Summary

GAO reviewed the Securities and Exchange Commission's (SEC) new rule on the disclosure of proxy voting policies and proxy voting records by registered management investment companies. GAO found that (1) the rule would require registered management investment companies to provide disclosure about the policies and procedures they use to determine how to vote proxies relating to portfolio securities they hold, (2) the rule would also require registered management investment companies to file with the SEC and to make available to shareholders the specific proxy votes that they cast in shareholder meetings of issuers of portfolio securities, and (3) SEC complied the applicable requirements in promulgating the rule.