Alert November 12, 2013

SEC To Hold Roundtable On Proxy Advisors

The SEC announced that its staff will host a public roundtable on December 5 to discuss the use of proxy advisory firms by institutional investors and investment advisers.  The role of proxy advisory firms in assisting institutional investors with the exercise of voting rights was one of the principal topics addressed in the SEC’s 2010 concept release on the proxy voting system, which asked, among other things, for public comment on the services provided by proxy advisory firms and on potential conflicts of interest and transparency in the proxy advisory industry.  (See the July 27, 2010 Financial Services Alert for a discussion of the 2010 concept release.)  The December 5 roundtable is intended to provide a forum to discuss these issues, and will be open to the public at the SEC’s Washington, D.C. headquarters and via webcast on the SEC’s website.