How mutual fund advisors vote their proxies is going to get more scrutiny from the Securities and Exchange Commission. The Commission's Harvey Pitt first warned that it would take a closer look at the issue at May ICI's meeting.

Already the SEC staff has put together new guidelines on how funds should disclose proxy votes. The decision on whether those rules will be adopted is expected this week after they are considered in a meeting of SEC commissioners set for Thursday.

The proposed rules would require funds to disclose both their proxy-voting records and the policies and procedures used to determine how to the votes are made.

If the commissioner approve of the staff's rules, those rules would be subject to a public comment period lasting at least a month and a final review by the commissioners.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE