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ARTICLE · 04 OCTOBER 2021

SEC Proposes Expansion Of Proxy Voting Disclosure Reporting Requirements

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The SEC proposed amendments to the reporting requirements for (i) management investment companies (including exchange traded funds, or "ETFs") as to their reporting of proxy votes and (ii) "institutional investment managers".

United StatesFinance and Banking
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The SEC proposed amendments to the reporting requirements for (i) management investment companies (including exchange traded funds, or "ETFs") as to their reporting of proxy votes and (ii) "institutional investment managers" (as defined under SEA Section 13(f)) as to proxy voting relating to executive compensation.

In a fact sheet, the SEC explained that the proposal would amend Form N-PX, on which investment companies provide reports on their proxy voting, in order to, among other things:

  • require that reporting of votes be standardized and in a machine-readable format to aid investors in analyzing the relevant information; and
  • mandate disclosures from funds and managers as to the effect of their securities lending activity on their votes.

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