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
- Comment Letter to Ontario Markets Modernization Taskforce Regarding Consultation Report – July 2020 (September 7, 2020)
- Comment Letter to SEC Regarding Amendments to Exemptions from the Proxy Rules for Proxy Voting Advice (February 3, 2020)
- Comment Letter to Office of Management and Budget (OMB) on SEC Proposed Amendments to Exemptions from the Proxy Rules for Proxy Voting Advice (January 7, 2020)
- 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 Circular – Procedural Guidelines for Proxy Advisors (August 3, 2020)
- Capital Markets Modernization Taskforce (Ontario, Canada) – Consultation Report (July 2020)
- 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 Exemptions from the Proxy Rules for Proxy Voting Advice (July 2020)
- U.S. SEC Supplemental Guidance (July 2020)
- U.S. SEC August 2019 Guidance
- U.S. SEC Proposed Amendments to Resubmission Thresholds (November 2019)
- U.S. SEC Proposed Amendments to Exemptions for Proxy Rules (November 2019)
- SRD II Resource Hub
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
Glass Lewis Submission on Draft Governance Code (Philippines)
On October 10, 2019, the Securities and Exchange Commission Philippines released its Draft Code of Corporate Governance for Public Companies and Registered Issuers. The Draft Code is meant to update the existing corporate governance code, [...]
SEC Proxy Recommendations Include Universal Ballot and Vote Confirmations
If effecting change at a single institution is like reversing the course of an aircraft carrier, revamping the proxy system is something akin to turning around a whole fleet. Undaunted by the task, it appears [...]
Glass Lewis CEO Katherine Rabin Issues Statement Regarding SEC Guidance
On Wednesday the US Securities and Exchange Commission (SEC) issued guidance related to “Investment Advisers’ Proxy Voting Responsibilities and the Application of Proxy Rules to Voting Advice.” We look forward to reviewing the clarifications that [...]
Glass Lewis Submission to SEBI on Issues Related to Proxy Advisors
On July 29, 2019, the Securities and Exchange Board of India (“SEBI”) issued a report submitted by the Working Group it formed in November 2018 to review certain issues related to proxy advisors. The report [...]
BPPG Formally Launch New 2019 Best Practice Principles for Shareholder Voting Research & Analysis
Leading Global Shareholder Voting Research & Analysis Providers Commit to New Governance & Oversight Structure in Independently Reviewed Updated 2019 Principles The Independent Review Chair of the Best Practice Principles for Shareholder Voting Research & Analysis Group (the “BPPG”), Dr. [...]
Glass Lewis Submission on Spanish SRD II Consultation: Introduction of Loyalty Shares
Glass Lewis has submitted a response to the Spanish consultation on the proposed changes to Spanish Companies Law which transposes Shareholder Rights Directive II ("SRD") into national legislation. While most of the proposed changes are [...]