I explore whether the SEC’s 2003 mutual fund voting disclosure rule has an impact on voting
behaviors of mutual funds by comparing the association between mutual fund ownership and
aggregate voting outcomes before and after the rules are adopted. By using management sponsored
proposals and shareholder sponsored proposals in proxy seasons 2001 and 2006, I find no evidence
that mutual funds’ voting support for management declined after the disclosure rule, as projected
by advocates of the rule based on increased transparency. Rather the level of mutual funds’ voting
support for management increase after the adoption of the rule.
Keywords：Pension Plans, Proxy Voting, Mutual Fund Voting Disclosure Rule