton said in support of the proposals before commissioners approved releasing them in two 3-2 votes. “We make that transition today. Our work in this space will continue.” Proxy advisory firms would generally be required to share recommendations twice with management before shareholders could see them, according to an SEC official.
The proposal would also require proxy advisory firms to disclose conflicts of interest and other material issues, according to the SEC.Elad Roisman, one of two Republican commissioners who joined political independent Clayton in backing the proposals, said the changes are meant to update rules to address how market dynamics have changed.
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