Bloomberg Law
Sept. 18, 2020, 9:45 PM

SEC Proxy Adviser Rules Yield No ‘Meaningful’ Benefits, ISS Says

Andrew Ramonas
Andrew Ramonas
Securities Regulation Reporter

The SEC favored corporate interests at the expense of investors in adopting requirements for proxy advisory firms, Institutional Shareholder Services Inc. said in a court filing seeking to overturn the rules.

The Securities and Exchange Commission failed to show the need for the new rules issued in July, proxy firm ISS said in an amended complaint filed in the U.S. District Court for the District of Columbia Friday. ISS sued the SEC last year over earlier agency guidance targeting proxy advisers, but put its lawsuit on hold as the commission developed regulations.

Investors told the SEC that the rules would ...