The Securities and Exchange Commission has initiated legal action against Institutional Shareholder Services (ISS), accusing the prominent proxy advisory firm of failing to comply with a subpoena issued during its ongoing fact-finding investigation into the industry.
The lawsuit marks an escalation in the SEC’s scrutiny of proxy advisers, signaling that the regulator is prepared to take enforcement measures against firms that do not cooperate with its inquiries.
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This escalation is serious. If ISS ignores subpoenas, what does that say about their governance standards?
Surprised they’d risk it. The SEC has been cracking down on proxy advisers for months.
Why refuse? What exactly are they trying to hide from regulators?
Bold move by ISS. But ignoring the SEC? That’s a quick way to invite bigger penalties.