The U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC) and Nasdaq’s fifth annual proxy survey, released Nov. 21, demonstrates public companies are concerned about inaccurate information and conflicts of interest in proxy advisory firms. In fact, according to the survey, in 2019, 19 percent of respondents identified significant conflicts of interest at proxy advisory firms—up from just 10 percent last year.
“Proxy advisory firms have been able to operate without oversight or transparency for too long,” said Tom Quaadman, executive vice president at the CCMC, when the survey was released. “We believe this has degraded the quality of information investors need to make informed voting decisions.”
