In a letter to members of the House of Representatives, CFA is urging opposition to H.R. 4015, the “Corporate Governance Transparency Act.” Although H.R. 4015 is presented as a bill to regulate proxy advisory firms in order to better protect investors and the economy, its effect would be to undermine their independence, simultaneously increasing their costs and undermining their value to the investors who use their services. The bill would undermine the ability of shareholders to get reliable, independent analysis of proxy issues on which they are asked to vote.

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