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ANALYSIS: Gensler Moves On Clayton-Era SEC Proxy Advisor Rules

June 7, 2021, 9:01 AM

SEC Chairman Gary Gensler started June with a directive to the Division of Corporation Finance staff to revisit the agency’s controversial actions on proxy advisor regulation. Interpretive advice issued in August 2019 that was followed in July 2020 by formal adoption of rule changes concerning the applicability of the proxy rules to the proxy advice process generated significant opposition from market participants and members of the Commission minority.

The new chairman now wants CorpFin “to consider whether to recommend further regulatory action regarding proxy voting advice,” and his request to the staff suggests that Commission action on the proxy advisor ...

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