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ARTICLE · 04 JUNE 2019

Shareholder Rights Directive: The Proxy Advisors Regulations 2019

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On May 14, the Proxy Advisors (Shareholders' Rights) Regulations 2019 (SI 2019/926) were published.

United StatesFinance and Banking
Stephen Hancock
Stephen Hancock
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On May 14, the Proxy Advisors (Shareholders' Rights) Regulations 2019 (SI 2019/926) were published. The regulations transpose into UK law Article 3j (transparency of proxy advisors) of the Shareholder Rights Directive (as amended by the Shareholder Rights Directive II). The Regulations will enter into force on June 10.

Part 2 of the Regulations require proxy advisors to make certain disclosures concerning the conduct of their business, including the obligation to:

  • Identify and disclose any actual or potential conflicts of interests or business (regulation 5).
  • Disclose certain information on their research capabilities and how they produce their advice and voting recommendations, including the essential features of the models and methodologies applied, as well as their main sources of information (regulation 4(1)). This information must be published on the proxy advisor's website no later than the end of its first financial year commencing after June 10, and

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