ISS vs. SEC – Rumble in the proxy advisor jungle
11.07.19
Seemingly in response to the rising influence of proxy advisors on stockholder voting procedures, the Securities and Exchange Commission (SEC) issued guidance late this summer purporting to assist investment advisers in fulfilling their proxy voting responsibilities.
In a standalone guidance release (SEC Release No. 34-86721), the SEC expanded the applicability of certain proxy rules to the advice given by proxy advisor firms, such as Institutional Shareholder Services Inc. (ISS), in three areas:
The…