SEC Head Wants Proxy Revamp Amid 'Soaring' ESG Demand

By Al Barbarino (March 17, 2021, 6:20 PM EDT) -- The U.S. Securities and Exchange Commission's acting head called Wednesday for changes to shareholder proxy voting disclosures that would incorporate "soaring demand" for environmental, social and governance, or ESG, investment strategies and revamp an "unwieldy, difficult to understand" system.

Speaking at an Investment Company Institute virtual conference, Allison Herren Lee said she has asked her staff to prepare potential rulemaking options that would revisit existing guidance, potentially revamp the Form N-PX reporting standard, and lead to a new website that would track critical data for investors.

"Retail investors need more meaningful insight into how their money is voted, and that insight is...

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