ISS Defends DC Court Ruling That Stripped Proxy Firm Curbs

Institutional Shareholder Services Inc. has called on the DC Circuit to reject a business group’s efforts to save 2020 SEC rules increasing restrictions on firms advising shareholders on voting at companies’ annual meetings.

The Securities and Exchange Commission’s rules should be scrapped because they improperly place proxy advisory firms under rules for activist investors and company managers looking to sway shareholder votes, ISS said in a brief filed Tuesday with the US Court of Appeals for the District of Columbia Circuit.

The National Association of Manufacturers asked the DC Circuit to reverse a 2024 lower court decision finding the regulations ...