DC Circuit Questions Logic for SEC Proxy Advisory Firm Curbs (1)

A business group fighting to restrict firms that guide shareholder voting met sharp questions at the DC Circuit on Friday, as companies try to save proxy adviser limits from the first Trump administration.

Judge Neomi Rao of the US Court of Appeals for the District of Columbia Circuit pressed a lawyer for the National Association of Manufacturers on justifying the 2020 Securities and Exchange Commission regulations for Institutional Shareholder Services Inc., Glass, Lewis & Co., and other proxy advisory firms.

ISS and Glass Lewis, which dominate the proxy advice industry, long have faced Republican and business concerns that they ...