
SEC Approves Rules to Enhance Proxy Voting Disclosure by Registered Investment Funds
The Securities and Exchange Commission adopted amendments to Form N-PX, which will require enhanced information on proxy votes from registered funds, including exchange-traded funds and mutual funds.
The Commission also adopted a new rule requiring institutional investment managers to disclose how they voted on executive compensation, or so-called “say-on-pay” matters, as mandated under the Dodd-Frank Act of 2010.
“I am pleased to support these amendments because they will allow investors to better understand and analyze how their funds and managers are voting on shares held on their behalf,” said SEC Chair Gary Gensler.
The agency originally adopted a requirement in 2003 for registered funds to use Form N-PX annually to disclose certain details on how they voted for companies’ shares.
The new rules and form amendments will be effective for votes occurring on or after July 1, 2023, with the first filings subject to the amendments due in 2024.
