SEC Takes Steps to Free Up Proxy Advisers, Shareholder Proposals
- Final rule reverses some restrictions on ISS, Glass Lewis
- Companies would face hurdles to blocking proposals in proposal
The US Securities and Exchange Commission headquarters in Washington, D.C.
Photographer: Al Drago/BloombergThis article is for subscribers only.
Wall Street’s watchdog is taking new steps to empower investors and proxy advisory firms through a pair of rules voted on at a Wednesday meeting.
The US Securities and Exchange Commission approved final rules by a 3-2 partisan vote to free proxy advisers from some restrictions placed on them at the end of the Trump administration. Critics of the 2020 rules say they hampered firms’ independence.