Gary Gensler’s Assault on U.S. Capital Markets

The US capital markets are the envy of the world. Gary Gensler’s job as Chairman of the Securities and Exchange Commission is to protect and promote it. Instead he attacks her.

After initially refusing to enforce Trump-era regulations for proxy advisory firms that advise institutional investors on how to vote on shareholder motions, the SEC voted 3-2 last Wednesday to reverse them. Glass Lewis and Institutional Shareholder Services dominate the market in the US, and the now-repealed regulations sought to constrain their corporate governance duopoly by exposing them to challenge from publicly traded companies, which will continue to have no recourse to proxy advisors that prioritize policy drive the cost of shareholder returns. Gary Gensler’s Assault on U.S. Capital Markets

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