The long-awaited and much maligned deadline for mutual funds to disclose how they vote their proxies came and went last week as investors for the first time were given a peek at decisions on such matters as executive compensation and boardroom elections.

The Securities and Exchange Commission directive is aimed at tightening corporate governance by empowering shareholders to make decisions based on how the caretakers of their retirement savings are voting on various issues. The industry largely opposed the rule, complaining that it would be too costly and that investors didn't really care about the information. But in the end, the SEC prevailed.

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.