Executive Order 14366

Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors
Great Seal of the United States
Long titleExecutive Order 14366
Legislative history
  • Signed into law by President Donald Trump on December 11, 2025

Executive Order 14366, titled Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors, is an executive order signed by U.S. President Donald Trump on December 11, 2025. It directs federal agencies to review and potentially revise regulations governing proxy advisory firms, including rules related to shareholder voting, transparency, and conflicts of interest.[1][2]

Background

The order was issued amid concerns regarding the influence of proxy advisory firms on corporate governance and investment decisions, including the role of dominant firms in the market.[1][3][4] Prior to the order, administration officials had considered measures to restrict the influence of proxy advisers and large asset managers in shareholder voting.[5] The order directs the chair of the Securities and Exchange Commission to review regulations related to proxy advisers and consider revising or rescinding guidance deemed inconsistent with the order, including those related to environmental, social, and governance and diversity policies.[6] It also directs the Federal Trade Commission, the Department of Justice, and the Department of Labor to examine related regulatory, antitrust, and fiduciary issues concerning proxy advisers and their role in corporate governance.[7]

The order directed U.S. regulators to review major proxy advisory firms, including Institutional Shareholder Services and Glass Lewis, for potential regulatory and antitrust concerns.[8]

References

  1. ^ a b "Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors". The White House. December 11, 2025. Retrieved April 18, 2026.
  2. ^ "Protecting American Investors From Foreign-Owned and Politically-Motivated Proxy Advisors". Federal Register. 2025-12-16. Retrieved 2026-04-18.
  3. ^ Copland, James R. (2025-12-15). "Opinion | Why Trump Is Targeting Proxy Advisers". The Wall Street Journal. Retrieved 2026-04-18.
  4. ^ Kerber, Ross (December 16, 2025). "New Trump order reining in proxy advisers could weaken shareholder rights". Reuters. Retrieved April 18, 2026.
  5. ^ Glazer, Jack Pitcher and Emily (2025-11-12). "Exclusive | White House Explores Rules That Would Upend Shareholder Voting". The Wall Street Journal. Retrieved 2026-04-18.
  6. ^ Gyftopoulou, Loukia; Lowenkron, Hadriana (2025-12-12). "Trump Orders SEC to Review Proxy Adviser Rules in ESG Crackdown". Bloomberg News. Retrieved 2026-04-18.
  7. ^ Hirsch, Andrew Ross SorkinBernhard WarnerSarah KesslerMichael J. de la MercedNiko GalloglyBrian O’KeefeLauren; Mount, Ian (2025-12-12). "What About Larry Ellison's Billions?". The New York Times. ISSN 0362-4331. Retrieved 2026-04-18.
  8. ^ Kerber, Ross; Martinez, Christian (December 12, 2025). "Trump signs order to boost oversight of proxy advisory industry". Reuters. Retrieved April 18, 2026.
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