Voting Records Support Concerns Over Proxy Firms' Influence

Law360 (December 12, 2019, 3:36 PM EST) -- As debate around the U.S. Securities and Exchange Commission's proposed rules to update the proxy process generally, and the role played by proxy advisory firms specifically, continues to develop, a particular argument has arisen over whether or not certain institutional investors have engaged in the concerning practice of robo-voting.

Research I recently conducted suggests the practice is indeed a significant problem.[1] It details how a significant number of asset managers are automatically voting in line with the recommendations and policies of the two major proxy advisers, rather than evaluating the merits of individual proposals before casting their vote.

In reviewing the...

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