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SEC Expected to Approve Rollback of Restrictions on Proxy Advice

July 11, 2022, 7:58 PM

Wall Street’s main watchdog is preparing to approve a proposal that would reverse restrictions on proxy-advisory firms that critics said made it harder for activist investors to hold companies accountable for poor performance.

The US Securities and Exchange Commission is expected to vote Wednesday on rules proposed in November to scrap requirements that proxy advisory firms, including Institutional Shareholder Services Inc. and Glass, Lewis & Co., share their voting recommendations with corporate executives and boards at the same time as investors. The change would also remove consequences for proxy advisers for failing to disclose certain information about their advice ...