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SEC Offers More Time for Companies to Rebut Proxy Firms’ Advice (1)

Nov. 5, 2019, 3:01 PM

The Securities and Exchange Commission wants to give companies more time to review and respond to reports by proxy advisory firms.

Proxy advisers such as Institutional Shareholder Services Inc. and Glass, Lewis & Co. would have to give companies that are the subjects of their reports three to five days to look at them, up from the current two-day standard, according to the SEC’s Nov. 5 proposal. The timeframe for review would depend on how much advance notice the company provides about what’s up for a vote.

The firms, hired by institutional investors for recommendations on how to vote their ...