Jan. 31, 2020
Dear Chairman Clayton, I am writing to thank you for proposing a rule to help protect my retirement savings by increasing the SEC’s oversight of so-called “proxy advisory firms” (File No. S7-22-19). When I invest for retirement, I trust the people managing my money to act in my best interests. But if they rely on proxy advisory firms that make mistakes, don’t take the time to understand the companies I’m invested in, and have undisclosed political agendas, how does that benefit my family? Asset managers shouldn’t depend on conflicted or inaccurate advice when my retirement savings are at risk. And proxy firms shouldn’t automatically vote my shares without my fund managers reviewing their recommendations. I appreciate that your rule proposal would shine a light on proxy firms’ conflicts of interest so that fund managers know the risk they’re taking when they stake my money on the firms’ advice. I’m also glad you’re requiring these firms to let companies check for mistakes and respond to inaccurate recommendations before their reports go out. I need Wall Street to make smart decisions with my money if I’m going to have a secure retirement. Thank you so much for proposing this rule to rein in proxy advisory firms and protect my savings. I urge you to take swift action to finalize and implement this important proposal. Sincerely, Richard Keefer