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NAICS Code 523991-10 Description (8-Digit)

Proxy solicitors are companies that specialize in soliciting votes from shareholders on behalf of a company's management or a dissident group during a proxy contest. They provide services such as vote tabulation, proxy distribution, and vote solicitation. Proxy solicitors work closely with the company's management or the dissident group to develop a strategy to win the proxy contest. They also provide advice on regulatory compliance and corporate governance issues related to the proxy contest.

Hierarchy Navigation for NAICS Code 523991-10

Tools

Tools commonly used in the Proxy Solicitors industry for day-to-day tasks and operations.

  • Proxy solicitation software
  • Shareholder identification tools
  • Voter analytics software
  • Electronic voting platforms
  • Communication tools (e.g. email, phone, social media)
  • Data management software
  • Compliance tracking software
  • Proxy statement drafting software
  • Vote tabulation software
  • Reporting and analytics tools

Industry Examples of Proxy Solicitors

Common products and services typical of NAICS Code 523991-10, illustrating the main business activities and contributions to the market.

  • Proxy contest consulting
  • Shareholder vote solicitation
  • Proxy distribution services
  • Vote tabulation services
  • Proxy statement drafting
  • Regulatory compliance consulting
  • Corporate governance consulting
  • Electronic voting platform provider
  • Shareholder identification services
  • Voter analytics provider

Certifications, Compliance and Licenses for NAICS Code 523991-10 - Proxy Solicitors

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

  • Certified Proxy Solicitor (CPS): A certification offered by the National Association of Corporate Directors (NACD) that demonstrates expertise in proxy solicitation. The certification requires passing an exam and meeting certain experience requirements. [1]
  • Series 7: A license required by the Financial Industry Regulatory Authority (FINRA) for individuals who sell securities products. Proxy solicitors may need to obtain this license if they are involved in the solicitation of proxies for securities transactions. [2]
  • Series 63: A license required by FINRA for individuals who solicit orders for securities transactions. Proxy solicitors may need to obtain this license if they are involved in the solicitation of proxies for securities transactions. [3]
  • Series 79: A license required by FINRA for individuals who engage in investment banking activities. Proxy solicitors may need to obtain this license if they are involved in the solicitation of proxies for securities transactions that involve investment banking activities. [4]
  • Regulation 14A: A regulation of the Securities and Exchange Commission (SEC) that governs the solicitation of proxies for securities transactions. Proxy solicitors must comply with this regulation when soliciting proxies. [5]

History

A concise historical narrative of NAICS Code 523991-10 covering global milestones and recent developments within the United States.

  • The "Proxy Solicitors" industry has been around for over a century, with the first recorded proxy solicitation taking place in 1903. The industry has since grown and evolved, with notable advancements including the introduction of electronic proxy voting in the 1990s and the increased use of social media in proxy solicitations in the 2010s. In recent years, the industry has faced increased scrutiny and regulation, particularly in the wake of high-profile corporate governance scandals such as the Enron scandal in the early 2000s. In the United States, the Securities and Exchange Commission (SEC) has taken steps to increase transparency and accountability in the proxy solicitation process, including requiring proxy advisors to disclose potential conflicts of interest and providing shareholders with more information about the voting process.

Future Outlook for Proxy Solicitors

The anticipated future trajectory of the NAICS 523991-10 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

  • Growth Prediction: Stable

    The future outlook for the Proxy Solicitors industry in the USA is positive. The industry is expected to grow in the coming years due to the increasing number of proxy fights and shareholder activism. The rise of ESG (Environmental, Social, and Governance) investing is also expected to drive growth in the industry as investors demand more transparency and accountability from companies. Additionally, the increasing complexity of corporate governance regulations is expected to create more demand for the services of proxy solicitors. However, the industry may face challenges from the increasing use of technology in corporate governance, which could reduce the need for traditional proxy solicitation services.

Industry Innovations for NAICS Code 523991-10

Recent groundbreaking advancements and milestones in the Proxy Solicitors industry, reflecting notable innovations that have reshaped its landscape.

  • Virtual Shareholder Meetings: Proxy solicitors have adapted to the COVID-19 pandemic by offering virtual shareholder meetings, which allow shareholders to participate in meetings remotely. This innovation has made it easier for shareholders to participate in meetings and has increased the efficiency of the proxy solicitation process.
  • Blockchain-Based Voting: Some proxy solicitors are exploring the use of blockchain technology to improve the security and transparency of the voting process. This innovation could help to reduce the risk of fraud and increase shareholder confidence in the voting process.
  • ESG Reporting: Proxy solicitors are increasingly focusing on environmental, social, and governance (ESG) issues in their reports to shareholders. This innovation reflects the growing importance of ESG issues to investors and the broader public.
  • Vote Confirmation Services: Some proxy solicitors are offering vote confirmation services, which allow shareholders to confirm that their votes have been counted accurately. This innovation helps to increase transparency and accountability in the voting process.
  • Mobile Apps: Some proxy solicitors are developing mobile apps that allow shareholders to access information about upcoming meetings and vote on their mobile devices. This innovation makes it easier for shareholders to participate in the voting process and increases the efficiency of the proxy solicitation process.

NAICS Code 523991-10 - Proxy Solicitors

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