Howard A. Fischer was quoted in a December 19, 2022 article discussing a general trend under SEC Chairman [Gary] Gensler to shift power from boards and management to shareholders and their advisors, which runs counter to the perceived trend under his predecessor, Jay Clayton.

“While the current lawsuits challenging the 2022 rules largely rely on technical violations of the Administrative Procedures Act, at bottom this is a fight over how to allocate decision-making power between corporations and their shareholders,” he said. “That is the reason why companies are challenging the 2022 proxy advisory rules, and why ISS continues to challenge the 2020 iteration.”