ISS settles charges it breached client confidentiality in proxy votes
The SEC on Thursday settled with Institutional Shareholder Services on charges “for failing to safeguard the confidential proxy voting information of clients participating in a number of significant proxy contests,” according to an SEC statement.
ISS, registered with the Securities and Exchange Commission as an investment adviser, “agreed to settle the charges by paying $300,000 and retaining an independent compliance consultant,” the statement said.
In a statement, ISS said, “From the beginning, ISS took swift action of its own and also fully cooperated with the SEC to investigate and promptly resolve this matter. The confidentiality of our clients’ information is essential and is of the highest priority to us at ISS. We now consider this matter closed.”
Barry B. Burr is a reporter for sister publication Pensions & Investments.
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