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Society Submits Comment Letter on SEC’s Proxy Voting Advice Proposal

By Randi Morrison posted 01-06-2022 08:48 PM

  
Last week, the Society submitted this comment letter in response to the SEC’s proposed amendments to the proxy advisor rules, which we previously reported on here. In addition to reiterating points made in our comment letter in response to the SEC’s November 2019 proposal that culminated in a new rule in 2020 (which the current proposal aims to, in large part, reverse), the Society’s letter addresses the robust engagement and regulatory process that supported the final rule and the absence of changed circumstances - other than a change in the composition of the Commission and the ongoing increased influence of proxy advisory firms - since the new rule was adopted. The letter also explains why certain industry-developed “oversight” and accountability standards and associated firm practices are an inadequate solution for the concerns issuers and investors have raised with the Commission for over a decade, which the 2020 rule sought to address.

Additional comment letters are here.

                                           
                                                  This post first appeared in the weekly Society Alert!
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