Institutional investment managers may soon have to report to the Securities and Exchange Commission on what say they have on executive pay at the firms they invest in.
The SEC has filed a proposal to amend the Securities Exchange Act of 1934 and the Investment Company Act of 1940 so that institutional investment managers that file Form 13F – namely pension plans, endowments, managers of separately managed accounts, banks and broker-dealers – would have to annually report on a new upgraded Form N-PX how they voted on executive compensation proposals. Comments are due by November 18.
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