SEC Partially Rescinds Its Rules Relating to the Provision of Proxy Voting Advice
The U.S. Securities and Exchange Commission (SEC) has approved amendments to the federal proxy rules governing the provision to institutional investors and other clients of voting advice by proxy voting advisory firms or businesses such as Institutional Shareholder Services (ISS) and Glass Lewis, referred to by the SEC in the adopting release as “PVABs” (the “2022 Amendments”). The 2022 Amendments become effective on September 19, 2022. They rescind most – but not all – of the changes made to rules adopted by the SEC in 2020 (the “2020 Amendments”).
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