Texas Proxy Advisors Win Initial Legal Battle as Judge Halts Controversial SB 2337 Enforcement
AUSTIN, Texas — A recent ruling has temporarily halted the enforcement of a Texas law that introduced new regulations for proxy advisors, specifically those recommending votes based on non-financial factors. This law, known as Senate Bill 2337, is designed to bring more transparency to proxy advisory firms’ recommendations. Last week, U.S. District Judge Alan Albright granted a preliminary injunction stopping the Texas Attorney General from enforcing the law against two major proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis. The ruling allows the case to progress to trial, which is scheduled for February … Read more