Lexis Practice Advisor Practice Note – SEC Provides Guidance Relating to the Proxy Voting Process: First Analysis

In this Lexis Practice Advisor Practice Note, we discuss two releases published by Securities and Exchange Commission (SEC) on August 21, 2019. One release contains interpretation and guidance regarding the applicability of certain rules (Proxy Voting Advice Guidance) promulgated under Section 14 of the Securities Exchange Act of 1934, as amended (Exchange Act) to proxy voting advice. The other, which technically is a “policy statement,” provides guidance on the proxy voting responsibilities of investment advisers (Investment Adviser Guidance) under the Investment Advisers Act of 1940, as amended (Advisers Act). As both sets of guidance will be effective upon publication in the Federal Register, both sets will apply to the 2020 proxy season.