SEC Adopts Amendments to Increase Proxy Voting Transparency

Who may be interested: Compliance and investment personnel of registered funds with responsibility for proxy voting matters and Form 13f reporting managers.

Quick Take: The SEC recently adopted rule and form amendments to enhance the information that registered funds must annually report on Form N-PX regarding proxy voting, including, among other matters, how many portfolio securities a registered fund has on loan that are not recalled for voting.

The amendments also create a new requirement for institutional investment managers subject to Section 13(f) of the Exchange Act to report on Form N-PX how they voted proxies related to executive compensation (“say on pay”) matters for securities over which they exercised voting power.

For an in-depth discussion of these changes, S&K’s client alert can be found here.

The SEC press release detailing the new requirements can be found here.