Regulatory Matters
Glass Lewis actively engages with regulatory bodies around the world and frequently provides them perspectives from the proxy advisory industry, information on our policies and procedures, and input on pending regulations.
Any additional regulatory-related questions can be directed to regulatory@glasslewis.com.
Statements, Comments & Resources
Glass Lewis Statements and Correspondence
- Statement on SEC August 2019 Guidance (August 22, 2019)
- Letter on SEC Roundtable on the Proxy Process (November 14, 2018)
- Letter to Senate Banking Committee (June 1, 2018)
- Statement to the House Financial Services Committee’s Subcommittee on Capital Markets and Government Sponsored Enterprises (May 17, 2016)
- Letter to SEC on “proxy solicitation” (June 30, 2014)
Investor Perspectives on Proxy Advisor Regulation
- Council of Institutional Investors Letter to the SEC requesting extension of comment period (November 15, 2019)
- Council of Institutional Investors Letter to the SEC requesting underlying data and supplementary information (November 14, 2019)
- Council of Institutional Investors Fact Sheet on Proxy Advisory Firms and Shareholder Proposals (Nov. 5, 2019)
- Council of Institutional Investors Letter to the SEC on claims of proxy advisor inaccuracy (October 24, 2019)
- Council of Institutional Investors and 60 Institutional Investors’ Letter to the SEC on the Commission’s August Guidance (October 15, 2019)
- Investment Company Institute Letter on SEC Roundtable (March 15, 2019)
- Investment Adviser Association Letter on SEC Roundtable (December 31, 2018)
- Nell Minow, Harvard Law School Forum on Corporate Governance and Financial Regulation (March 2, 2018)
Government Reports & Pronouncements
United States
- Securities and Exchange Commission Guidance on Investment Advisers’ use of Proxy Advisors (August 21, 2019)
- Securities and Exchange Commission Interpretation and Guidance Regarding the Applicability of the Proxy Rules to Proxy Voting Advice (August 21, 2019)
- Transcript of the Securities and Exchange Commission Roundtable on the Proxy Process (November 15, 2018)
- SEC Staff Legal Bulletin No. 20 on Proxy Voting (June 30, 2014)
- Government Accountability Office Report on Proxy Advisory Firms (November 15, 2016)
Global
- Securities and Exchange Board of India Report of Working Group on Issues Concerning Proxy Advisors (July 29, 2019)
- Canadian Securities Administrators National Policy 25-201 Guidance for Proxy Advisory Firms (April 30, 2015)
- European Securities and Markets Authority Recommendation for Proxy Advisors to Develop a Code of Conduct (2013)
Proposed Rules and Final Regulations
- U.S. SEC Proposed Amendments to Resubmission Thresholds (November 2019)
- U.S. SEC Proposed Amendments to Exemptions for Proxy Rules (November 2019)
- EU SRD II Overview (2019)
- UK SRD II Impact on Asset Managers (2019)
Academic Studies
- Li, Tao, “Outsourcing Corporate Governance: Conflicts of Interest Within the Proxy Advisory Industry,” 64 Mgmt. Sci. 2951 (2018).
- Dent, Jr., George W., “A Defense of Proxy Advisors,” 2014 Mich. St. L. Rev. 1287 (2014).
- Choi, Stephen; Fisch, Jill E.; and Kahan, Marcel, “The Power of Proxy Advisors: Myth or Reality?,” 59 Emory Law Journal 869 (2010).
Regulatory Matters Blog
Legislative Update: Senate Bill Redefines Proxy Advisors as Investment Advisers
Just as the SEC convenes a Staff Roundtable to look at the proxy process as a whole, including the possible regulation of the proxy advisory industry , on November 14 six U.S. Senators introduced a [...]
SEC Roundtable on the Proxy Process: Glass Lewis Statement to the Record
As part of its contribution to the SEC Staff Roundtable on the Proxy Process, on November 14 Glass Lewis submitted a statement to the record. You can read the statement here. The statement sets out Glass [...]
Glass Lewis Response To SEC Statement Regarding Staff Proxy Advisory Letters
The proxy advisor no-action letters, issued in 2004 to Egan-Jones and ISS, described the duty of investment advisers to ensure their proxy advisor(s) have the capacity and competency to adequately analyze proxy issues. While the [...]
Glass Lewis Response to U.S. Senate Banking Committee Letter, Including Clarification of Business Practices
On May 9, 2018, Glass Lewis received a letter from members of the U.S. Senate Banking Committee, seeking information regarding Glass Lewis and the business practices of proxy advisory firms: Senate Banking Committee Letter - [...]
Legislative Update: HR 5756 Threatens Shareholder Proposal Resubmission Thresholds
Shareholder rights are once again under legislative threat. Introduced May 10, HR 5756 would require the SEC to adjust resubmission thresholds for shareholder proposals. The language mirrors that of the Financial CHOICE Act in calling [...]
FSC Taiwan’s Governance Roadmap Sets Ambitious Goals for Issuers (and Investors)
Taiwan’s long-awaited update to the 2013 Corporate Governance Roadmap is now available for review and public comment, the Financial Supervisory Commission Republic of China (FSC Taiwan) confirmed in a briefing. On March 27, FSC Taiwan [...]