Waters and Brown Statement on SEC Proposals to Curtail Shareholder Rights

WASHINGTON - Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement on the SEC’s proposed rules entitled, “Amendments to Exemptions from the Proxy Rules for Proxy Voting Advice” and “Procedural Requirements and Resubmission Thresholds under Exchange Act Rule 14a-8”:

“We are deeply disappointed that the SEC initiated these rulemakings that take the side of corporate executives over investors. Shareholder engagement is a vital component of our capital markets, and the rules proposed today will limit shareholders’ ability to obtain independent research, manage the proxy voting process, and offer proposals for broad shareholder consideration. Pension funds acting on behalf of our nation’s seniors, in particular, need every available tool to manage their beneficiaries’ assets.”

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