TheRacetotheBottom has by far the best coverage I’ve seen on the SEC’s roundtable. Congratulations. Those interested in the tweet stream during the event can check out Proxy Advisory Services Roundtable: Tweets & Links to Analysis.
Of course, there was no one invited to the Roundtable to represent the interests of retail investors… left out again. My biggest disappointment is that no one mentioned the possibility of proxy advisor contests, such as what I proposed at Cisco. See Cisco: How Our Proxy Competition Would Work – The Short Version.
Such contests wouldn’t end the need for subscription services… at least not for many years and only if such contests became widely adopted. However, the main problem I see with the current model is that funds aren’t willing to pay enough so that adequate resources can be focused on each company.
The less than $2,000 spent per company on analysis necessitates something of a check-box approach. Contests would quickly involve industry experts with much greater expertise. View SEC’s archive of the Rountable event.