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U.S. Manufacturers Sue SEC over Regulation of Proxy Advisory Firms

“NGS has been forced to file supplemental proxy statements in response to this misleading proxy advice in seven of the past nine annual proxy seasons.”

By Adolfo Pesquera | July 26, 2022 at 10:12 AM
Securities and Exchange Commission Headquarters of the U.S. Securities and Exchange Commission in Washington, D.C. Photo: Diego M. Radzinschi/ALM

A manufacturing industry association and a Midland, Texas, energy company joined the fray in a long-running dispute with proxy advisory firms by filing suit against the U.S. Securities and Exchange Commission (SEC) in a San Antonio federal district court, accusing the agency of easing hard-fought regulations approved just two years ago.

The suit raises procedural issues, claiming the agency failed to follow federal process for policy revisions.

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