SEC Proposes Amendments To Proxy Rules Applying To Proxy Advisory Firms

In this Update

• In November 2019, the U.S. Securities and Exchange Commission (SEC) issued proposed amendments to its proxy rules to regulate certain of the activities of proxy advisory firms
• The proposed amendments are intended to help ensure investors who use proxy voting advice to inform their voting decisions receive more accurate, transparent and complete information from proxy advisory firms
• The application of SEC solicitation rules to proxy advisory firms
• Issuers' review of proxy voting advice and response
• Canadian implications: if the SEC's proposed amendments are adopted, the Canadian Securities Administrators may choose to revisit their guidance and may also adopt similar measures to regulate the activities of such firms