Court rejects Republican states' challenge to SEC's ESG proxy vote rule
- A federal appeals court on Friday dismissed a lawsuit by four Republican-led states that sought to block a U.S. Securities and Exchange Commission rule requiring investment funds to categorize and disclose their proxy votes on issues including environmental, social and governance matters.
The SEC in 2022 adopted a rule set to take effect in July that expands the amount and type of information investment funds must disclose publicly about their proxy votes. The states sued in early 2023, arguing the rule amounts to an attempt by the SEC to pressure investment advisors and publicly traded companies to favor the agency's preferred social and environmental policies.
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