Next week, August 21, the SEC has scheduled an open meeting to discuss whether to publish more guidance on proxy advisory firms. We have blogged a few times before on the ongoing efforts among some in Congress and the SEC to limit the outsize role, as they see it, of the proxy advisory firms (see, SEC Withdraws Support for Proxy Advisory Firms [October 8, 2018] and New Proposed Legislation Targets Proxy Advisory Firms [December 15, 2017]), an issue that seems to boil to the surface about once each year.
Under Item 1 of the Agenda, the Commission will consider whether to publish guidance regarding the proxy voting responsibilities of investment advisers under Rule 206(4)-6 under the Investment Advisers Act of 1940, and Form N-1A, Form N-2, Form N-3, and Form N-CSR under the Investment Company Act of 1940.
Under Item 2 on the Agenda, the Commission will consider whether to publish an interpretation and related guidance regarding the applicability of certain rules, which the Commission has promulgated under Section 14 of the Securities Exchange Act of 1934, to proxy voting advice.
Stay tuned for results next Wednesday!