Keeping secrets doesnt make for good friends, and mutual fund boards have been losing friends since September, thanks to secret trades. Now they have figured out a way to perhaps earn some of those friends back by disclosing proxy vote results. More accurately, they are simply following a new rule by the Securities and Exchange Commission. Mutual fund companies will soon start reporting the results of proxy votes, meeting the SEC imposed Aug. 31 deadline that requires the disclosure, The Wall Street Journal reports.
It is expected that the disclosures will allow investors and their supporters to figure out the voting trends in the mutual fund industry, although it is impossible to know whether the voting tendencies will have changed amid the public forum.