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Steil Applauds SEC for Finalization of Proxy Advisor Rule

July 22, 2020

WASHINGTON, D.C.—Today, House Financial Services Committee member Bryan Steil (WI-01) released a statement following the SEC's finalization of its proxy advisor rule, making needed reforms to the oversight of proxy advisory firms.

"Proxy advisory firms can have significant influence on business operations. It is important that proxy advisory firms operate transparently, make accurate recommendations, and are free from undisclosed conflicts of interest. With my experience working at a publicly traded company, I have been a tireless advocate for proxy advisory firm reform in Congress. I thank Chairman Clayton, Commissioner Roisman, and the rest of the SEC for their work on this issue," said Steil.

On background:

Steil introduced the Corporate Governance Reform and Transparency Act which addresses many of the principles the SEC included in their final rule. Steil also led his colleagues in providing feedback to the Commission during the public comment period.