Elizabeth Warren Writes SEC Chair Atkins on Executive Order

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Senator Elizabeth Warren, in her capacity as Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Securities and Exchange Commission (“SEC”) Chairman Atkins, in response to an White House executive order titled “Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors” (the “Executive Order”).  Senator Warren’s letter argues that the Executive Order seeks to undermine investor influence over the management of public companies by asking the SEC to conduct a “sweeping review aimed at unwinding policies designed to help shareholders influence the actions of corporate directors.” Among other things the letter points to the Executive Order’s direction that the SEC review, and possibly revise or rescind, Rule 14a-8.

Senator Warren concludes by asking the SEC to explain how compliance with the Executive Order will impact institutional investors’ ability to make “timely, informed voting decisions,” as well as the impact that compliance will have on other agency actions.