Ann LiptonAnyone want some good news? The DC Circuit affirmed the DDC's holding that proxy advisors do not "solicit" within the meaning of Section 14(a).
(okay, it's niche good news)
https://media.cadc.uscourts.gov/opinions/docs/2025/07/24-5105-2123183.pdf
A little easter egg here in the opinion:
ISS is registered as an investment adviser but is well aware that its major competitor Glass Lewis is not a registered investment adviser and afaik does not concede that it acts as an investment adviser
Matt Chambers@annmlipton Hard to see how proxy advice is investment advice, especially when the SEC has said you can't pay proxy advisors with soft dollars.