SEC Seeks End to Manufacturers’ Suit on Tabled Proxy Firm Rules (1)

The SEC will urge a judge to toss a lawsuit the National Association of Manufacturers brought to enforce Trump-era rules that limited proxy advisory firms Institutional Shareholder Services Inc. and Glass, Lewis & Co.'s ability to influence shareholder votes.

The case became moot after the Securities and Exchange Commission recently adopted regulations that overturned 2020 rules that NAM supported, the SEC said in a court notice Wednesday. The agency, under Democratic Chair Gary Gensler, had shelved the rules while it was working to overturn them.

The 2020 rules required proxy firms to distribute their voting suggestions to shareholders and companies ...