Even at a time where the mutual fund industry is trying to shake itself from the scandal, companies are still finding it hard to vote against excessive pay packages for executives.

The Securities and Exchange Commission appeared to have fixed that problem in August when it decided that fund firms’ proxy votes would become public. Vanguard and Fidelity Investments both railed against the legislation, but to no avail.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.