The NAPF has responded to the European Market and Securities Authority’s (EMSA) consultation in relation to proxy advisors active in the European Union and potential policy options. The NAPF believes that proxy advisors provide a service to investors utilising accepted principles of good corporate governance; the ultimate voting decision for each resolution at a company meeting is the responsibility of the investor, not the advisory service and any shift to prioritising the interests of issuers over the investor clients would be inappropriate.

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