The US Chamber of Commerce sued the SEC over its recent move to lift Trump-era restrictions on proxy advisory firms that assist institutional investors with votes at companies’ annual meetings.
The Securities and Exchange Commission failed to engage in “reasoned rulemaking” and moved away from “transparency, accuracy, and shareholder access to information” with its changes to the 2020 rules, the business group said in a complaint filed Thursday in the US District Court for the Middle District of Tennessee.
The rule changes adopted July 13 scrapped requirements for proxy advisory firms to give their voting guidance to companies and investors ...
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