In a call with the SEC Investor Advisory Committee, SEC Chair Jay Clayton and SEC Commissioner Elad L. Roisman contended that the current proxy voting system needs fixing.

Mr. Roisman described the current system of "proxy plumbing," i.e., the process of proxy solicitation and voting, as "inefficient, opaque, and unreliable in its accuracy." Mr. Clayton stated that he is interested in hearing suggestions for both a "major overhaul" of the proxy voting system and short-term fixes that could be implemented in the interim.

They requested suggestions be submitted to the comment file from the November proxy roundtable.

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