The House Financial Services Committee considered testimony on the "growing influence” of proxy advisory firms and current efforts to reform the proxy advisory system.
News & Insights
The House Judiciary Committee requested information from three of the largest asset managers in finance pursuant to a Committee inquiry into "the sufficiency of existing antitrust laws to address collusive agreements to promote and adopt progressive environmental, social, and governance (ESG) goals."
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.
In an amicus curiae brief filed with the Delaware Court of Chancery, the Managed Funds Association supported a plaintiff's claims that certain Company bylaw amendments which required expanded information from investors making director nominations or stockholder proposals were invalid and unenforceable, and that the Company's board of directors breached their fiduciary duties by adopting them.
Twenty-one State Attorneys General criticized two proxy advisors, asserting that their commitments to promoting ESG and DEI policies may be in violation of state and federal laws.