Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Securities and Exchange Commission Chairman Paul Atkins, ahead of his appearance at a hearing before the Committee, pressing him about the SEC’s implementation of an executive order from President Trump that weakens shareholder rights by limiting the role of proxy advisors in the shareholder voting process.

"Publicly traded companies hold annual meetings where shareholders vote on a series of governance decisions, including electing the company’s board of directors, providing an advisory role on executive compensation, and other topics, including those that may be proposed by shareholders. Shareholders–especially institutional investors, with their large number of holdings–often do so by proxy voting. 

“Proxy voting is one of the most important ways that shareholders can exercise their rights and communicate with corporate leadership, and investors often work with proxy advisors to make educated proxy voting decisions,” wrote the Ranking Member.

The Ranking Member continued: “Rather than focusing on steps to ‘restore public confidence’ in proxy advisors, however, the Executive Order instead directs the SEC to conduct a sweeping review aimed at unwinding policies designed to help shareholders influence the actions of corporate directors.”

The Ranking Member concluded: “Ultimately, rather than a meaningful attempt to reform the proxy advisor industry, the Executive Order appears to be part of a multi-faceted ploy by the Trump Administration to weaken shareholders’ ability to participate in corporate decision-making. Senator Warren warned that the effort ultimately “serve(s) to further insulate the management of public companies from investor input and accountability” on behalf of “corporate interests and executives who don’t want to answer to their investors.”

Senator Warren requested answers no later than February 25, 2026.

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