Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:SEC Gathers Intel on Proxy Advisors' Work With Fundsters Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, December 4, 2013

SEC Gathers Intel on Proxy Advisors' Work With Fundsters

News summary by MFWire's editors

The role of proxy advisors in helping fundsters cast shareholder votes is under scrutiny, and the SEC wants to learn more.

Ross Kerber and Sarah Lynch of Reuters report that tomorrow the regulatory agency will hold an event on the issue, with those speaking including executives from BlackRock [profile] and Charles Schwab [profile].

This summer Republican SEC commissioner Daniel Gallagher called on the agency to curb fundsters' heavy reliance on proxy advisory shops. Now, in a speech yesterday, Gallagher wondered if, as part of a rules change, the SEC could lighten the burden on small mutual fund firms by tweaking the standard that they must cast "vote on every vote."

SEC Chair Mary Jo White, meanwhile, reportedly has avoiding taking a position yet, telling journalists at Gallagher's speech yesterday that fundsters, "despite what some misguided academics suggest, are not shirking their fiduciary responsibilities."

Others who weighed in for the Reuters article include: University of Pennsylvania law professor Jill Fisch, who worries that new rules could increase costs for mutual fund shops; a spokesperson for proxy advisory firm ISS, which is part of MSCI; K.T. Rabin, CEO of proxy advisory firm Glass Lewis; and Jack Zwingli, CEO of Incentive Lab, who predicts that funds might have to buy research from multiple proxy advisors, driving up costs. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use