The Securities and Exchange Commission voted Wednesday to propose several new rules related to institutional investment funds’ votes on proxy proposals, including whether they support companies’ compensation packages for their top executives.

The Dodd-Frank financial reform law, passed in the wake of the 2008 financial crisis, required public companies to hold non-binding shareholder proxy votes on the compensation of their most highly paid executives. It also required companies to disclose so-called “golden parachute” agreements, or compensation arrangements for executives in the event of a merger, acquisition or other transaction. READ MORE