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Clifford Chance

Clifford Chance


Investor protection to societal protection? With proposed amendments and recent probe, SEC takes concrete steps to increase ESG-related disclosures by public companies and investment managers

14 October 2021

On September 29, 2021, the U.S. Securities and Exchange Commission proposed amendments to Form N-PX under the Investment Company Act of 1940, as amended, to increase the amount of information that mutual funds, exchange-traded funds, closed-end funds and certain other registered investment companies must report about their proxy voting practices. The proposed rules also require certain investment managers to annually report how they voted proxies regarding executive compensation and other matters on Form N-PX.  Managers would be required to categorize each proxy voting matter from a specified list of categories and subcategories, including compensation, corporate governance, the environment, diversity, and human rights or human capital.

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