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Executive Compensation

Proxy advisory firm settles SEC charges over data breach

Institutional Shareholder Services has settled civil charges by U.S. regulators that an employee of the prominent proxy advisory firm shared nonpublic voting data in exchange for meals and concert tickets.The Securities and Exchange Commission said on Thursday that ISS, a unit of MSCI Inc, will pay a $300,000 penalty and hire an independent compliance consultant.In settling, ISS neither admitted nor denied the SEC allegations that it violated financial adviser rules designed to prevent misuse of material non-public customer information.Mutual funds, pension organizations and other institutional investors hire firms such as ISS to advise them on how to vote on important corporate issue such as executive compensation and board appointments.The SEC alleged that, from 2007 through early 2012, an ISS employee provided a proxy solicitor, a firm that gathers shareholder votes, with nonpublic information revealing how more than 100 ISS clients were voting their proxy ballots.Cheryl Gustitus, a...

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  1. Goldman Sachs Re-elects Board, Releases Report

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