In a first-of-its kind enforcement action, the Securities and Exchange Commission fined an investment adviser and one of its former executives for a proxy voting rule violation.
Without admitting or denying the SEC’s findings, West Palm Beach, Fla.-based Intech Investment Management and its former chief operating officer David E. Hurley agreed to pay penalties of $300,000 and $50,000, respectively, to settle charges of violating an investment adviser proxy voting rule by not sufficiently describing the company’s proxy voting policies and procedures and failing to address a material potential conflict of interest.
