SEC Withdraws No Action Letters Regarding Proxy Advisors
Publication Date: September 17, 2018

The Securities and Exchange Commission Division of Investment Management has withdrawn staff no action letters issued to Egan-Jones Proxy Services (May 27, 2004) and Institutional Shareholder Services, Inc. (Sept. 15, 2004) concerning the ability of investment advisors to rely upon recommendations by proxy advisory firms in voting their clients' securities. The SEC further indicated that it would discuss the role of proxy advisory firms at an upcoming Roundtable on the Proxy Process. The Roundtable, which is expected to be in November 2018, will also provide the SEC staff an opportunity to engage with market participants on topics including the voting process and retail shareholder participation.

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Read SEC Statement Announcing Roundtable >>

Read Nasdaq's petition to the SEC concerning Proxy Advisory Firms >>

Read Nasdaq's op ed about Proxy Advisory Firms >>