The U.S. Securities and Exchange Commission (SEC) on Tuesday said it would hold ...
FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo
The proposal comes amid a push by the corporate lobby to rein in proxy advisors, which recommend how investors should vote in corporate elections on issues like pay and diversity. Groups representing listed companies claim the current SEC rules have allowed special interests to hijack boardrooms with costly demands.
The move could set the SEC up for a clash with investors, who worry the agency is siding with companies to diminish voting rights. However, three people with knowledge of the matter told Reuters they expected it to clarify that investors do not have to submit votes for every share they own - a misconception that has allowed proxy firms to gain significant influence, say their critics.
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