Reported about 1 year ago
A federal appeals court rejected the U.S. Securities and Exchange Commission's 2022 rollback of rules that limited the independence of proxy advice firms assisting investors in corporate elections. The court criticized the SEC's reasoning for rescinding the rules and deemed it 'arbitrary and capricious,' ultimately ruling it unlawful. The SEC's changes had aimed to enhance the timeliness and independence of proxy voting advice, but the court's decision emphasized the importance of legal accountability for federal agencies, reflecting a broader regulatory battle over investor voting guidance.
Source: YAHOO