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Corporate Lobbyists Notch Win in SEC Walk-Back on Proxy Advisers

Corporate lobbyists notched a win Sept. 13 as the Securities and Exchange Commission withdrew two 14-year-old staff letters about investment managers’ use of proxy advice for voting in director elections and other items on company ballots.

The 2004 letters were seen as giving the SEC’s blessing for managers to use advisory firms such as Glass, Lewis & Co. and Institutional Shareholder Services Inc. when voting proxies on behalf of investors, as long as that advice doesn’t pose a conflict of interest.

Withdrawing the letters fulfills one aim of proxy-related legislation (H.R. 4015) championed by Nasdaq Inc., Exxon Mobil …

Read the source article at Big Law Business

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