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Reg FD, Proxy Voting, More on SEC Agenda

Melissa Klein Aguilar | February 19, 2010

Regulation FD and proxy voting transparency will be among the topics of discussion next week by a panel tasked with advising the Securities and Exchange Commission on investor concerns about securities market issues.

The Investor Advisory Committee, co-chaired by Richard Hisey from AARP Financial and Hye-Won Choi from TIAA-CREF, was formed last June to give investors a greater voice in the Commission's work. SEC Commissioner Luis Aguilar serves as the Committee's sponsor and chief liaison to the Commission.

The group includes an Investor Education Sub-committee focusing financial literacy issues, an Investor as Purchaser Sub-committee to look at the needs of investors when they purchase specific products and the fiduciary duty of those who provide investment advice, and an Investor as Shareholder Sub-committee to review proxy solicitation and disclosure issues, proxy voting and process, and other issues related to shareholder communications and voting.

On the agenda for the Feb. 22 open meeting of the SEC Investor Advisory Committee: Consideration of a Committee recusal policy; a report from the Education Sub-committee, including a presentation on the National Financial Capability Survey; report from the Investor as Purchaser Sub-committee, including a discussion of fiduciary duty and mandatory arbitration; report from the Investor as Owner Sub-committee, including recommendations for the Committee on Regulation FD and proxy voting transparency, as well as reports on a work plan for environmental, social, and governance disclosure and on financial reform legislation; and discussion of next steps and closing comments, according to the meeting notice.

As noted in this Sunshine Act notice a majority of the Commission may attend the meeting.