Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released this statement after the Securities and Exchange Commission issued final regulations on proxy advisory firms and supplemental guidance on asset managers’ use of these firms:
“The SEC has listened to manufacturers, and this announcement is a long-sought, major win for the industry and millions of manufacturing workers,” said Timmons. “These changes will protect the retirement savings of manufacturing workers and millions more American families from proxy firms’ errors and conflicts of interests. The SEC’s actions today will reduce proxy firms’ influence on important business decisions and instead empower manufacturers to prioritize investors’ long-term best interests, allowing us to better lead our country’s recovery and renewal at this critical time.”
The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 11.7 million men and women, contributes $2.37 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.