SEC Proposes to Enhance Proxy Voting Disclosure by Investment Funds and Require Disclosure of “Say-on-Pay” Votes for Institutional Investment Managers

www.sec.gov

Chairの Gary Genslerさん、Commissionerの Hester M. Peirceさん、Commissionerの Elad L. Roismanさんのスピーチ内容があります。 Hester M. Peirceさんはサポートできない理由をいくつか述べています。変更内容はFactSheetsにあります。

https://www.sec.gov/files/npx-fact-sheet.pdf

このなかで、レンディングに関して以下のように書いています。

The proposal would require reporting persons to disclose the number of shares voted (or instructed to be cast), as well as the number of shares loaned but not recalled.
Together, this information would provide context for understanding how securities lending activities affect the reporting person’s voting practices.

（現在のForm N-PXでは株数を開示する必要はない）

Hester M. Peirceさんは、

because of the way the proposal suggests leaving securities out on loan is an abdication of voting responsibilities, a fund manager might conclude she has to recall lent securities to vote them, when the extra securities lending revenue might have been worth more to the fund than exercising the vote.  An investor is motivated by a desire to see a positive return on her fund investment, and as the nation’s capital markets regulator, her interests should be our concern, not the interests of those seeking to use her fund to further their own interests.　と言っています。そういうプレッシャーはありますね。record dateにすべて回収しますか？PRIの評価も高くないそうですし。