WASHINGTON, D.C. – Today, Senator Thom Tillis (R-NC) issued a statement after the U.S. Securities and Exchange Commission (SEC) proposed revising the rules governing proxy advisory firms.

Last year, Senator Tillis introduced the Corporate Governance Fairness Act, bipartisan legislation that would strengthen corporate governance and help ensure that investors may confidently rely on the advice of proxy advisory firms by requiring the U.S. Securities and Exchange Commission (SEC) to regulate all major proxy advisory firms under the Investment Advisers Act (IAA). 

“Proxy advisory firms play a large role in recommending investment decisions to investors, so it’s important that clients can safely rely on information being provided is in their best interest,” said Senator Tillis. “I applaud the SEC and Chairman Clayton for proposing these rule changes so proxy advisory firms will be properly regulated and put an end to risky and irresponsible investment practices.”

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