SEC Investor Advisory Committee Calls for Revamp of SEC Proxy Voting Rules and Interpretations

In a 10-to-5 decision on January 24, the Securities and Exchange Commission Investor Advisory Committee voted to recommend to the US Securities and Exchange Commission ("SEC") that the SEC "revise and republish" two of its recently proposed rule amendments and two recent SEC interpretations regarding proxy voting matters: 

• Amendments to Exemptions from the Proxy Rules for Proxy Voting Advice
• Procedural Requirements and Resubmission Thresholds under Exchange Act Rule 14a-8
• Commission Guidance Regarding Proxy Voting Responsibilities of Investment Advisers
• Commission Interpretation and Guidance Regarding the Applicability of the Proxy Rules to Proxy Voting Advice

This Legal Update summarizes the recommendations.