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Biden SEC Proxy Firm Rules Survive Court Challenge (2)

Dec. 5, 2022, 6:58 PMUpdated: Dec. 5, 2022, 9:52 PM

The SEC can keep proxy advice rules that reversed Trump-era curbs on firms that help guide investor votes at companies’ annual meetings, a federal judge has ruled in a business group’s case over the regulations.

The Securities and Exchange Commission engaged in “reasoned decision making” when it adopted rules that eased requirements for proxy firms like Institutional Shareholder Services Inc. and Glass, Lewis & Co. earlier this year, Judge David Counts of the US District Court for the Western District of Texas said in an opinion released Sunday.

The National Association of Manufacturers sued the SEC over the rules in ...