Investors' Org Urges SEC To Reconsider Proxy Guidance

Law360 (October 15, 2019, 8:11 PM EDT) -- The Council of Institutional Investors on Tuesday urged the U.S. Securities and Exchange Commission to reconsider recent guidance and potential rule changes that the group claims diminish investor oversight and favor incumbent management.

The council said in its letter that the SEC's recent Proxy Advisor Interpretation and guidance put forth by the commission may reduce independence, effectiveness and competition, and pushed for the commission to reconsider the guidance and open a public comment period.

The letter notes that investors retain proxy advisory firms to ensure that proxies are handled in a cost-effective, timely and informed manner and claims that the new regulations...

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