Several mutual fund companies and investment advisors that have taken steps to comply with the Securities and Exchange Commission's proxy voting reporting rules are ill prepared to continue the task significantly beyond the Aug. 6 deadline.

The structures currently in place are "stopgap measures" that will likely prove inadequate in the coming months, according to experts at the Investor Responsibility Research Center and BISYS. The duo warned that many of the 6,000 U.S. investment advisors and their 10,000 mutual funds are "underprepared" for the several issues and requirements stemming from the rules.

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