US – SEC Adopts Rules to Enhance Proxy Voting Disclosure
On November 2, 2022, the Securities and Exchange Commission adopted amendments to Form N-PX to enhance the information that mutual funds, exchange-traded funds, and certain other registered funds report about their proxy votes.
The amendments will make these funds’ proxy voting records more usable and easier to analyse, improving investors’ ability to monitor how their funds vote and compare different funds’ voting records. The rulemaking will also require institutional investment managers to disclose how they voted on executive compensation, or so-called “say-on-pay” matters, which fulfils one of the remaining rulemaking mandates under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The new rules and amendments with regards to formatting will be effective for votes occurring on or after July 1, 2023, with the first filings subject to the amendments due in 2024.