House Financial Services Committee Chairman Barney Frank (D-Mass.) is considering a bill that would require mutual funds, pension plans and other large institutional investors to publicly reveal how they vote their proxies, to impose proper corporate governance on otherwise passive investors who, seemingly, don't vote in the fiduciary interest of their end investors.
“If you are the owner of shares, you have a privacy right,” Frank said at a hearing on financial services compensation. “But if you own shares on behalf of a fiduciary, you will need to disclose how you vote.”
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