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SEC rules to call for hedge funds, appropriations to vote



(Reuters) – The highest US securities regulator on Wednesday will propose that large hedge funds and appropriations reveal how they vote for executive pay, giving this link of influential investors in line with other top funds that have made their payrolls public for a decade .

The amendments proposed by the Securities and Exchange Commission will also include a mandate for investors to provide more information on how stock lending affects proxy voting and to make certain reports machine readable, an SEC official told Reuters. anonymity.

Together, the amendments from the Democratic-led body are intended to provide greater transparency in shareholders' annual meetings, in part by implementing rules required by Dodd-Frank's financial reforms in 201

0.

If approved by a majority of the five members of the Commission on Wednesday, the rule changes are covered by a 60-day general comment period before further action.

Among the S&P 500 comp CEO's average total salary increased by 52% to $ 12.18 million in 2020 from $ 8 million a decade earlier, according to compensation consultant Farient Advisors. -pay ”advisory votes on remuneration to senior executives, who have focused on CEO salaries at many corporate annual meetings over the past decade.

The votes, combined with the revelations made by large fund companies since 2004 via form N-PX, had already been reviewed by the largest asset managers.

Top managers still support overwhelming executive salaries, according to new data from researcher Insightia, which shows that in the 12 months ended June 30, three of the largest fund companies each supported management on pay about 95% of the time, about the same as the previous one. period.


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