Sarah N. Lynch reports:
Institutional Shareholder Services has settled civil charges by U.S. regulators that an employee of the prominent proxy advisory firm shared nonpublic voting data in exchange for meals and concert tickets.
The Securities and Exchange Commission said on Thursday that ISS, a unit of MSCI Inc, will pay a $300,000 penalty and hire an independent compliance consultant.
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The SEC alleged that, from 2007 through early 2012, an ISS employee provided a proxy solicitor, a firm that gathers shareholder votes, with nonpublic information revealing how more than 100 ISS clients were voting their proxy ballots.
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A spokesperson for Georgeson, a proxy solicitation firm owned by Computershare Ltd, confirmed late on Thursday that its employees were involved in the matter, but declined to comment on details of the “ongoing SEC investigations” or the SEC’s case against ISS.
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