The U.S. securities regulator on Wednesday voted to finalize new restrictions on firms that advise investors on how they should vote in corporate elections, following a years-long battle between corporate lobbyists and governance activists over the proposed rules.
FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo
Wednesday’s final 3-1 vote on the rule instead requires proxy advisers, which frequently issue voting recommendations on contentious issues like executive compensation and environmental measures, to let companies see the reports at the same time as its shareholders, two agency officials said. Corporate groups including the U.S. Chamber of Commerce and the National Association of Manufacturers had lobbied hard to rein in proxy advisers, which they say have too much power over the shareholder voting process and make often make mistakes in their company reports. They also say proxy advisers are sometimes conflicted because they frequently provide other services to the companies on which they issue voting recommendations.
Republican Commissioner Elad Roisman, a key proponent of the SEC’s revision of these rules, said “these changes offer a tailored approach for updating our [...] proxy rules in a way that minimizes disruption to current operations of significant market participants and reaffirms existing duties.”
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