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To: Jon K. who started this subject1/23/2003 12:45:53 PM
From: Softechie   of 29603
 
SEC forces mutual fund disclosure on proxy votes by Matt Andrejczak
The titans of the mutual fund industry lost a controversial regulatory battle Thursday to conceal how they vote on corporate governance issues. The Securities and Exchange Commission voted 4-1 to force mutual funds to publicize their proxy votes in a measure seen as a victory for consumer and shareholder advocate groups. The rule will require mutual funds to file their proxy voting records on an annual basis with the agency and also make them available to fund investors either on their website or upon request. John J. Brennan, the head of Vanguard, and Edward C. Johnson, the chief of Fidelity Investments, the fund industry's two biggest rivals, had opposed the rule. SEC Commissioner Paul Atkins voted against the rule. He said the one-sized fits all approach takes a "sledge hammer to corporate governance."
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