SEC reverses Trump-era rules limiting proxy advisors

The U.S. Securities and Exchange Commission (SEC) have voted to reverse portions of controversial rules, adopted during the Trump administration, that had been seen by shareholder advocates as limiting the independence and effectiveness of proxy advisors, and putting too much power in companies’ hands in the shareholder advisory process. While the new amendments were welcomed by shareholder advisory firms, some expressed concerns that the SEC didn’t go far enough to reverse the rules.