New Proxy Advice Policy Reflects SEC's Softened Stance

Law360 (August 11, 2020, 5:03 PM EDT) -- For more than a decade, the U.S. Securities and Exchange Commission has been wrestling with whether and how to regulate the activities of the proxy advisory firms — principally Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC — that have come to play such an important role in shareholder voting at U.S. public companies.

On July 22, the SEC adopted rules and interpretive guidance that, together, are probably as far as it will go. Very generally, the main impact of the SEC's actions is that, beginning in the 2022 proxy season:

When a proxy advisory firm gives its clients...

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