Society Files Amicus Brief in Support of SEC Regulation of Proxy Advice

By Ted Allen posted 11-26-2024 12:53 PM

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On Nov. 22, the Society joined with NIRI to file an amicus brief in the Institutional Shareholder Services (ISS) v. SEC case pending in the U.S. Court of Appeals for the D.C. Circuit. ISS sued the SEC over the Commission’s long-standing position that it has the authority to regulate proxy advice under the federal proxy solicitation rules. This authority is the underlying legal basis for the Commission’s 2020 and 2022 proxy advice rules. ISS prevailed at the district court level, but the SEC and the National Association of Manufacturers (NAM), which intervened in the case, have appealed. The Society-NIRI brief expresses support for the SEC’s authority to regulate proxy advice and provides additional context regarding the extensive role that proxy advisors play in the proxy voting process.

Oral argument has not yet been scheduled in this case. A decision is not expected until early 2025.

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