The SEC Should Do More To Fix Proxy Voting Process

Law360 (November 4, 2019, 2:12 PM EST) -- Under Chairman Jay Clayton, the U.S. Securities and Exchange Commission's focus has been the protection of Main Street investors and their savings. This makes sense, as the Main Street, or retail, investor is increasingly exposed to equity securities through intermediaries like mutual funds in their retirement vehicles or through their pension funds.

These intermediaries are governed by fiduciary duties defined by federal securities laws and by other statutes for pension funds. Those fiduciary duties require intermediaries to put their client’s interest first when investing in companies, and when voting shares held in their portfolios.

It’s easy to see why institutional investors...

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