SEC’s Actions on Proxy Voting Elevates Political Activists Over Retail Investors
WASHINGTON – The American Securities Association (ASA) questioned the Securities and Exchange Commission’s (SEC) actions on proxy voting taken at today’s Open Meeting.
“America’s proxy voting system is now dominated by a small group of well-funded and politically-motivated activist investors that want to use the government to push their own agendas while crowding out the voice of America’s retail investors and retirement savers,” said ASA CEO Chris Iacovella.
“Instead of gifting more power to conflicted special interest groups, the SEC should prioritize reforms that give small investors a greater voice in the proxy process. Allowing individual investors to instruct asset managers how to vote fund shares they own, or allowing individuals to provide standing proxy voting instructions to their brokers for company shares they hold directly, would increase retail investor participation in the proxy process and ensure their voices are heard on corporate governance matters.”
ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.