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ARTICLE · 19 APRIL 2013

Europe: ESMA Publishes Final Report on Proxy Advisors

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ESMA has also drafted a set of principles for the development of a Code of Conduct for the proxy advisory industry.

SingaporeFinance and Banking

By Annabelle Yip and Hon Yi Lim

On 19 February 2013, the European Securities and Markets Authority ("ESMA") published a final report and feedback statement setting out its response to the issues raised in its consultation on the role of the proxy advisory industry.

ESMA has found that currently there is no clear market failure relating to the activities of the proxy advisory industry and therefore considers that the introduction of binding measures would not be justified. However, it has recommended that the proxy advisory industry develop its own Code of Conduct.

To this end, ESMA has drafted a set of principles as a guide for the development of such a Code of Conduct. These principles are as follows:

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