ISS launches lawsuit against the SEC over proxy adviser guidelines
The proxy advisory firm has asked that new regulatory demands be set aside, claiming the watchdog “lacks authority” and its actions are “contrary to law”.
Image: Mark Van Scyoc/ Shutterstock.com
A battle in the US over corporate governance advice provided by proxy advisers has reached a new twist with one of the market’s most prominent players, Institutional Shareholder Services (ISS), launching a lawsuit against the Securities and Exchange Commission (SEC), the country’s most high-profile financial watchdog.
The lawsuit demands that guidance delivered by the SEC in August that would impose tough new regulatory demands on proxies be “set aside” because the watchdog “lacks authority” and its actions are “contrary to law”.
The guidance came at the end of a long-running campaign to bring proxy advisers under closer
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda
Related Stories
-
Unconscious bias is keeping women out of senior roles
Research shows that unconscious bias—affinity bias—may lead recruiters to favour candidates who are like themselves.
-
Nine in ten FTSE 100 CEOs paid more than 100 times living wage
A new pay-ratio report from The Equality Trust exposes chief executive remuneration compared with average wages.
-
Insolvencies could be prevented, says pensions adviser
A report from Lincoln Pensions argues that current accounting standards for defined-benefit pension schemes in the UK are not up to scratch.
