SEC Commissioner Peirce expresses her views on new proposal

At the risk of apostasy, I posit that proxy voting is not the most important activity in which a fund engages.  Although a fund’s voting strategy can be an important part of the overall fund management strategy, how or why a fund votes, or even whether a fund votes on a particular issue at a particular portfolio company is unlikely materially to influence an investor’s choice to invest in a particular fund.  The proposing release, however, is replete with statements insisting that investor demand for more data on specific fund votes compels this rulemaking