SEC Proposes to Increase Reporting of Proxy Votes and Executive Compensation Votes

Summary

The Securities and Exchange Commission (SEC) has proposed a new rule that would require an institutional investment manager to report annually on Form N-PX how it voted proxies relating to executive compensation matters (i.e., "say-on-pay"). The proposal also includes amendments to Form N-PX that would enhance the information that registered closed-end investment companies, mutual funds and exchange-traded funds are required to report annually on Form N-PX.