The Securities and Exchange Commission today announced that its staff will host a public roundtable on December 5 to discuss the use of proxy advisory firm services by institutional investors and investment advisers.
The roundtable will be held at the SEC´s Washington, D.C. headquarters and will be open to the public and webcast live on the SEC´s website. Information on the agenda and participants will be issued shortly.
Proxy advisory firms offer services to assist investors and investment advisers in voting on matters presented to shareholders. Some proxy advisory firms also provide consulting services, including to publicly traded companies that may use these services to help develop proposals to be put to a shareholder vote or to improve their corporate governance ratings.
The role of proxy advisory firms was among the issues the Commission explored in a 2010 concept release on the proxy voting system. The release sought public comment on the services provided by proxy advisory firms and on potential conflicts of interest and transparency in the proxy advisory industry. The December 5 roundtable will provide a forum to discuss these issues.