ThinkAdvisor: Senators Hear Views on Proxy Voting Reform

In response to the hearing, American Securities Association CEO Chris Iacovella stated that “the conflict-ridden proxy advisory process should be reformed in a way that recognizes the rights of Main Street investors who are saving for retirement and preparing for their financial future.”

The ASA says proxy firms should be registered as investment advisors due to their research, and wants them prohibited from offering rating and consulting services to issuers on any matter when they are also being paid by an investor to provide a voting recommendation on the matter.

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