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This bill would require proxy advisory firms to register with the Securities and Exchange Commission (SEC) and subject them to certain rules and reporting requirements. Publicly traded companies are required to issue proxy statements to shareholders before voting on corporate actions — like electing company directors and approving compensation packages. Proxy advisory firms advise a variety of clients like pension plans, mutual funds, and other institutional investors which can influence their advice, so this bill would require such firms to disclose potential or actual conflicts of interest when providing services.

Proxy advisory firms would be required to disclose information about their financial and managerial resources to the SEC in addition to disclosing conflicts of interest to current or prospective clients.

The SEC would be required to report annually to Congress on its regulation of proxy advisory firms.

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You can text “Resist” to 50409 and Resistbot will fax them. Be sure to remind them that Recall (if available in your state) is not out of the question for you. Recall is a procedure that allows citizens to remove and replace a public official before the end of a term of office.\n\nRecall differs from another method for removing officials from office--impeachment--in that it is a political device, while impeachment is a legal process. Impeachment requires the House to bring specific charges, and the Senate to act as a jury. 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Should Proxy Advisory Firms Have to Register With the SEC & Disclose Conflicts of Interest to Clients?