Tuesday, 19 February 2013

Europe: ESMA recommends EU Code of Conduct for Proxy Advisors

The European Securities and Markets Authority has published its final report on the proxy advisory industry: see here (pdf). The report identifies several concerns with regard to the independence of proxy advisors and the accuracy of the advice provided. ESMA believes that these should be addressed through the introduction of an EU code of conduct for proxy advisors and its report sets out a proposed framework for such a code.

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