Both Commissioner Roisman and IM Division Director Blass spoke at this week’s Investment Company Institute Mutual Funds and Investment Management Conference about fund and investment adviser use of proxy advisory firms. Commissioner Roisman raised a number of questions and sought input from the industry, particularly from smaller asset managers, on the use of proxy advisory firms. Director Blass indicated that updates to the current guidance to clarify how investment advisers should fulfill their fiduciary duties in this area are anticipated around the end of proxy season this year, which is only a couple of months away. Additional information and context can be found here.
Sara Crovitz, most recently Deputy Chief Counsel and Associate Director of the U.S. Securities and Exchange Commission’s Division of Investment Management, provides counsel on all aspects of investment company and investment adviser regulation. She worked at the SEC for 21 years, including 17 years in the Division of Investment Management focusing on issues under the Investment Company and Investment Advisers Acts of 1940. While in the Division, Sara supervised the provision of significant legal guidance to the investment management industry through no-action and interpretive letters, exemptive applications, IM guidance updates and other written and oral means.