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MUTUAL FUNDS: Industry debates pros, cons of SEC proxy voting disclosure verdict.

Publication: Pensions & Investments
Publication Date: 03-FEB-03 		Format: Online - approximately 881 words
Delivery: Immediate Online Access
Full Article Title: MUTUAL FUNDS: Industry debates pros, cons of SEC proxy voting disclosure verdict.(Special Report: Mutual Funds)

Article Excerpt
Byline: Dave Kovaleski

WASHINGTON - The SEC's verdict on proxy voting disclosure is being met with mixed reviews: proponents say it lets in the sunshine, while opponents say it opens the door to politics.

The controversial and closely watched measure, which requires mutual fund companies to disclose their proxy voting guidelines and votes cast, was approved Jan. 23 by a 4-1 vote.

The measure is slightly different from one originally proposed, as it allows mutual fund companies to post proxy voting records and guidelines on their websites. This addresses a concern the Investment Company Institute raised about the costs of mailing shareholders phone-book-sized prospectuses that included all the voting information.

And outgoing SEC Chairman Harvey Pitt said the ruling fulfills the commission's commitment to ``the bedrock principles of transparency and adherence...

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