Insight

On September 29, 2021, the SEC announced proposed rule amendments that would require various investment funds to disclose the votes they cast as shareholders of the companies in which they invest. Of particular interest is a proposed requirement that would require institutional investment managers to disclose how they vote on “say on pay” resolutions.

In its press release regarding the proposal, the SEC emphasizes the importance of the proposed rules to investors, noting that the rules will “make it easier for investors to get crucial information about proxy votes from funds.” However, the proposed rules would also provide more transparency to the companies whose shares are voted, enabling them to target engagement efforts at funds that have not followed board voting recommendations on executive compensation and other matters, to modify their practices accordingly, and to take other actions.

The proposed rules are subject to a 60-day public comment period. Please direct any questions or observations to Gunster securities law and corporate governance practice leader Bob Lamm.


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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.

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