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ARTICLE · 16 SEPTEMBER 2019

U.S. Changes Affecting Your Business: The Proxy Voting System—New SEC Guidance

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The work of proxy advisory firms has been on the SEC's radar for several years. Extensive consultations with market participants and research into the role of proxy advisory firms

United StatesCorporate/Commercial Law
Andrew Beck
Andrew Beck
Mile T. Kurta
Mile T. Kurta
Chris Bornhorst
Chris Bornhorst
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The work of proxy advisory firms has been on the SEC’s radar for several years. Extensive consultations with market participants and research into the role of proxy advisory firms have culminated in the SEC publishing two sets of guidance–one directed at investment advisers and the other directed at proxy advisory firms such as Institutional Shareholder Services and Glass Lewis.

Investment advisers are fiduciaries

The SEC reminds investment advisers that they are fiduciaries and must make voting decisions in the best interests of their clients—including when using the services of a proxy advisory firm.

Investment advisers and clients may set the scope of their relationship

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