FCA Sets Penalties For Bad Proxy Advice To Shareholders

Law360, London (November 25, 2019, 6:27 PM GMT) -- The Financial Conduct Authority published details Monday of enforcement action it will take against proxy advisers that give bad recommendations to company shareholders who rely on their advice when voting on corporate governance issues.

The City watchdog said it will name and shame proxy advisers who are not transparent in the way that they carry out their work and give shareholders poor recommendations. A proxy adviser provides recommendations to institutional investors before they vote on issues at the company they hold shares in, such as executive compensation and corporate governance.

The FCA said that it will also slap advisers who have...

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