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#  Investor Advisory Committee 

Section 911 of the Dodd-Frank Act established the new Investor Advisory Committee to advise the Commission on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and on initiatives to protect investor interests and to promote investor confidence and the integrity of the securities marketplace.

The Dodd-Frank Act authorizes the committee to submit findings and recommendations for review and consideration by the Commission. (Links to the Committee’s recommendations can be found below.) Members of the Committee are chosen from among knowledgeable representatives of both retail and institutional investors. (Links to the biographies of current Committee members can be found below.) If you think you might be interested in serving on the Investor Advisory Committee, please review the following for information on eligibility criteria, how to apply, and what to expect if you are chosen to serve.

### Who Is Eligible?

Membership on the Committee is open to individuals who:
                                      - Represent the interests of individual equity and debt investors, including investors in mutual funds;
                                      - Represent the interests of institutional investors, including the interests of pension funds and registered investment companies;
                                      - Are knowledgeable about investment issues and decisions; and
                                      - Have reputations for integrity.

No fewer than 10 and no more than 20 such members are appointed by the Commission to serve four-year terms. The Committee also includes three members designated by statute: the Investor Advocate, a representative of state securities regulators, and a representative of senior citizens.

### How To Apply:

If you might be interested in serving on the Committee, please read the following for information on how the appointment process works. Note that under the current nomination process, the Commission typically expects to appoint five Committee members a year to fill vacancies. The Commission initiates the nomination process by issuing a press release inviting interested members of the public to apply and setting a deadline for submission of applications. Applicants are asked to provide a statement of interest, including relevant information on their background and experience.

After Commission staff determines eligibility, the Commission will review the candidates, make its nominations, and vote on a slate of new members that will serve on the Committee for the next four years. Note also that the Commission may, when appropriate, re-appoint an existing member to one additional consecutive four-year term.

### What Does Membership Entail?

During their appointment, Committee members are expected to participate in the public meetings of the Committee. The Committee typically meets three to four times a year on a weekday, either virtually or in-person (often in the SEC’s Headquarters office in Washington, D.C.).

When meetings are held in-person, members who are unable to attend in person can generally participate virtually. The meeting dates are usually set months in advance to allow members adequate notice to adjust their schedules.

Public meetings may include panel discussions on timely topics as well as discussions of, and votes on, Committee recommendations. The Committee is independent from the Commission. As an independent group, the Committee sets its meeting agendas, extends invitations to speakers and panelists, and schedules any necessary votes. The elected officers of the Committee typically lead the planning process for each meeting and typically post the agenda for public comment in the weeks before the meeting.

In addition, Committee members are expected to join a Subcommittee. Subcommittees meet virtually between Committee meetings and develop future panels and recommendations for full Committee consideration. The Committee currently has four Subcommittees – Investor as Owner, Investor as Purchaser, Market Structure, Disclosure – and one Working Group on Access and Inclusion, with representation from each of the Subcommittees. Members may also participate in Subcommittees of which they are not assigned members, in the event that they wish to contribute in other areas during their time on the Committee.

If you are interested in serving on the Investor Advisory Committee, please email a letter of interest with applicable information about your relevant experience.

## Committee Members

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### Officers

                                          - Christopher Mirabile , Chair
                                          - Executive Chair, Launchpad Venture Group
                                          - Chair Emeritus, Angel Capital Association
                                          - Colleen Honigsberg , Secretary
                                          - Professor of Law and Associate Dean of Curriculum, Stanford Law School
                                          - Brian A. Hellmer , Assistant Secretary
                                          - Chief Investment Officer,  	Mendota Financial Group
                                          -  Members 
                                          - Jamila Abston Mayfield 
                                          - Founder and CEO, The Jamila Mayfield Group, LLC
                                          - James Andrus
                                          - Vice President Sustainability Global Markets, Franklin Templeton
                                          - Cambria Allen-Ratzlaff
                                          - Chief RI Ecosystems Officer, Principles for Responsible Investment (PRI)
                                          - Cien Asoera
                                          - Financial Advisor, Edward Jones
                                          - Ted Daniels
                                          - Founder and President, Society for Financial Education and Professional Development
                                          - Cristina Martin Firvida
                                          - Investor Advocate, U.S. Securities and Exchange Commission
                                          - Gina-Gail S. Fletcher
                                          - Professor of Law, Duke Law School
                                          - Elissa Germaine
                                          - Assistant Professor, Clinical Legal Education, St. John’s University School of Law   	Associate Director, Securities Arbitration Clinic, St. John’s University School of Law

                                          - Christine M. Lazaro
                                          - Professor of Clinical Legal Education, St. John’s University School of Law of Counsel, Law Offices of Brent A. Burns, LLC
                                          - Nancy LeaMond
                                          - Executive Vice President, Chief Advocacy and Engagement Officer, Community, State and National Affairs, AARP
                                          - Lori Lucas
                                          - Former President and CEO, Employee Benefit Research Institute
                                          - Andrew Park
                                          - Senior Policy Analyst—Hedge Funds and Private Equity, Americans for Financial Reform
                                          - Sandra J. Peters
                                          - Senior Head, Global Financial Reporting Policy, CFA Institute
                                          - Dr. David Rhoiney, D.O.
                                          - Staff General Surgeon, U.S. Navy
                                          - Paul F. Roye
                                          - Retired, Former Senior Vice President and Senior Counsel, Fund Business Management Group, Capital Research and Management Company
                                          - Brian L. Schorr
                                          - Partner and Chief Legal Officer, Trian Fund Management, L.P.
                                          - Paul Sommerstad
                                          - Partner, Cerity Partners
                                          - Alice Stinebaugh
                                          - Retired, Social Studies Chair, Parkland School District
                                          - Retired Adjunct Instructor in Economics, University of Scranton
                                          - Leslie Van Buskirk
                                          - Administrator, Division of Securities, State of Wisconsin Department of Financial Institutions
                                          - Joanne Yoo
                                          - Partner, Development Partners International

### **See also**: Subcommittee Members

### Recommendations of the Investor Advisory Committee

----

Digital Engagement Practices

Human Capital Management Disclosure

Open-End Fund Liquidity Risk Management Programs and Swing Pricing

Single-Stock ETFs

13D-G, and 10B-1

Registered Investment Adviser Oversight

Customer Account Statements

Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure

Climate-Related Disclosure Rule

Accounting Modernization

Protecting Older Adult Investors

Investor Advocacy Clinic Funding

Individual Retirement Accounts

Rule 10b5-1 Plans

Special Purpose Acquisition Companies (SPACs)

Minority and Underserved Inclusion

Credit Rating Agencies

Disclosure Effectiveness

Accounting and Financial Disclosure

ESG Disclosure

SEC Guidance and Rule Proposals on Proxy Advisors and Shareholder Proposals

Exchange Rebate Tier Disclosure

Proxy Plumbing

Investment Research in a Post-MiFID II World

Human Capital Management Disclosure

Proposed Regulation Best Interest

Transaction Fee Pilot for NMS Stocks

Select Enhancements to Protect Retail Investors in Municipal and Corporate Bonds

Financial Support for Law School Clinics that Support Investors

On Dual Class and Other Entrenching Governance Structures in Public Companies

Promotion of Electronic Delivery and Development of a Summary Disclosure Document for Delivery of Investment Company Shareholder Reports

To Enhance Information for Bond Market Investors

Mutual Fund Cost Disclosure

Empowering Elders and Other Investors: Background Checks in the Financial Markets

Shortening the Trade Settlement Cycle in U.S. Financial Markets

Accredited Investor Definition

Impartiality in the Disclosure of Preliminary Voting Results

Crowdfunding

Decimalization and Tick Sizes

Legislation to Fund Investment Adviser Examinations

Broker-Dealer Fiduciary Duty

Universal Proxy

Data Tagging

Target Date Mutual Funds

General Solicitation and Advertising

### Other Actions

----

Letter to SEC re: Diversity Self-assessment Tool

Letter to SEC re: Cryptocurrency

Letter to SEC re: Ethical AI

Investor as Owner Subcommittee Letter to FASB re: Corporate Income Taxes

Investor as Owner Subcommittee Letter re: Subpart 400 of Reg S-K and Study on Modernization and Simplification

Letter on Regulation S-K Concept Release and Disclosure Effectiveness

Letter to FASB re: Materiality

## Email Updates

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E-mail Updates

## News

                                          - SEC Seeks Candidates for Investor Advisory Committee March 26, 2024

### Organization

----

Charter

By-Laws

Subcommittees

### Meetings

----

### Schedule for 2024

### March 7, 2024

Sunshine Act Notice

Agenda

Updated Draft recommendation regarding Digital Engagement Practices (February 2024)

Statement of Dissent Regarding Digital Engagement Practices Recommendation (Van Buskirk)

Statement of Dissent Regarding Digital Engagement Practices Recommendation (Martin Firvida)

Webcast Archive (Part 1)

Webcast Archive (Part 2)

### December 7, 2023

Sunshine Act Notice

Agenda

Draft recommendation regarding Digital Engagement Practices (discussed during the December 7, 2023 IAC meeting, but superseded by the February 2024 updated draft)

Webcast Archive (Part 1)

Webcast Archive (Part 2)

Minutes

### September 21, 2023

Sunshine Act Notice

Agenda

Draft Recommendation regarding Swing Pricing

Draft Recommendation regarding Human Capital Management Disclosure

Webcast Archive (Part 1)

Webcast Archive (Part 2)

Minutes

### June 22, 2023

Sunshine Act Notice

Agenda

Draft Recommendation on Single-Stock ETFs

Draft Recommendation on Reg 13D-G, 10B-1, and 9j-1

Draft Recommendation on Registered Investment Adviser Oversight

Webcast Archive - Part 1

Webcast Archive - Part 2

Minutes

### March 2, 2023

Sunshine Act Notice

Agenda

Draft Recommendation on Account Statements

Webcast Archive - Part 1

Webcast Archive - Part 2

Minutes

### December 8, 2022

Sunshine Act Notice

Agenda

Webcast Archive - Part 1

Webcast Archive - Part 2

Minutes

### September 21, 2022

Sunshine Act Notice

Agenda

Panelist Info

Draft Recommendation on Accounting Modernization

Draft Recommendation on Climate-related Disclosure

Draft Recommendation on Cybersecurity Disclosure

Webcast Archive - Part 1

Webcast Archive - Part 2

Minutes

### June 9, 2022

Sunshine Act Notice

Agenda

Panelist Info

Draft Recommendation on Protecting Older Investors

Draft Recommendation on Investor Clinic Funding

Webcast Archive - Part 1

Webcast Archive - Part 2

Minutes

### March 10, 2022

Sunshine Act Notice

Agenda

Panelist Info

Webcast Archive - Part 1

Webcast Archive - Part 2

Minutes

### December 2, 2021

Meeting Notice

Sunshine Act Notice

Agenda

Panelist Info

Draft Recommendation of the Investor-as-Purchaser Subcommittee on IRAs

Webcast Archive - Part 1

Webcast Archive - Part 2

Minutes

### September 9, 2021

Meeting Notice

Sunshine Act Notice

Agenda

Panelist Info

Draft Recommendation of the Investor-as-Purchaser and Investor-as-Owner Subcommittees on SPACs

Draft Recommendation of the Investor-as-Owner Subcommittee on 10b5-1 Plans

Webcast Archive - Part 1

Webcast Archive - Part 2

Minutes

### June 10, 2021

Meeting Notice

Sunshine Act Notice

Agenda

Panelist Info

Webcast Archive - Part 1

Webcast Archive - Part 2

Minutes

### March 11, 2021

Meeting Notice

Sunshine Act Notice

Agenda

Draft Recommendation on Minority and Underserved Inclusion

Draft Recommendation of the Market Structure Subcommittee on Credit Rating Agencies

Webcast Archive

Minutes

### December 3, 2020

Meeting Notice

Sunshine Act Notice

Agenda

Webcast Archive

Minutes

### September 24, 2020

Meeting Notice

Sunshine Act Notice

Agenda

Recommendation of the Investor-as-Owner Subcommittee on COVID-19 Challenges to Going Concern Opinions and Audit/Controls Assessments

Webcast Archive

Minutes

### May 21, 2020

Agenda

Meeting Notice

Sunshine Act Notice

Recommendation of the Investor as Purchaser Subcommittee on Disclosure Effectiveness

Recommendation of the Investor as Owner Subcommittee on Accounting and Financial Reporting Disclosure

Recommendation of the Investor As Owner Subcommittee on ESG Disclosure

Statement of Dissent Regarding ESG Disclosure Recommendation (Holmes)

Webcast Archive

Minutes

### May 4, 2020

Agenda

Sunshine Act Notice

Webcast Archive

Minutes

### April 2, 2020

Agenda

Sunshine Act Notice

Webcast Archive

Minutes

### Feb. 27, 2020

Agenda

Meeting Notice

Sunshine Act Notice

Webcast Archive

Minutes

### Jan. 24, 2020

Agenda

Recommendation of the Market Structure Subcommittee on the Exchange Rebate Tier Disclosure (Revised January 15, 2020)

Recommendation of the Investor-as-Owner Subcommittee Relating to SEC Guidance and Rule Proposals on Proxy Advisors and Shareholder Proposals (Jan. 16, 2020)

Statement of Dissent Regarding SEC Guidance and Rule Proposals on Proxy Advisors and Shareholder Proposals (Stam)

Statement of Dissent Regarding SEC Guidance and Rule Proposals on Proxy Advisors and Shareholder Proposals (Mahoney and Verret)

Statement of Abstention Regarding SEC Guidance and Rule Proposals on Proxy Advisors and Shareholder Proposals (Holmes)

Notice of Meeting

Sunshine Act Notice

Webcast Archive

Minutes

### November 7, 2019

Agenda

Press Release

Meeting Notice

Sunshine Act Notice

Webcast Archive

Minutes

### September 19, 2019

Agenda

Notice of Meeting

Sunshine Act Notice

Webcast Archive

Minutes

### September 5, 2019

Agenda

Notice of Meeting

Sunshine Act Notice

Recommendation of the Investor as Owner Subcommittee on the U.S. Proxy System

Webcast Archive

Minutes

### July 25, 2019

Notice of Meeting

Agenda

Sunshine Act Notice

Recommendation of the Market Structure Subcommittee on Investment Research in a Post-MiFID II World 

Recommendation of the Investor as Owner Subcommittee on the U.S. Proxy System

Opening Statement of Aline Darbellay

Webcast Archive

Minutes

### March 28, 2019

Notice of Meeting

Agenda

Sunshine Act Notice

Recommendation of the Investor as Owner Subcommittee on Human Capital Management Disclosure

Statement of Dissent Regarding Recommendation on Human Capital Management Disclosure

Webcast Archive

Minutes

**Meeting Archives**

### Public Comments

----

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*Modified: Feb. 14, 2017*

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