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자료유형
학술저널
저자정보
김택주 (국민대학교)
저널정보
국민대학교 법학연구소 법학논총 法學論叢 第34卷 第1號 (通卷 第68號)
발행연도
2021.6
수록면
77 - 140 (64page)

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Proxy advisory firms such as ISS or Glass Lewis play an important role in capital markets. They advise institutional investors how to vote in shareholders’ meetings and often have a important influence on the outcome. Such immense power has leaded concern and calls for regulation.
The SEC raised two issues associated with the operation of proxy advisory firms that could impair shareholder voting. ① a lack of “adequate accountability for informational accuracy in the development and application of voting standards,” ② conflicts of interests that are “insufficiently disclosed and managed.”
Without that there are also problems of monopoly. Two big proxy advisory firm’s(ISS and Glass Lewis) market shares are almost over the 97%.
SEC issued new rule against Proxy Voting Advice on 2020. 7. 22. “Amendments to Exemptions from the Proxy Rules for Proxy Voting Advice”(Release No. 34-87457). The SEC is proposing amendments to its rules governing proxy solicitations to help ensure that investors who use proxy voting advice receive more accurate, transparent, and complete information on which to make their voting decisions, in a manner that does not impose undue costs or delays. The proposed amendments would condition the availability of certain existing exemptions from the information and filing requirements of the federal proxy rules for proxy voting advice businesses upon compliance with additional disclosure and procedural requirements. In addition, the proposed amendments would codify the Commission’s interpretation that proxy voting advice generally constitutes a solicitation within the meaning of the SEA of 1934. Finally, the proposed amendments would amend the proxy rules to clarify when the failure to disclose certain information in proxy voting advice may be considered misleading within the meaning of the rule, depending upon the particular facts and circumstances at issue.
In our country, July 30, 2016. National Fund adopted ‘Stewardship Code’ in order to strengthen the shareholders right. With stewardship activity, it is most important that how they use their voting right. Because they should correspond to many shareholders meeting of the corporations they invested, institutional investors can’t employ members and burden the fee for voting at the shareholders meeting, Many institutional investors employ the services of proxy advisors to analyze the management and receive voting recommendations on exercising their voting right. So, in our country also, the roll of proxy advisors like ISS will be increasingly important at voting right. But, the monopoly of proxy advisory market by the big advisory company brought severe unreliability to that advise activities, So, it needs to be regulated by the law in order to maintain the justice of advisory market.
The regulation also should focus on the issue of giving the information to their client about conflicts of interests, basic material of analysis, methodologies of proxy advisors.

목차

Ⅰ. 서론
Ⅱ. 의결권 자문시장의 성장
Ⅲ. 의결권 자문회사의 문제점과 그에 대한 규제의 필요
Ⅳ. SEC 규제의 내용
Ⅴ. 우리나라에서의 규제
Ⅵ. 결론
참고문헌
국문초록
ABSTRACT

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