SEC Rescinds Two Proxy Advisory Firm Letters

“Sentence first, verdict afterwards!” shouts the Queen of Hearts in Alice in Wonderland.  And apparently it is also what SEC Chairman Jay Clayton is doing in rescinding two 2004 proxy advisory firm letters BEFORE any testimony, comments, or fact-finding in the upcoming roundtable on the proxy system.  “The staff is providing this notice of withdrawal of the letters in order to facilitate the discussion at the Roundtable and looks forward to receiving information and feedback from stakeholders with multiple perspectives at the Roundtable.”  Needless to say, this seems precipitous at best.

 

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