SEC's Proxy Reform Emphasizes Accountability, Transparency

Law360 (September 3, 2019, 12:44 PM EDT) -- In two related releases issued on Aug. 21, the U.S. Securities and Exchange Commission updated its guidance and interpretations to heighten the scrutiny given to the voting recommendations made by proxy advisory firms, such as Institutional Shareholder Services Inc. and Glass, Lewis & Co. LLC, and the investment advisers that rely on those recommendations.

In the first release, the SEC provided guidance to investment advisers about the steps they should take in order to fulfill their fiduciary duties when they utilize proxy advisory firms. In the second release, the SEC made it clear that voting recommendations provided by proxy advisory firms...

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