The SEC Division of Investment Management declined a request to take a no-action position from a registered investment company that sought to exclude proxy materials on a shareholder proposal to "declassify" the Fund's Board.
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The SEC Division of Examinations outlined its annual priorities for 2023. The new report includes a heightened focus on RIA regulation, private investment fund RIAs, ESG-focused investing, Regulation Best Interest for broker-dealers and the fiduciary standard for advisers.
SEC Commissioner Hester M. Peirce argued that advisers to funds must vote in accordance with the fund's investment objectives and the best interests of that particular fund, even if doing so conflicts with the best interests of individual shareholders or the asset manager.
The SEC adopted a final rule amending the reporting requirements for (i) management investment companies as to their reporting of proxy votes and (ii) "institutional investment managers" as to proxy voting relating to executive compensation.
The SEC Division of Examinations issued its annual priorities, which include an increased focus on private investment funds, ESG risks, cybersecurity and operational redundancy, and crypto assets.