id	sid	tid	token	lemma	pos
cblr-9114	1	1	note	note	VERB
cblr-9114	1	2	iss	iss	PROPN
cblr-9114	1	3	and	and	CCONJ
cblr-9114	1	4	other	other	ADJ
cblr-9114	1	5	proxy	proxy	ADJ
cblr-9114	1	6	advisory	advisory	ADJ
cblr-9114	1	7	firms	firm	NOUN
cblr-9114	1	8	’	'	PUNCT
cblr-9114	1	9	conflicts	conflict	NOUN
cblr-9114	1	10	of	of	ADP
cblr-9114	1	11	interest	interest	NOUN
cblr-9114	1	12	:	:	PUNCT
cblr-9114	1	13	analyzing	analyze	VERB
cblr-9114	1	14	the	the	DET
cblr-9114	1	15	insufficiency	insufficiency	NOUN
cblr-9114	1	16	of	of	ADP
cblr-9114	1	17	new	new	ADJ
cblr-9114	1	18	securities	security	NOUN
cblr-9114	1	19	and	and	CCONJ
cblr-9114	1	20	exchange	exchange	PROPN
cblr-9114	1	21	commission	commission	NOUN
cblr-9114	1	22	rules	rule	NOUN
cblr-9114	1	23	and	and	CCONJ
cblr-9114	1	24	guidance	guidance	VERB
cblr-9114	1	25	dan	dan	PROPN
cblr-9114	1	26	daskal	daskal	PROPN
cblr-9114	1	27	this	this	DET
cblr-9114	1	28	note	note	NOUN
cblr-9114	1	29	discusses	discuss	VERB
cblr-9114	1	30	the	the	DET
cblr-9114	1	31	impact	impact	NOUN
cblr-9114	1	32	of	of	ADP
cblr-9114	1	33	conflicts	conflict	NOUN
cblr-9114	1	34	of	of	ADP
cblr-9114	1	35	interest	interest	NOUN
cblr-9114	1	36	on	on	ADP
cblr-9114	1	37	the	the	DET
cblr-9114	1	38	proxy	proxy	ADJ
cblr-9114	1	39	advisory	advisory	ADJ
cblr-9114	1	40	firm	firm	NOUN
cblr-9114	1	41	industry	industry	NOUN
cblr-9114	1	42	,	,	PUNCT
cblr-9114	1	43	with	with	ADP
cblr-9114	1	44	a	a	DET
cblr-9114	1	45	particular	particular	ADJ
cblr-9114	1	46	focus	focus	NOUN
cblr-9114	1	47	on	on	ADP
cblr-9114	1	48	conflicts	conflict	NOUN
cblr-9114	1	49	plaguing	plague	VERB
cblr-9114	1	50	institutional	institutional	ADJ
cblr-9114	1	51	shareholder	shareholder	NOUN
cblr-9114	1	52	services	service	NOUN
cblr-9114	1	53	,	,	PUNCT
cblr-9114	1	54	the	the	DET
cblr-9114	1	55	dominant	dominant	ADJ
cblr-9114	1	56	proxy	proxy	ADJ
cblr-9114	1	57	advisory	advisory	ADJ
cblr-9114	1	58	firm	firm	NOUN
cblr-9114	1	59	.	.	PUNCT
cblr-9114	2	1	the	the	DET
cblr-9114	2	2	increased	increase	VERB
cblr-9114	2	3	proportion	proportion	NOUN
cblr-9114	2	4	of	of	ADP
cblr-9114	2	5	shares	share	NOUN
cblr-9114	2	6	held	hold	VERB
cblr-9114	2	7	by	by	ADP
cblr-9114	2	8	institutional	institutional	ADJ
cblr-9114	2	9	investors	investor	NOUN
cblr-9114	2	10	,	,	PUNCT
cblr-9114	2	11	strong	strong	ADJ
cblr-9114	2	12	reliance	reliance	NOUN
cblr-9114	2	13	on	on	ADP
cblr-9114	2	14	voting	vote	VERB
cblr-9114	2	15	recommendations	recommendation	NOUN
cblr-9114	2	16	by	by	ADP
cblr-9114	2	17	certain	certain	ADJ
cblr-9114	2	18	investment	investment	NOUN
cblr-9114	2	19	advisors	advisor	NOUN
cblr-9114	2	20	and	and	CCONJ
cblr-9114	2	21	continuing	continue	VERB
cblr-9114	2	22	dominance	dominance	NOUN
cblr-9114	2	23	of	of	ADP
cblr-9114	2	24	institutional	institutional	ADJ
cblr-9114	2	25	shareholder	shareholder	NOUN
cblr-9114	2	26	services	service	NOUN
cblr-9114	2	27	have	have	AUX
cblr-9114	2	28	culminated	culminate	VERB
cblr-9114	2	29	in	in	ADP
cblr-9114	2	30	institutional	institutional	ADJ
cblr-9114	2	31	shareholder	shareholder	NOUN
cblr-9114	2	32	services	service	NOUN
cblr-9114	2	33	’	'	PUNCT
cblr-9114	2	34	substantial	substantial	ADJ
cblr-9114	2	35	influence	influence	NOUN
cblr-9114	2	36	in	in	ADP
cblr-9114	2	37	proxy	proxy	ADJ
cblr-9114	2	38	voting	voting	NOUN
cblr-9114	2	39	.	.	PUNCT
cblr-9114	3	1	the	the	DET
cblr-9114	3	2	lack	lack	NOUN
cblr-9114	3	3	of	of	ADP
cblr-9114	3	4	sufficient	sufficient	ADJ
cblr-9114	3	5	regulatory	regulatory	ADJ
cblr-9114	3	6	oversight	oversight	NOUN
cblr-9114	3	7	has	have	AUX
cblr-9114	3	8	precipitated	precipitate	VERB
cblr-9114	3	9	considerable	considerable	ADJ
cblr-9114	3	10	risk	risk	NOUN
cblr-9114	3	11	of	of	ADP
cblr-9114	3	12	proxy	proxy	ADJ
cblr-9114	3	13	voting	voting	NOUN
cblr-9114	3	14	that	that	PRON
cblr-9114	3	15	serves	serve	VERB
cblr-9114	3	16	the	the	DET
cblr-9114	3	17	best	good	ADJ
cblr-9114	3	18	interest	interest	NOUN
cblr-9114	3	19	of	of	ADP
cblr-9114	3	20	proxy	proxy	ADJ
cblr-9114	3	21	advisory	advisory	ADJ
cblr-9114	3	22	firms	firm	NOUN
cblr-9114	3	23	rather	rather	ADV
cblr-9114	3	24	than	than	ADP
cblr-9114	3	25	that	that	PRON
cblr-9114	3	26	of	of	ADP
cblr-9114	3	27	shareholders	shareholder	NOUN
cblr-9114	3	28	.	.	PUNCT
cblr-9114	4	1	recent	recent	ADJ
cblr-9114	4	2	rules	rule	NOUN
cblr-9114	4	3	and	and	CCONJ
cblr-9114	4	4	guidance	guidance	NOUN
cblr-9114	4	5	issued	issue	VERB
cblr-9114	4	6	by	by	ADP
cblr-9114	4	7	the	the	DET
cblr-9114	4	8	securities	securities	PROPN
cblr-9114	4	9	and	and	CCONJ
cblr-9114	4	10	exchange	exchange	PROPN
cblr-9114	4	11	commission	commission	NOUN
cblr-9114	4	12	have	have	AUX
cblr-9114	4	13	not	not	PART
cblr-9114	4	14	adequately	adequately	ADV
cblr-9114	4	15	addressed	address	VERB
cblr-9114	4	16	these	these	DET
cblr-9114	4	17	concerns	concern	NOUN
cblr-9114	4	18	.	.	PUNCT
cblr-9114	5	1	several	several	ADJ
cblr-9114	5	2	possible	possible	ADJ
cblr-9114	5	3	reforms	reform	NOUN
cblr-9114	5	4	may	may	AUX
cblr-9114	5	5	help	help	VERB
cblr-9114	5	6	this	this	DET
cblr-9114	5	7	situation	situation	NOUN
cblr-9114	5	8	,	,	PUNCT
cblr-9114	5	9	including	include	VERB
cblr-9114	5	10	eliminating	eliminate	VERB
cblr-9114	5	11	robo	robo	NOUN
cblr-9114	5	12	-	-	PUNCT
cblr-9114	5	13	voting	voting	NOUN
cblr-9114	5	14	,	,	PUNCT
cblr-9114	5	15	separating	separate	VERB
cblr-9114	5	16	voting	voting	NOUN
cblr-9114	5	17	advice	advice	NOUN
cblr-9114	5	18	and	and	CCONJ
cblr-9114	5	19	corporate	corporate	ADJ
cblr-9114	5	20	governance	governance	NOUN
cblr-9114	5	21	consulting	consulting	NOUN
cblr-9114	5	22	services	service	NOUN
cblr-9114	5	23	and	and	CCONJ
cblr-9114	5	24	mandating	mandate	VERB
cblr-9114	5	25	engagement	engagement	NOUN
cblr-9114	5	26	in	in	ADP
cblr-9114	5	27	voting	vote	VERB
cblr-9114	5	28	research	research	NOUN
cblr-9114	5	29	beyond	beyond	ADP
cblr-9114	5	30	that	that	PRON
cblr-9114	5	31	provided	provide	VERB
cblr-9114	5	32	by	by	ADP
cblr-9114	5	33	proxy	proxy	ADJ
cblr-9114	5	34	advisory	advisory	ADJ
cblr-9114	5	35	firms	firm	NOUN
cblr-9114	5	36	.	.	PUNCT
cblr-9114	6	1	pursuing	pursue	VERB
cblr-9114	6	2	these	these	DET
cblr-9114	6	3	avenues	avenue	NOUN
cblr-9114	6	4	of	of	ADP
cblr-9114	6	5	reform	reform	NOUN
cblr-9114	6	6	could	could	AUX
cblr-9114	6	7	help	help	VERB
cblr-9114	6	8	restore	restore	VERB
cblr-9114	6	9	the	the	DET
cblr-9114	6	10	integrity	integrity	NOUN
cblr-9114	6	11	of	of	ADP
cblr-9114	6	12	voting	voting	NOUN
cblr-9114	6	13	recommendations	recommendation	NOUN
cblr-9114	6	14	and	and	CCONJ
cblr-9114	6	15	ensure	ensure	VERB
cblr-9114	6	16	that	that	SCONJ
cblr-9114	6	17	proxy	proxy	ADJ
cblr-9114	6	18	advisory	advisory	ADJ
cblr-9114	6	19	firms	firm	NOUN
cblr-9114	6	20	are	be	AUX
cblr-9114	6	21	used	use	VERB
cblr-9114	6	22	in	in	ADP
cblr-9114	6	23	the	the	DET
cblr-9114	6	24	way	way	NOUN
cblr-9114	6	25	they	they	PRON
cblr-9114	6	26	were	be	AUX
cblr-9114	6	27	initially	initially	ADV
cblr-9114	6	28	intended	intend	VERB
cblr-9114	6	29	:	:	PUNCT
cblr-9114	6	30	to	to	PART
cblr-9114	6	31	reduce	reduce	VERB
cblr-9114	6	32			PROPN
cblr-9114	6	33	j.d	j.d	PROPN
cblr-9114	6	34	.	.	PROPN
cblr-9114	6	35	candidate	candidate	PROPN
cblr-9114	6	36	2022	2022	NUM
cblr-9114	6	37	,	,	PUNCT
cblr-9114	6	38	columbia	columbia	PROPN
cblr-9114	6	39	law	law	PROPN
cblr-9114	6	40	school	school	NOUN
cblr-9114	6	41	;	;	PUNCT
cblr-9114	6	42	b.a	b.a	PROPN
cblr-9114	6	43	.	.	PROPN
cblr-9114	6	44	2019	2019	NUM
cblr-9114	6	45	,	,	PUNCT
cblr-9114	6	46	university	university	NOUN
cblr-9114	6	47	of	of	ADP
cblr-9114	6	48	california	california	PROPN
cblr-9114	6	49	,	,	PUNCT
cblr-9114	6	50	davis	davis	PROPN
cblr-9114	6	51	.	.	PUNCT
cblr-9114	7	1	many	many	ADJ
cblr-9114	7	2	thanks	thank	NOUN
cblr-9114	7	3	to	to	ADP
cblr-9114	7	4	professor	professor	PROPN
cblr-9114	7	5	joshua	joshua	PROPN
cblr-9114	7	6	mitts	mitt	VERB
cblr-9114	7	7	for	for	ADP
cblr-9114	7	8	his	his	PRON
cblr-9114	7	9	invaluable	invaluable	ADJ
cblr-9114	7	10	guidance	guidance	NOUN
cblr-9114	7	11	and	and	CCONJ
cblr-9114	7	12	feedback	feedback	NOUN
cblr-9114	7	13	.	.	PUNCT
cblr-9114	8	1	additional	additional	ADJ
cblr-9114	8	2	thanks	thank	NOUN
cblr-9114	8	3	to	to	ADP
cblr-9114	8	4	the	the	DET
cblr-9114	8	5	editors	editor	NOUN
cblr-9114	8	6	and	and	CCONJ
cblr-9114	8	7	staff	staff	NOUN
cblr-9114	8	8	of	of	ADP
cblr-9114	8	9	the	the	DET
cblr-9114	8	10	columbia	columbia	PROPN
cblr-9114	8	11	business	business	PROPN
cblr-9114	8	12	law	law	PROPN
cblr-9114	8	13	review	review	NOUN
cblr-9114	8	14	for	for	ADP
cblr-9114	8	15	their	their	PRON
cblr-9114	8	16	assistance	assistance	NOUN
cblr-9114	8	17	throughout	throughout	ADP
cblr-9114	8	18	the	the	DET
cblr-9114	8	19	publication	publication	NOUN
cblr-9114	8	20	process	process	NOUN
cblr-9114	8	21	.	.	PUNCT
cblr-9114	9	1	1488	1488	NUM
cblr-9114	9	2	columbia	columbia	PROPN
cblr-9114	9	3	business	business	NOUN
cblr-9114	9	4	law	law	PROPN
cblr-9114	9	5	review	review	NOUN
cblr-9114	9	6	[	[	X
cblr-9114	9	7	vol	vol	NOUN
cblr-9114	9	8	.	.	NOUN
cblr-9114	9	9	2021	2021	NUM
cblr-9114	9	10	information	information	NOUN
cblr-9114	9	11	costs	cost	NOUN
cblr-9114	9	12	and	and	CCONJ
cblr-9114	9	13	help	help	VERB
cblr-9114	9	14	investment	investment	NOUN
cblr-9114	9	15	advisors	advisor	NOUN
cblr-9114	9	16	vote	vote	VERB
cblr-9114	9	17	shares	share	NOUN
cblr-9114	9	18	in	in	ADP
cblr-9114	9	19	their	their	PRON
cblr-9114	9	20	clients	client	NOUN
cblr-9114	9	21	’	’	PART
cblr-9114	9	22	best	good	ADJ
cblr-9114	9	23	interests	interest	NOUN
cblr-9114	9	24	.	.	PUNCT
cblr-9114	10	1	i.	i.	PROPN
cblr-9114	10	2	introduction	introduction	NOUN
cblr-9114	10	3	......................................................................	......................................................................	PUNCT
cblr-9114	11	1	1488	1488	NUM
cblr-9114	11	2	ii	ii	NOUN
cblr-9114	11	3	.	.	PUNCT
cblr-9114	12	1	background	background	NOUN
cblr-9114	12	2	on	on	ADP
cblr-9114	12	3	proxy	proxy	ADJ
cblr-9114	12	4	advisory	advisory	ADJ
cblr-9114	12	5	firms	firm	NOUN
cblr-9114	12	6	..........................	..........................	PUNCT
cblr-9114	12	7	1490	1490	NUM
cblr-9114	12	8	a.	a.	NOUN
cblr-9114	12	9	the	the	DET
cblr-9114	12	10	rise	rise	NOUN
cblr-9114	12	11	of	of	ADP
cblr-9114	12	12	the	the	DET
cblr-9114	12	13	proxy	proxy	ADJ
cblr-9114	12	14	advisory	advisory	ADJ
cblr-9114	12	15	firm	firm	ADJ
cblr-9114	12	16	market	market	NOUN
cblr-9114	12	17	....	....	PUNCT
cblr-9114	12	18	1490	1490	NUM
cblr-9114	12	19	b.	b.	PROPN
cblr-9114	12	20	proxy	proxy	PROPN
cblr-9114	12	21	advisory	advisory	PROPN
cblr-9114	12	22	firm	firm	NOUN
cblr-9114	12	23	services	service	NOUN
cblr-9114	12	24	,	,	PUNCT
cblr-9114	12	25	market	market	NOUN
cblr-9114	12	26	concentration	concentration	NOUN
cblr-9114	12	27	and	and	CCONJ
cblr-9114	12	28	influence	influence	NOUN
cblr-9114	12	29	...............................	...............................	PUNCT
cblr-9114	13	1	1492	1492	NUM
cblr-9114	13	2	c.	c.	NOUN
cblr-9114	13	3	automated	automate	VERB
cblr-9114	13	4	voting	voting	NOUN
cblr-9114	13	5	by	by	ADP
cblr-9114	13	6	investment	investment	NOUN
cblr-9114	13	7	advisors	advisor	NOUN
cblr-9114	13	8	.......	.......	PUNCT
cblr-9114	14	1	1496	1496	NUM
cblr-9114	14	2	d.	d.	NOUN
cblr-9114	14	3	regulation	regulation	NOUN
cblr-9114	14	4	of	of	ADP
cblr-9114	14	5	the	the	DET
cblr-9114	14	6	proxy	proxy	ADJ
cblr-9114	14	7	advisory	advisory	ADJ
cblr-9114	14	8	industry	industry	NOUN
cblr-9114	14	9	prior	prior	ADV
cblr-9114	14	10	to	to	ADP
cblr-9114	14	11	the	the	DET
cblr-9114	14	12	july	july	PROPN
cblr-9114	14	13	2020	2020	NUM
cblr-9114	14	14	rules	rule	NOUN
cblr-9114	14	15	..............................................	..............................................	PUNCT
cblr-9114	14	16	1497	1497	NUM
cblr-9114	14	17	iii	iii	NOUN
cblr-9114	14	18	.	.	PUNCT
cblr-9114	15	1	proxy	proxy	ADJ
cblr-9114	15	2	advisory	advisory	ADJ
cblr-9114	15	3	firms	firm	NOUN
cblr-9114	15	4	’	'	PUNCT
cblr-9114	15	5	conflicts	conflict	NOUN
cblr-9114	15	6	of	of	ADP
cblr-9114	15	7	interest	interest	NOUN
cblr-9114	15	8	................	................	PUNCT
cblr-9114	15	9	1500	1500	NUM
cblr-9114	15	10	a.	a.	NOUN
cblr-9114	15	11	provision	provision	NOUN
cblr-9114	15	12	of	of	ADP
cblr-9114	15	13	both	both	DET
cblr-9114	15	14	voting	voting	NOUN
cblr-9114	15	15	advice	advice	NOUN
cblr-9114	15	16	and	and	CCONJ
cblr-9114	15	17	consulting	consulting	NOUN
cblr-9114	15	18	services	service	NOUN
cblr-9114	15	19	.................................................................	.................................................................	PUNCT
cblr-9114	15	20	1502	1502	NUM
cblr-9114	15	21	b.	b.	PROPN
cblr-9114	15	22	provision	provision	NOUN
cblr-9114	15	23	of	of	ADP
cblr-9114	15	24	both	both	DET
cblr-9114	15	25	consulting	consult	VERB
cblr-9114	15	26	services	service	NOUN
cblr-9114	15	27	and	and	CCONJ
cblr-9114	15	28	governance	governance	NOUN
cblr-9114	15	29	ratings	rating	NOUN
cblr-9114	15	30	.............................................	.............................................	PUNCT
cblr-9114	15	31	1504	1504	NUM
cblr-9114	15	32	c.	c.	NOUN
cblr-9114	15	33	the	the	DET
cblr-9114	15	34	firewall	firewall	NOUN
cblr-9114	15	35	between	between	ADP
cblr-9114	15	36	iss	iss	PROPN
cblr-9114	15	37	and	and	CCONJ
cblr-9114	15	38	ics	ics	PROPN
cblr-9114	15	39	....................	....................	PUNCT
cblr-9114	15	40	1507	1507	NUM
cblr-9114	15	41	d.	d.	PROPN
cblr-9114	15	42	conflicts	conflict	NOUN
cblr-9114	15	43	have	have	VERB
cblr-9114	15	44	consequences	consequence	NOUN
cblr-9114	15	45	.............................	.............................	PUNCT
cblr-9114	15	46	1508	1508	NUM
cblr-9114	15	47	e.	e.	PROPN
cblr-9114	15	48	securities	securities	PROPN
cblr-9114	15	49	and	and	CCONJ
cblr-9114	15	50	exchange	exchange	PROPN
cblr-9114	15	51	commission	commission	NOUN
cblr-9114	15	52	rules	rule	NOUN
cblr-9114	15	53	addressing	address	VERB
cblr-9114	15	54	conflicts	conflict	NOUN
cblr-9114	15	55	of	of	ADP
cblr-9114	15	56	interest	interest	NOUN
cblr-9114	15	57	concerns	concern	NOUN
cblr-9114	15	58	.........	.........	PUNCT
cblr-9114	16	1	1514	1514	NUM
cblr-9114	16	2	f.	f.	NOUN
cblr-9114	16	3	automated	automate	VERB
cblr-9114	16	4	voting	voting	NOUN
cblr-9114	16	5	and	and	CCONJ
cblr-9114	16	6	robo	robo	NOUN
cblr-9114	16	7	-	-	PUNCT
cblr-9114	16	8	voting	voting	NOUN
cblr-9114	16	9	...................	...................	PUNCT
cblr-9114	16	10	1517	1517	NUM
cblr-9114	16	11	iv	iv	NOUN
cblr-9114	16	12	.	.	PUNCT
cblr-9114	16	13	potential	potential	ADJ
cblr-9114	16	14	reforms	reform	NOUN
cblr-9114	16	15	..........................................................	..........................................................	PUNCT
cblr-9114	16	16	1528	1528	NUM
cblr-9114	16	17	a.	a.	NOUN
cblr-9114	16	18	considerations	consideration	NOUN
cblr-9114	16	19	for	for	ADP
cblr-9114	16	20	developing	develop	VERB
cblr-9114	16	21	reforms	reform	NOUN
cblr-9114	16	22	.............	.............	PUNCT
cblr-9114	16	23	1528	1528	NUM
cblr-9114	16	24	b.	b.	NOUN
cblr-9114	16	25	separating	separate	VERB
cblr-9114	16	26	proxy	proxy	ADJ
cblr-9114	16	27	voting	voting	NOUN
cblr-9114	16	28	advice	advice	NOUN
cblr-9114	16	29	and	and	CCONJ
cblr-9114	16	30	governance	governance	NOUN
cblr-9114	16	31	consulting	consulting	NOUN
cblr-9114	16	32	.............................................................	.............................................................	PUNCT
cblr-9114	16	33	1532	1532	NUM
cblr-9114	16	34	c.	c.	NOUN
cblr-9114	16	35	requiring	require	VERB
cblr-9114	16	36	investment	investment	NOUN
cblr-9114	16	37	advisors	advisor	NOUN
cblr-9114	16	38	to	to	PART
cblr-9114	16	39	receive	receive	VERB
cblr-9114	16	40	voting	voting	NOUN
cblr-9114	16	41	advice	advice	NOUN
cblr-9114	16	42	from	from	ADP
cblr-9114	16	43	more	more	ADJ
cblr-9114	16	44	than	than	ADP
cblr-9114	16	45	one	one	NUM
cblr-9114	16	46	proxy	proxy	NOUN
cblr-9114	16	47	advisory	advisory	ADJ
cblr-9114	16	48	firm	firm	NOUN
cblr-9114	16	49	................................................................................	................................................................................	PUNCT
cblr-9114	16	50	1536	1536	NUM
cblr-9114	16	51	v.	v.	ADP
cblr-9114	16	52	conclusion	conclusion	NOUN
cblr-9114	16	53	.......................................................................	.......................................................................	PUNCT
cblr-9114	16	54	1537	1537	NUM
cblr-9114	16	55	i.	i.	NOUN
cblr-9114	16	56	introduction	introduction	NOUN
cblr-9114	16	57	throughout	throughout	ADP
cblr-9114	16	58	the	the	DET
cblr-9114	16	59	history	history	NOUN
cblr-9114	16	60	of	of	ADP
cblr-9114	16	61	the	the	DET
cblr-9114	16	62	united	united	PROPN
cblr-9114	16	63	states	states	PROPN
cblr-9114	16	64	,	,	PUNCT
cblr-9114	16	65	voters	voter	NOUN
cblr-9114	16	66	have	have	AUX
cblr-9114	16	67	sought	seek	VERB
cblr-9114	16	68	to	to	PART
cblr-9114	16	69	use	use	VERB
cblr-9114	16	70	their	their	PRON
cblr-9114	16	71	influence	influence	NOUN
cblr-9114	16	72	to	to	PART
cblr-9114	16	73	ensure	ensure	VERB
cblr-9114	16	74	that	that	SCONJ
cblr-9114	16	75	their	their	PRON
cblr-9114	16	76	representatives	representative	NOUN
cblr-9114	16	77	pursue	pursue	VERB
cblr-9114	16	78	policies	policy	NOUN
cblr-9114	16	79	that	that	PRON
cblr-9114	16	80	align	align	VERB
cblr-9114	16	81	with	with	ADP
cblr-9114	16	82	their	their	PRON
cblr-9114	16	83	interests	interest	NOUN
cblr-9114	16	84	.	.	PUNCT
cblr-9114	17	1	whether	whether	SCONJ
cblr-9114	17	2	the	the	DET
cblr-9114	17	3	vote	vote	NOUN
cblr-9114	17	4	is	be	AUX
cblr-9114	17	5	for	for	ADP
cblr-9114	17	6	a	a	DET
cblr-9114	17	7	small	small	ADJ
cblr-9114	17	8	town	town	NOUN
cblr-9114	17	9	’s	’s	PART
cblr-9114	17	10	city	city	PROPN
cblr-9114	17	11	council	council	PROPN
cblr-9114	17	12	,	,	PUNCT
cblr-9114	17	13	the	the	DET
cblr-9114	17	14	president	president	NOUN
cblr-9114	17	15	of	of	ADP
cblr-9114	17	16	the	the	DET
cblr-9114	17	17	united	united	PROPN
cblr-9114	17	18	states	states	PROPN
cblr-9114	17	19	or	or	CCONJ
cblr-9114	17	20	a	a	DET
cblr-9114	17	21	corporation	corporation	NOUN
cblr-9114	17	22	’s	’s	PART
cblr-9114	17	23	board	board	NOUN
cblr-9114	17	24	of	of	ADP
cblr-9114	17	25	directors	director	NOUN
cblr-9114	17	26	,	,	PUNCT
cblr-9114	17	27	the	the	DET
cblr-9114	17	28	collective	collective	ADJ
cblr-9114	17	29	action	action	NOUN
cblr-9114	17	30	problem	problem	NOUN
cblr-9114	17	31	disincentivizes	disincentivize	VERB
cblr-9114	17	32	stakeholders	stakeholder	NOUN
cblr-9114	17	33	from	from	ADP
cblr-9114	17	34	exerting	exert	VERB
cblr-9114	17	35	the	the	DET
cblr-9114	17	36	time	time	NOUN
cblr-9114	17	37	and	and	CCONJ
cblr-9114	17	38	resources	resource	NOUN
cblr-9114	17	39	necessary	necessary	ADJ
cblr-9114	17	40	no	no	INTJ
cblr-9114	17	41	.	.	PUNCT
cblr-9114	17	42	3:1487	3:1487	NUM
cblr-9114	17	43	]	]	X
cblr-9114	17	44	proxy	proxy	ADJ
cblr-9114	17	45	advisory	advisory	ADJ
cblr-9114	17	46	firms	firm	NOUN
cblr-9114	17	47	’	'	PUNCT
cblr-9114	17	48	conflicts	conflict	NOUN
cblr-9114	17	49	of	of	ADP
cblr-9114	17	50	interest	interest	NOUN
cblr-9114	17	51	1489	1489	NUM
cblr-9114	17	52	for	for	ADP
cblr-9114	17	53	casting	cast	VERB
cblr-9114	17	54	an	an	DET
cblr-9114	17	55	informed	informed	ADJ
cblr-9114	17	56	vote.1	vote.1	INTJ
cblr-9114	17	57	a	a	DET
cblr-9114	17	58	common	common	ADJ
cblr-9114	17	59	solution	solution	NOUN
cblr-9114	17	60	,	,	PUNCT
cblr-9114	17	61	naturally	naturally	ADV
cblr-9114	17	62	,	,	PUNCT
cblr-9114	17	63	has	have	AUX
cblr-9114	17	64	been	be	AUX
cblr-9114	17	65	to	to	PART
cblr-9114	17	66	decrease	decrease	VERB
cblr-9114	17	67	voters	voter	NOUN
cblr-9114	17	68	’	’	PART
cblr-9114	17	69	information	information	NOUN
cblr-9114	17	70	costs.2	costs.2	PROPN
cblr-9114	17	71	for	for	ADP
cblr-9114	17	72	political	political	ADJ
cblr-9114	17	73	matters	matter	NOUN
cblr-9114	17	74	,	,	PUNCT
cblr-9114	17	75	voters	voter	NOUN
cblr-9114	17	76	often	often	ADV
cblr-9114	17	77	circumvent	circumvent	VERB
cblr-9114	17	78	the	the	DET
cblr-9114	17	79	need	need	NOUN
cblr-9114	17	80	to	to	PART
cblr-9114	17	81	independently	independently	ADV
cblr-9114	17	82	research	research	VERB
cblr-9114	17	83	every	every	DET
cblr-9114	17	84	candidate	candidate	NOUN
cblr-9114	17	85	and	and	CCONJ
cblr-9114	17	86	ballot	ballot	NOUN
cblr-9114	17	87	proposition	proposition	NOUN
cblr-9114	17	88	by	by	ADP
cblr-9114	17	89	using	use	VERB
cblr-9114	17	90	heuristics	heuristic	NOUN
cblr-9114	17	91	such	such	ADJ
cblr-9114	17	92	as	as	ADP
cblr-9114	17	93	endorsements	endorsement	NOUN
cblr-9114	17	94	by	by	ADP
cblr-9114	17	95	their	their	PRON
cblr-9114	17	96	preferred	preferred	ADJ
cblr-9114	17	97	political	political	ADJ
cblr-9114	17	98	parties.3	parties.3	NOUN
cblr-9114	17	99	while	while	SCONJ
cblr-9114	17	100	voters	voter	NOUN
cblr-9114	17	101	can	can	AUX
cblr-9114	17	102	thus	thus	ADV
cblr-9114	17	103	more	more	ADV
cblr-9114	17	104	easily	easily	ADV
cblr-9114	17	105	engage	engage	VERB
cblr-9114	17	106	in	in	ADP
cblr-9114	17	107	their	their	PRON
cblr-9114	17	108	civic	civic	ADJ
cblr-9114	17	109	duty	duty	NOUN
cblr-9114	17	110	,	,	PUNCT
cblr-9114	17	111	this	this	DET
cblr-9114	17	112	ease	ease	NOUN
cblr-9114	17	113	comes	come	VERB
cblr-9114	17	114	at	at	ADP
cblr-9114	17	115	the	the	DET
cblr-9114	17	116	cost	cost	NOUN
cblr-9114	17	117	of	of	ADP
cblr-9114	17	118	accuracy	accuracy	NOUN
cblr-9114	17	119	because	because	SCONJ
cblr-9114	17	120	endorsements	endorsement	NOUN
cblr-9114	17	121	will	will	AUX
cblr-9114	17	122	not	not	PART
cblr-9114	17	123	be	be	AUX
cblr-9114	17	124	tailored	tailor	VERB
cblr-9114	17	125	to	to	ADP
cblr-9114	17	126	a	a	DET
cblr-9114	17	127	voter	voter	NOUN
cblr-9114	17	128	’s	’s	PART
cblr-9114	17	129	particular	particular	ADJ
cblr-9114	17	130	preferences	preference	NOUN
cblr-9114	17	131	and	and	CCONJ
cblr-9114	17	132	idiosyncrasies	idiosyncrasy	NOUN
cblr-9114	17	133	and	and	CCONJ
cblr-9114	17	134	may	may	AUX
cblr-9114	17	135	also	also	ADV
cblr-9114	17	136	stem	stem	VERB
cblr-9114	17	137	from	from	ADP
cblr-9114	17	138	conflicts	conflict	NOUN
cblr-9114	17	139	of	of	ADP
cblr-9114	17	140	interest	interest	NOUN
cblr-9114	17	141	and	and	CCONJ
cblr-9114	17	142	biases	bias	NOUN
cblr-9114	17	143	that	that	SCONJ
cblr-9114	17	144	the	the	DET
cblr-9114	17	145	endorsers	endorser	NOUN
cblr-9114	17	146	have	have	AUX
cblr-9114	17	147	not	not	PART
cblr-9114	17	148	disclosed	disclose	VERB
cblr-9114	17	149	to	to	ADP
cblr-9114	17	150	the	the	DET
cblr-9114	17	151	voter.4	voter.4	NOUN
cblr-9114	17	152	fortunately	fortunately	ADV
cblr-9114	17	153	,	,	PUNCT
cblr-9114	17	154	voters	voter	NOUN
cblr-9114	17	155	can	can	AUX
cblr-9114	17	156	also	also	ADV
cblr-9114	17	157	use	use	VERB
cblr-9114	17	158	endorsements	endorsement	NOUN
cblr-9114	17	159	as	as	ADP
cblr-9114	17	160	a	a	DET
cblr-9114	17	161	baseline	baseline	NOUN
cblr-9114	17	162	and	and	CCONJ
cblr-9114	17	163	conduct	conduct	VERB
cblr-9114	17	164	additional	additional	ADJ
cblr-9114	17	165	independent	independent	ADJ
cblr-9114	17	166	research	research	NOUN
cblr-9114	17	167	to	to	PART
cblr-9114	17	168	determine	determine	VERB
cblr-9114	17	169	the	the	DET
cblr-9114	17	170	proper	proper	ADJ
cblr-9114	17	171	votes	vote	NOUN
cblr-9114	17	172	to	to	PART
cblr-9114	17	173	cast	cast	VERB
cblr-9114	17	174	.	.	PUNCT
cblr-9114	18	1	in	in	ADP
cblr-9114	18	2	a	a	DET
cblr-9114	18	3	similar	similar	ADJ
cblr-9114	18	4	vein	vein	NOUN
cblr-9114	18	5	,	,	PUNCT
cblr-9114	18	6	institutional	institutional	ADJ
cblr-9114	18	7	investors	investor	NOUN
cblr-9114	18	8	face	face	VERB
cblr-9114	18	9	the	the	DET
cblr-9114	18	10	challenge	challenge	NOUN
cblr-9114	18	11	of	of	ADP
cblr-9114	18	12	gathering	gather	VERB
cblr-9114	18	13	sufficient	sufficient	ADJ
cblr-9114	18	14	information	information	NOUN
cblr-9114	18	15	to	to	PART
cblr-9114	18	16	vote	vote	VERB
cblr-9114	18	17	on	on	ADP
cblr-9114	18	18	an	an	DET
cblr-9114	18	19	array	array	NOUN
cblr-9114	18	20	of	of	ADP
cblr-9114	18	21	proxies	proxy	NOUN
cblr-9114	18	22	for	for	ADP
cblr-9114	18	23	their	their	PRON
cblr-9114	18	24	voluminous	voluminous	ADJ
cblr-9114	18	25	holdings	holding	NOUN
cblr-9114	18	26	.	.	PUNCT
cblr-9114	19	1	while	while	SCONJ
cblr-9114	19	2	institutional	institutional	ADJ
cblr-9114	19	3	investors	investor	NOUN
cblr-9114	19	4	seeking	seek	VERB
cblr-9114	19	5	to	to	PART
cblr-9114	19	6	fulfill	fulfill	VERB
cblr-9114	19	7	their	their	PRON
cblr-9114	19	8	fiduciary	fiduciary	ADJ
cblr-9114	19	9	duties	duty	NOUN
cblr-9114	19	10	,	,	PUNCT
cblr-9114	19	11	unlike	unlike	ADP
cblr-9114	19	12	the	the	DET
cblr-9114	19	13	majority	majority	NOUN
cblr-9114	19	14	of	of	ADP
cblr-9114	19	15	voters	voter	NOUN
cblr-9114	19	16	in	in	ADP
cblr-9114	19	17	the	the	DET
cblr-9114	19	18	political	political	ADJ
cblr-9114	19	19	context	context	NOUN
cblr-9114	19	20	,	,	PUNCT
cblr-9114	19	21	have	have	VERB
cblr-9114	19	22	only	only	ADV
cblr-9114	19	23	one	one	NUM
cblr-9114	19	24	overarching	overarching	ADJ
cblr-9114	19	25	policy	policy	NOUN
cblr-9114	19	26	of	of	ADP
cblr-9114	19	27	interest	interest	NOUN
cblr-9114	19	28	—	—	PUNCT
cblr-9114	19	29	achieving	achieve	VERB
cblr-9114	19	30	high	high	ADJ
cblr-9114	19	31	rates	rate	NOUN
cblr-9114	19	32	of	of	ADP
cblr-9114	19	33	returns	return	NOUN
cblr-9114	19	34	for	for	ADP
cblr-9114	19	35	investors	investor	NOUN
cblr-9114	19	36	—	—	PUNCT
cblr-9114	19	37	the	the	DET
cblr-9114	19	38	proper	proper	ADJ
cblr-9114	19	39	strategies	strategy	NOUN
cblr-9114	19	40	for	for	ADP
cblr-9114	19	41	achieving	achieve	VERB
cblr-9114	19	42	this	this	DET
cblr-9114	19	43	end	end	NOUN
cblr-9114	19	44	are	be	AUX
cblr-9114	19	45	often	often	ADV
cblr-9114	19	46	unclear	unclear	ADJ
cblr-9114	19	47	and	and	CCONJ
cblr-9114	19	48	vary	vary	VERB
cblr-9114	19	49	by	by	ADP
cblr-9114	19	50	sector	sector	NOUN
cblr-9114	19	51	and	and	CCONJ
cblr-9114	19	52	company	company	NOUN
cblr-9114	19	53	.	.	PUNCT
cblr-9114	20	1	like	like	ADP
cblr-9114	20	2	political	political	ADJ
cblr-9114	20	3	party	party	NOUN
cblr-9114	20	4	endorsements	endorsement	NOUN
cblr-9114	20	5	,	,	PUNCT
cblr-9114	20	6	proxy	proxy	ADJ
cblr-9114	20	7	advisory	advisory	ADJ
cblr-9114	20	8	firms	firm	NOUN
cblr-9114	20	9	have	have	AUX
cblr-9114	20	10	filled	fill	VERB
cblr-9114	20	11	the	the	DET
cblr-9114	20	12	need	need	NOUN
cblr-9114	20	13	for	for	ADP
cblr-9114	20	14	more	more	ADV
cblr-9114	20	15	inexpensive	inexpensive	ADJ
cblr-9114	20	16	information	information	NOUN
cblr-9114	20	17	.	.	PUNCT
cblr-9114	21	1	these	these	DET
cblr-9114	21	2	firms	firm	NOUN
cblr-9114	21	3	’	'	PUNCT
cblr-9114	21	4	growing	grow	VERB
cblr-9114	21	5	influence	influence	NOUN
cblr-9114	21	6	has	have	AUX
cblr-9114	21	7	led	lead	VERB
cblr-9114	21	8	the	the	DET
cblr-9114	21	9	securities	securities	PROPN
cblr-9114	21	10	and	and	CCONJ
cblr-9114	21	11	exchange	exchange	PROPN
cblr-9114	21	12	commission	commission	PROPN
cblr-9114	21	13	(	(	PUNCT
cblr-9114	21	14	sec	sec	PROPN
cblr-9114	21	15	,	,	PUNCT
cblr-9114	21	16	or	or	CCONJ
cblr-9114	21	17	“	"	PUNCT
cblr-9114	21	18	commission	commission	NOUN
cblr-9114	21	19	”	"	PUNCT
cblr-9114	21	20	)	)	PUNCT
cblr-9114	21	21	to	to	PART
cblr-9114	21	22	promulgate	promulgate	VERB
cblr-9114	21	23	additional	additional	ADJ
cblr-9114	21	24	regulations	regulation	NOUN
cblr-9114	21	25	aimed	aim	VERB
cblr-9114	21	26	at	at	ADP
cblr-9114	21	27	ensuring	ensure	VERB
cblr-9114	21	28	that	that	SCONJ
cblr-9114	21	29	investment	investment	NOUN
cblr-9114	21	30	advisors	advisor	NOUN
cblr-9114	21	31	use	use	VERB
cblr-9114	21	32	these	these	DET
cblr-9114	21	33	firms	firm	NOUN
cblr-9114	21	34	’	'	PUNCT
cblr-9114	21	35	1	1	NUM
cblr-9114	21	36	even	even	ADV
cblr-9114	21	37	in	in	ADP
cblr-9114	21	38	the	the	DET
cblr-9114	21	39	context	context	NOUN
cblr-9114	21	40	of	of	ADP
cblr-9114	21	41	shareholder	shareholder	NOUN
cblr-9114	21	42	voting	voting	NOUN
cblr-9114	21	43	,	,	PUNCT
cblr-9114	21	44	there	there	PRON
cblr-9114	21	45	are	be	VERB
cblr-9114	21	46	different	different	ADJ
cblr-9114	21	47	iterations	iteration	NOUN
cblr-9114	21	48	of	of	ADP
cblr-9114	21	49	the	the	DET
cblr-9114	21	50	collective	collective	ADJ
cblr-9114	21	51	action	action	NOUN
cblr-9114	21	52	problem	problem	NOUN
cblr-9114	21	53	.	.	PUNCT
cblr-9114	22	1	see	see	VERB
cblr-9114	22	2	bernard	bernard	PROPN
cblr-9114	22	3	s.	s.	PROPN
cblr-9114	22	4	sharfman	sharfman	PROPN
cblr-9114	22	5	,	,	PUNCT
cblr-9114	22	6	the	the	DET
cblr-9114	22	7	risks	risk	NOUN
cblr-9114	22	8	and	and	CCONJ
cblr-9114	22	9	rewards	reward	NOUN
cblr-9114	22	10	of	of	ADP
cblr-9114	22	11	shareholder	shareholder	NOUN
cblr-9114	22	12	voting	voting	NOUN
cblr-9114	22	13	,	,	PUNCT
cblr-9114	22	14	73	73	NUM
cblr-9114	22	15	smu	smu	PROPN
cblr-9114	22	16	l.	l.	PROPN
cblr-9114	22	17	rev	rev	PROPN
cblr-9114	22	18	.	.	PROPN
cblr-9114	22	19	849	849	NUM
cblr-9114	22	20	,	,	PUNCT
cblr-9114	22	21	854	854	NUM
cblr-9114	22	22	(	(	PUNCT
cblr-9114	22	23	2020	2020	NUM
cblr-9114	22	24	)	)	PUNCT
cblr-9114	22	25	(	(	PUNCT
cblr-9114	22	26	describing	describe	VERB
cblr-9114	22	27	different	different	ADJ
cblr-9114	22	28	views	view	NOUN
cblr-9114	22	29	of	of	ADP
cblr-9114	22	30	the	the	DET
cblr-9114	22	31	collective	collective	ADJ
cblr-9114	22	32	action	action	NOUN
cblr-9114	22	33	problem	problem	NOUN
cblr-9114	22	34	within	within	ADP
cblr-9114	22	35	the	the	DET
cblr-9114	22	36	context	context	NOUN
cblr-9114	22	37	of	of	ADP
cblr-9114	22	38	shareholder	shareholder	NOUN
cblr-9114	22	39	voting	voting	NOUN
cblr-9114	22	40	)	)	PUNCT
cblr-9114	22	41	.	.	PUNCT
cblr-9114	23	1	frank	frank	PROPN
cblr-9114	23	2	easterbrook	easterbrook	PROPN
cblr-9114	23	3	and	and	CCONJ
cblr-9114	23	4	daniel	daniel	PROPN
cblr-9114	23	5	fischel	fischel	PROPN
cblr-9114	23	6	presented	present	VERB
cblr-9114	23	7	an	an	DET
cblr-9114	23	8	apt	apt	ADJ
cblr-9114	23	9	description	description	NOUN
cblr-9114	23	10	:	:	PUNCT
cblr-9114	23	11	“	"	PUNCT
cblr-9114	23	12	when	when	SCONJ
cblr-9114	23	13	many	many	ADJ
cblr-9114	23	14	are	be	AUX
cblr-9114	23	15	entitled	entitle	VERB
cblr-9114	23	16	to	to	PART
cblr-9114	23	17	vote	vote	VERB
cblr-9114	23	18	,	,	PUNCT
cblr-9114	23	19	none	none	NOUN
cblr-9114	23	20	of	of	ADP
cblr-9114	23	21	the	the	DET
cblr-9114	23	22	voters	voter	NOUN
cblr-9114	23	23	expects	expect	VERB
cblr-9114	23	24	his	his	PRON
cblr-9114	23	25	votes	vote	NOUN
cblr-9114	23	26	to	to	PART
cblr-9114	23	27	decide	decide	VERB
cblr-9114	23	28	the	the	DET
cblr-9114	23	29	contest	contest	NOUN
cblr-9114	23	30	.	.	PUNCT
cblr-9114	24	1	consequently	consequently	ADV
cblr-9114	24	2	none	none	NOUN
cblr-9114	24	3	of	of	ADP
cblr-9114	24	4	the	the	DET
cblr-9114	24	5	voters	voter	NOUN
cblr-9114	24	6	has	have	VERB
cblr-9114	24	7	the	the	DET
cblr-9114	24	8	appropriate	appropriate	ADJ
cblr-9114	24	9	incentive	incentive	NOUN
cblr-9114	24	10	at	at	ADP
cblr-9114	24	11	the	the	DET
cblr-9114	24	12	margin	margin	NOUN
cblr-9114	24	13	to	to	PART
cblr-9114	24	14	study	study	VERB
cblr-9114	24	15	the	the	DET
cblr-9114	24	16	firm	firm	NOUN
cblr-9114	24	17	’s	’s	PART
cblr-9114	24	18	affairs	affair	NOUN
cblr-9114	24	19	and	and	CCONJ
cblr-9114	24	20	vote	vote	VERB
cblr-9114	24	21	intelligently	intelligently	ADV
cblr-9114	24	22	.	.	PUNCT
cblr-9114	24	23	”	"	PUNCT
cblr-9114	25	1	frank	frank	PROPN
cblr-9114	25	2	h.	h.	PROPN
cblr-9114	25	3	easterbrook	easterbrook	PROPN
cblr-9114	25	4	&	&	CCONJ
cblr-9114	25	5	daniel	daniel	PROPN
cblr-9114	25	6	r.	r.	PROPN
cblr-9114	25	7	fischel	fischel	PROPN
cblr-9114	25	8	,	,	PUNCT
cblr-9114	25	9	voting	vote	VERB
cblr-9114	25	10	in	in	ADP
cblr-9114	25	11	corporate	corporate	ADJ
cblr-9114	25	12	law	law	NOUN
cblr-9114	25	13	,	,	PUNCT
cblr-9114	25	14	26	26	NUM
cblr-9114	25	15	j.l	j.l	PROPN
cblr-9114	25	16	.	.	PROPN
cblr-9114	25	17	&	&	CCONJ
cblr-9114	25	18	econ	econ	PROPN
cblr-9114	25	19	.	.	PUNCT
cblr-9114	26	1	395	395	NUM
cblr-9114	26	2	,	,	PUNCT
cblr-9114	26	3	402	402	NUM
cblr-9114	26	4	(	(	PUNCT
cblr-9114	26	5	1983	1983	NUM
cblr-9114	26	6	)	)	PUNCT
cblr-9114	26	7	(	(	PUNCT
cblr-9114	26	8	footnote	footnote	VERB
cblr-9114	26	9	omitted	omit	VERB
cblr-9114	26	10	)	)	PUNCT
cblr-9114	26	11	.	.	PUNCT
cblr-9114	27	1	2	2	NUM
cblr-9114	27	2	see	see	VERB
cblr-9114	27	3	sharfman	sharfman	NOUN
cblr-9114	27	4	,	,	PUNCT
cblr-9114	27	5	supra	supra	PROPN
cblr-9114	27	6	note	note	PROPN
cblr-9114	27	7	1	1	NUM
cblr-9114	27	8	,	,	PUNCT
cblr-9114	27	9	at	at	ADP
cblr-9114	27	10	855–56	855–56	NUM
cblr-9114	27	11	.	.	PUNCT
cblr-9114	28	1	3	3	NUM
cblr-9114	28	2	see	see	VERB
cblr-9114	28	3	,	,	PUNCT
cblr-9114	28	4	e.g.	e.g.	ADV
cblr-9114	28	5	,	,	PUNCT
cblr-9114	28	6	rachel	rachel	PROPN
cblr-9114	28	7	bernhard	bernhard	PROPN
cblr-9114	28	8	&	&	CCONJ
cblr-9114	28	9	sean	sean	PROPN
cblr-9114	28	10	freeder	freeder	PROPN
cblr-9114	28	11	,	,	PUNCT
cblr-9114	28	12	the	the	PRON
cblr-9114	28	13	more	more	ADV
cblr-9114	28	14	you	you	PRON
cblr-9114	28	15	know	know	VERB
cblr-9114	28	16	:	:	PUNCT
cblr-9114	28	17	voter	voter	NOUN
cblr-9114	28	18	heuristics	heuristic	NOUN
cblr-9114	28	19	and	and	CCONJ
cblr-9114	28	20	information	information	NOUN
cblr-9114	28	21	search	search	NOUN
cblr-9114	28	22	,	,	PUNCT
cblr-9114	28	23	42	42	NUM
cblr-9114	28	24	pol	pol	NOUN
cblr-9114	28	25	.	.	PUNCT
cblr-9114	29	1	behavior	behavior	NOUN
cblr-9114	29	2	603	603	NUM
cblr-9114	29	3	,	,	PUNCT
cblr-9114	29	4	604	604	NUM
cblr-9114	29	5	(	(	PUNCT
cblr-9114	29	6	2020	2020	NUM
cblr-9114	29	7	)	)	PUNCT
cblr-9114	29	8	.	.	PUNCT
cblr-9114	30	1	4	4	NUM
cblr-9114	30	2	see	see	VERB
cblr-9114	30	3	,	,	PUNCT
cblr-9114	30	4	e.g.	e.g.	ADV
cblr-9114	30	5	i	i	PROPN
cblr-9114	30	6	d.	d.	PROPN
cblr-9114	30	7	1490	1490	NUM
cblr-9114	30	8	columbia	columbia	PROPN
cblr-9114	30	9	business	business	PROPN
cblr-9114	30	10	law	law	PROPN
cblr-9114	30	11	review	review	NOUN
cblr-9114	30	12	[	[	X
cblr-9114	30	13	vol	vol	NOUN
cblr-9114	30	14	.	.	PUNCT
cblr-9114	30	15	2021	2021	NUM
cblr-9114	30	16	recommendations	recommendation	NOUN
cblr-9114	30	17	in	in	ADP
cblr-9114	30	18	a	a	DET
cblr-9114	30	19	manner	manner	NOUN
cblr-9114	30	20	consistent	consistent	ADJ
cblr-9114	30	21	with	with	ADP
cblr-9114	30	22	their	their	PRON
cblr-9114	30	23	fiduciary	fiduciary	ADJ
cblr-9114	30	24	duties.5	duties.5	NOUN
cblr-9114	30	25	this	this	DET
cblr-9114	30	26	note	note	NOUN
cblr-9114	30	27	argues	argue	VERB
cblr-9114	30	28	that	that	SCONJ
cblr-9114	30	29	the	the	DET
cblr-9114	30	30	rules	rule	NOUN
cblr-9114	30	31	and	and	CCONJ
cblr-9114	30	32	guidance	guidance	NOUN
cblr-9114	30	33	issued	issue	VERB
cblr-9114	30	34	by	by	ADP
cblr-9114	30	35	the	the	DET
cblr-9114	30	36	securities	securities	PROPN
cblr-9114	30	37	and	and	CCONJ
cblr-9114	30	38	exchange	exchange	PROPN
cblr-9114	30	39	commission	commission	PROPN
cblr-9114	30	40	in	in	ADP
cblr-9114	30	41	exemptions	exemption	NOUN
cblr-9114	30	42	from	from	ADP
cblr-9114	30	43	the	the	DET
cblr-9114	30	44	proxy	proxy	NOUN
cblr-9114	30	45	rules	rule	NOUN
cblr-9114	30	46	for	for	ADP
cblr-9114	30	47	proxy	proxy	ADJ
cblr-9114	30	48	voting	voting	NOUN
cblr-9114	30	49	advice,6	advice,6	ADP
cblr-9114	30	50	commission	commission	NOUN
cblr-9114	30	51	guidance	guidance	NOUN
cblr-9114	30	52	regarding	regard	VERB
cblr-9114	30	53	proxy	proxy	NOUN
cblr-9114	30	54	voting	voting	NOUN
cblr-9114	30	55	responsibilities	responsibility	NOUN
cblr-9114	30	56	of	of	ADP
cblr-9114	30	57	investment	investment	NOUN
cblr-9114	30	58	advisers7	advisers7	NOUN
cblr-9114	30	59	and	and	CCONJ
cblr-9114	30	60	the	the	DET
cblr-9114	30	61	supplement	supplement	NOUN
cblr-9114	30	62	to	to	ADP
cblr-9114	30	63	commission	commission	NOUN
cblr-9114	30	64	guidance	guidance	NOUN
cblr-9114	30	65	regarding	regard	VERB
cblr-9114	30	66	proxy	proxy	NOUN
cblr-9114	30	67	voting	voting	NOUN
cblr-9114	30	68	responsibilities	responsibility	NOUN
cblr-9114	30	69	of	of	ADP
cblr-9114	30	70	investment	investment	NOUN
cblr-9114	30	71	advisers8	advisers8	NOUN
cblr-9114	30	72	are	be	AUX
cblr-9114	30	73	insufficient	insufficient	ADJ
cblr-9114	30	74	to	to	PART
cblr-9114	30	75	ensure	ensure	VERB
cblr-9114	30	76	that	that	SCONJ
cblr-9114	30	77	investment	investment	NOUN
cblr-9114	30	78	advisors	advisor	NOUN
cblr-9114	30	79	’	'	PUNCT
cblr-9114	30	80	use	use	NOUN
cblr-9114	30	81	of	of	ADP
cblr-9114	30	82	proxy	proxy	ADJ
cblr-9114	30	83	advisory	advisory	ADJ
cblr-9114	30	84	firms	firm	NOUN
cblr-9114	30	85	allows	allow	VERB
cblr-9114	30	86	them	they	PRON
cblr-9114	30	87	to	to	PART
cblr-9114	30	88	consistently	consistently	ADV
cblr-9114	30	89	vote	vote	VERB
cblr-9114	30	90	proxies	proxy	NOUN
cblr-9114	30	91	in	in	ADP
cblr-9114	30	92	a	a	DET
cblr-9114	30	93	manner	manner	NOUN
cblr-9114	30	94	reasonably	reasonably	ADV
cblr-9114	30	95	designed	design	VERB
cblr-9114	30	96	to	to	PART
cblr-9114	30	97	maximize	maximize	VERB
cblr-9114	30	98	shareholder	shareholder	NOUN
cblr-9114	30	99	value	value	NOUN
cblr-9114	30	100	.	.	PUNCT
cblr-9114	31	1	part	part	NOUN
cblr-9114	31	2	ii	ii	PROPN
cblr-9114	31	3	discusses	discuss	VERB
cblr-9114	31	4	the	the	DET
cblr-9114	31	5	proxy	proxy	ADJ
cblr-9114	31	6	advisory	advisory	ADJ
cblr-9114	31	7	firm	firm	NOUN
cblr-9114	31	8	market	market	NOUN
cblr-9114	31	9	,	,	PUNCT
cblr-9114	31	10	its	its	PRON
cblr-9114	31	11	history	history	NOUN
cblr-9114	31	12	,	,	PUNCT
cblr-9114	31	13	and	and	CCONJ
cblr-9114	31	14	its	its	PRON
cblr-9114	31	15	prior	prior	ADJ
cblr-9114	31	16	regulatory	regulatory	ADJ
cblr-9114	31	17	framework	framework	NOUN
cblr-9114	31	18	.	.	PUNCT
cblr-9114	32	1	part	part	NOUN
cblr-9114	32	2	iii	iii	PROPN
cblr-9114	32	3	discusses	discuss	VERB
cblr-9114	32	4	two	two	NUM
cblr-9114	32	5	prominent	prominent	ADJ
cblr-9114	32	6	conflicts	conflict	NOUN
cblr-9114	32	7	of	of	ADP
cblr-9114	32	8	interest	interest	NOUN
cblr-9114	32	9	in	in	ADP
cblr-9114	32	10	the	the	DET
cblr-9114	32	11	proxy	proxy	ADJ
cblr-9114	32	12	advisory	advisory	ADJ
cblr-9114	32	13	firm	firm	ADJ
cblr-9114	32	14	market	market	NOUN
cblr-9114	32	15	,	,	PUNCT
cblr-9114	32	16	along	along	ADP
cblr-9114	32	17	with	with	ADP
cblr-9114	32	18	the	the	DET
cblr-9114	32	19	increased	increase	VERB
cblr-9114	32	20	risks	risk	NOUN
cblr-9114	32	21	posed	pose	VERB
cblr-9114	32	22	by	by	ADP
cblr-9114	32	23	automated	automate	VERB
cblr-9114	32	24	voting	voting	NOUN
cblr-9114	32	25	.	.	PUNCT
cblr-9114	33	1	it	it	PRON
cblr-9114	33	2	then	then	ADV
cblr-9114	33	3	scrutinizes	scrutinize	VERB
cblr-9114	33	4	the	the	DET
cblr-9114	33	5	commission	commission	NOUN
cblr-9114	33	6	’s	’s	PART
cblr-9114	33	7	july	july	PROPN
cblr-9114	33	8	2020	2020	NUM
cblr-9114	33	9	regulations	regulation	NOUN
cblr-9114	33	10	and	and	CCONJ
cblr-9114	33	11	guidance	guidance	NOUN
cblr-9114	33	12	,	,	PUNCT
cblr-9114	33	13	demonstrating	demonstrate	VERB
cblr-9114	33	14	that	that	SCONJ
cblr-9114	33	15	while	while	SCONJ
cblr-9114	33	16	they	they	PRON
cblr-9114	33	17	serve	serve	VERB
cblr-9114	33	18	as	as	ADP
cblr-9114	33	19	a	a	DET
cblr-9114	33	20	step	step	NOUN
cblr-9114	33	21	in	in	ADP
cblr-9114	33	22	the	the	DET
cblr-9114	33	23	right	right	ADJ
cblr-9114	33	24	direction	direction	NOUN
cblr-9114	33	25	,	,	PUNCT
cblr-9114	33	26	substantial	substantial	ADJ
cblr-9114	33	27	shortcomings	shortcoming	NOUN
cblr-9114	33	28	remain	remain	VERB
cblr-9114	33	29	.	.	PUNCT
cblr-9114	34	1	part	part	NOUN
cblr-9114	34	2	iv	iv	NUM
cblr-9114	34	3	discusses	discuss	VERB
cblr-9114	34	4	potential	potential	ADJ
cblr-9114	34	5	solutions	solution	NOUN
cblr-9114	34	6	,	,	PUNCT
cblr-9114	34	7	emphasizing	emphasize	VERB
cblr-9114	34	8	the	the	DET
cblr-9114	34	9	importance	importance	NOUN
cblr-9114	34	10	of	of	ADP
cblr-9114	34	11	employing	employ	VERB
cblr-9114	34	12	a	a	DET
cblr-9114	34	13	cost	cost	NOUN
cblr-9114	34	14	-	-	PUNCT
cblr-9114	34	15	benefit	benefit	NOUN
cblr-9114	34	16	analysis	analysis	NOUN
cblr-9114	34	17	in	in	ADP
cblr-9114	34	18	developing	develop	VERB
cblr-9114	34	19	reforms	reform	NOUN
cblr-9114	34	20	.	.	PUNCT
cblr-9114	35	1	ii	ii	PROPN
cblr-9114	35	2	.	.	PUNCT
cblr-9114	36	1	background	background	NOUN
cblr-9114	36	2	on	on	ADP
cblr-9114	36	3	proxy	proxy	ADJ
cblr-9114	36	4	advisory	advisory	ADJ
cblr-9114	36	5	firms	firm	NOUN
cblr-9114	36	6	a.	a.	VERB
cblr-9114	36	7	the	the	DET
cblr-9114	36	8	rise	rise	NOUN
cblr-9114	36	9	of	of	ADP
cblr-9114	36	10	the	the	DET
cblr-9114	36	11	proxy	proxy	ADJ
cblr-9114	36	12	advisory	advisory	ADJ
cblr-9114	36	13	firm	firm	ADJ
cblr-9114	36	14	market	market	NOUN
cblr-9114	36	15	institutional	institutional	ADJ
cblr-9114	36	16	investors	investor	NOUN
cblr-9114	36	17	contract	contract	VERB
cblr-9114	36	18	with	with	ADP
cblr-9114	36	19	proxy	proxy	ADJ
cblr-9114	36	20	advisory	advisory	ADJ
cblr-9114	36	21	firms	firm	NOUN
cblr-9114	36	22	to	to	PART
cblr-9114	36	23	procure	procure	VERB
cblr-9114	36	24	proxy	proxy	NOUN
cblr-9114	36	25	research	research	NOUN
cblr-9114	36	26	,	,	PUNCT
cblr-9114	36	27	analyses	analysis	NOUN
cblr-9114	36	28	and	and	CCONJ
cblr-9114	36	29	recommendations	recommendation	NOUN
cblr-9114	36	30	,	,	PUNCT
cblr-9114	36	31	and	and	CCONJ
cblr-9114	36	32	to	to	PART
cblr-9114	36	33	manage	manage	VERB
cblr-9114	36	34	the	the	DET
cblr-9114	36	35	logistics	logistic	NOUN
cblr-9114	36	36	of	of	ADP
cblr-9114	36	37	exercising	exercise	VERB
cblr-9114	36	38	their	their	PRON
cblr-9114	36	39	voting	voting	NOUN
cblr-9114	36	40	rights	right	NOUN
cblr-9114	36	41	.	.	PUNCT
cblr-9114	37	1	5	5	NUM
cblr-9114	37	2	see	see	VERB
cblr-9114	37	3	exemptions	exemption	NOUN
cblr-9114	37	4	from	from	ADP
cblr-9114	37	5	the	the	DET
cblr-9114	37	6	proxy	proxy	NOUN
cblr-9114	37	7	rules	rule	NOUN
cblr-9114	37	8	for	for	ADP
cblr-9114	37	9	proxy	proxy	ADJ
cblr-9114	37	10	voting	voting	NOUN
cblr-9114	37	11	advice	advice	NOUN
cblr-9114	37	12	,	,	PUNCT
cblr-9114	37	13	exchange	exchange	NOUN
cblr-9114	37	14	act	act	NOUN
cblr-9114	37	15	release	release	VERB
cblr-9114	37	16	no	no	PRON
cblr-9114	37	17	.	.	PROPN
cblr-9114	37	18	89,372	89,372	NUM
cblr-9114	37	19	,	,	PUNCT
cblr-9114	37	20	85	85	NUM
cblr-9114	37	21	fed	feed	VERB
cblr-9114	37	22	.	.	PUNCT
cblr-9114	38	1	reg	reg	PROPN
cblr-9114	38	2	.	.	PROPN
cblr-9114	39	1	55,082	55,082	NUM
cblr-9114	39	2	,	,	PUNCT
cblr-9114	39	3	55,082	55,082	NUM
cblr-9114	39	4	,	,	PUNCT
cblr-9114	39	5	55,085–86	55,085–86	NUM
cblr-9114	39	6	,	,	PUNCT
cblr-9114	39	7	55,0124–25	55,0124–25	PROPN
cblr-9114	39	8	(	(	PUNCT
cblr-9114	39	9	sept	sept	PROPN
cblr-9114	39	10	.	.	PROPN
cblr-9114	39	11	3	3	NUM
cblr-9114	39	12	,	,	PUNCT
cblr-9114	39	13	2020	2020	NUM
cblr-9114	39	14	)	)	PUNCT
cblr-9114	40	1	(	(	PUNCT
cblr-9114	40	2	to	to	PART
cblr-9114	40	3	be	be	AUX
cblr-9114	40	4	codified	codify	VERB
cblr-9114	40	5	at	at	ADP
cblr-9114	40	6	17	17	NUM
cblr-9114	40	7	c.f.r	c.f.r	NOUN
cblr-9114	40	8	.	.	PUNCT
cblr-9114	41	1	pt	pt	PROPN
cblr-9114	41	2	.	.	PROPN
cblr-9114	41	3	240	240	NUM
cblr-9114	41	4	)	)	PUNCT
cblr-9114	41	5	.	.	PUNCT
cblr-9114	42	1	6	6	NUM
cblr-9114	42	2	i	i	PROPN
cblr-9114	42	3	d.	d.	PROPN
cblr-9114	42	4	7	7	NUM
cblr-9114	42	5	commission	commission	NOUN
cblr-9114	42	6	guidance	guidance	NOUN
cblr-9114	42	7	regarding	regard	VERB
cblr-9114	42	8	proxy	proxy	NOUN
cblr-9114	42	9	voting	voting	NOUN
cblr-9114	42	10	responsibilities	responsibility	NOUN
cblr-9114	42	11	of	of	ADP
cblr-9114	42	12	investment	investment	NOUN
cblr-9114	42	13	advisers	adviser	NOUN
cblr-9114	42	14	,	,	PUNCT
cblr-9114	42	15	investment	investment	NOUN
cblr-9114	42	16	company	company	NOUN
cblr-9114	42	17	act	act	VERB
cblr-9114	42	18	release	release	VERB
cblr-9114	42	19	no	no	PRON
cblr-9114	42	20	.	.	NOUN
cblr-9114	42	21	33,605	33,605	NUM
cblr-9114	42	22	,	,	PUNCT
cblr-9114	42	23	84	84	NUM
cblr-9114	42	24	fed	feed	VERB
cblr-9114	42	25	.	.	PUNCT
cblr-9114	43	1	reg	reg	PROPN
cblr-9114	43	2	.	.	PROPN
cblr-9114	43	3	47,420	47,420	NUM
cblr-9114	43	4	(	(	PUNCT
cblr-9114	43	5	sept	sept	PROPN
cblr-9114	43	6	.	.	PROPN
cblr-9114	43	7	10	10	NUM
cblr-9114	43	8	,	,	PUNCT
cblr-9114	43	9	2019	2019	NUM
cblr-9114	43	10	)	)	PUNCT
cblr-9114	43	11	.	.	PUNCT
cblr-9114	44	1	8	8	NUM
cblr-9114	44	2	supplement	supplement	NOUN
cblr-9114	44	3	to	to	ADP
cblr-9114	44	4	commission	commission	NOUN
cblr-9114	44	5	guidance	guidance	NOUN
cblr-9114	44	6	regarding	regard	VERB
cblr-9114	44	7	proxy	proxy	NOUN
cblr-9114	44	8	voting	voting	NOUN
cblr-9114	44	9	responsibilities	responsibility	NOUN
cblr-9114	44	10	of	of	ADP
cblr-9114	44	11	investment	investment	NOUN
cblr-9114	44	12	advisers	adviser	NOUN
cblr-9114	44	13	,	,	PUNCT
cblr-9114	44	14	85	85	NUM
cblr-9114	44	15	fed	feed	VERB
cblr-9114	44	16	.	.	PUNCT
cblr-9114	45	1	reg	reg	PROPN
cblr-9114	45	2	.	.	PUNCT
cblr-9114	46	1	55,155	55,155	NUM
cblr-9114	46	2	(	(	PUNCT
cblr-9114	46	3	sept	sept	PROPN
cblr-9114	46	4	.	.	PROPN
cblr-9114	46	5	3	3	NUM
cblr-9114	46	6	,	,	PUNCT
cblr-9114	46	7	2020	2020	NUM
cblr-9114	46	8	)	)	PUNCT
cblr-9114	46	9	.	.	PUNCT
cblr-9114	47	1	no	no	INTJ
cblr-9114	47	2	.	.	PUNCT
cblr-9114	48	1	3:1487	3:1487	NUM
cblr-9114	48	2	]	]	X
cblr-9114	48	3	proxy	proxy	ADJ
cblr-9114	48	4	advisory	advisory	ADJ
cblr-9114	48	5	firms	firm	NOUN
cblr-9114	48	6	’	'	PUNCT
cblr-9114	48	7	conflicts	conflict	NOUN
cblr-9114	48	8	of	of	ADP
cblr-9114	48	9	interest	interest	NOUN
cblr-9114	48	10	1491	1491	NUM
cblr-9114	48	11	founded	found	VERB
cblr-9114	48	12	in	in	ADP
cblr-9114	48	13	19859	19859	NUM
cblr-9114	48	14	and	and	CCONJ
cblr-9114	48	15	now	now	ADV
cblr-9114	48	16	controlled	control	VERB
cblr-9114	48	17	by	by	ADP
cblr-9114	48	18	deutsche	deutsche	PROPN
cblr-9114	48	19	börse	börse	PROPN
cblr-9114	48	20	group	group	NOUN
cblr-9114	48	21	,	,	PUNCT
cblr-9114	48	22	“	"	PUNCT
cblr-9114	48	23	an	an	DET
cblr-9114	48	24	international	international	ADJ
cblr-9114	48	25	exchange	exchange	NOUN
cblr-9114	48	26	organization	organization	NOUN
cblr-9114	48	27	and	and	CCONJ
cblr-9114	48	28	market	market	NOUN
cblr-9114	48	29	infrastructure	infrastructure	NOUN
cblr-9114	48	30	provider,”10	provider,”10	NOUN
cblr-9114	48	31	institutional	institutional	ADJ
cblr-9114	48	32	shareholder	shareholder	NOUN
cblr-9114	48	33	services	service	NOUN
cblr-9114	48	34	(	(	PUNCT
cblr-9114	48	35	iss	iss	PROPN
cblr-9114	48	36	)	)	PUNCT
cblr-9114	48	37	successfully	successfully	ADV
cblr-9114	48	38	filled	fill	VERB
cblr-9114	48	39	the	the	DET
cblr-9114	48	40	expanding	expand	VERB
cblr-9114	48	41	need	need	NOUN
cblr-9114	48	42	for	for	ADP
cblr-9114	48	43	proxy	proxy	ADJ
cblr-9114	48	44	advisory	advisory	ADJ
cblr-9114	48	45	services	service	NOUN
cblr-9114	48	46	and	and	CCONJ
cblr-9114	48	47	became	become	VERB
cblr-9114	48	48	a	a	DET
cblr-9114	48	49	dominant	dominant	ADJ
cblr-9114	48	50	force	force	NOUN
cblr-9114	48	51	in	in	ADP
cblr-9114	48	52	the	the	DET
cblr-9114	48	53	industry	industry	NOUN
cblr-9114	48	54	.	.	PUNCT
cblr-9114	49	1	after	after	ADP
cblr-9114	49	2	several	several	ADJ
cblr-9114	49	3	decades	decade	NOUN
cblr-9114	49	4	of	of	ADP
cblr-9114	49	5	growth	growth	NOUN
cblr-9114	49	6	,	,	PUNCT
cblr-9114	49	7	iss	iss	PROPN
cblr-9114	49	8	now	now	ADV
cblr-9114	49	9	has	have	VERB
cblr-9114	49	10	“	"	PUNCT
cblr-9114	49	11	2,200	2,200	NUM
cblr-9114	49	12	employees	employee	NOUN
cblr-9114	49	13	operat[ing	operat[e	VERB
cblr-9114	49	14	]	]	PUNCT
cblr-9114	49	15	worldwide	worldwide	ADV
cblr-9114	49	16	across	across	ADP
cblr-9114	49	17	29	29	NUM
cblr-9114	49	18	global	global	ADJ
cblr-9114	49	19	locations	location	NOUN
cblr-9114	49	20	in	in	ADP
cblr-9114	49	21	15	15	NUM
cblr-9114	49	22	countries	country	NOUN
cblr-9114	49	23	.	.	PUNCT
cblr-9114	50	1	”11	”11	NOUN
cblr-9114	50	2	with	with	ADP
cblr-9114	50	3	the	the	DET
cblr-9114	50	4	rise	rise	NOUN
cblr-9114	50	5	in	in	ADP
cblr-9114	50	6	shareholder	shareholder	NOUN
cblr-9114	50	7	activism	activism	NOUN
cblr-9114	50	8	and	and	CCONJ
cblr-9114	50	9	increased	increase	VERB
cblr-9114	50	10	scrutiny	scrutiny	NOUN
cblr-9114	50	11	of	of	ADP
cblr-9114	50	12	public	public	ADJ
cblr-9114	50	13	companies	company	NOUN
cblr-9114	50	14	’	'	PUNCT
cblr-9114	50	15	corporate	corporate	ADJ
cblr-9114	50	16	governance	governance	NOUN
cblr-9114	50	17	practices	practice	NOUN
cblr-9114	50	18	throughout	throughout	ADP
cblr-9114	50	19	the	the	DET
cblr-9114	50	20	1990s	1990	NOUN
cblr-9114	50	21	and	and	CCONJ
cblr-9114	50	22	early	early	ADJ
cblr-9114	50	23	2000s	2000s	NUM
cblr-9114	50	24	,	,	PUNCT
cblr-9114	50	25	the	the	DET
cblr-9114	50	26	proxy	proxy	ADJ
cblr-9114	50	27	advisory	advisory	ADJ
cblr-9114	50	28	market	market	NOUN
cblr-9114	50	29	continued	continue	VERB
cblr-9114	50	30	to	to	ADP
cblr-9114	50	31	expand.12	expand.12	PROPN
cblr-9114	50	32	in	in	ADP
cblr-9114	50	33	2003	2003	NUM
cblr-9114	50	34	,	,	PUNCT
cblr-9114	50	35	the	the	DET
cblr-9114	50	36	commission	commission	NOUN
cblr-9114	50	37	adopted	adopt	VERB
cblr-9114	50	38	new	new	ADJ
cblr-9114	50	39	rules	rule	NOUN
cblr-9114	50	40	pursuant	pursuant	ADJ
cblr-9114	50	41	to	to	ADP
cblr-9114	50	42	the	the	DET
cblr-9114	50	43	investment	investment	NOUN
cblr-9114	50	44	advisers	adviser	NOUN
cblr-9114	50	45	act	act	VERB
cblr-9114	50	46	of	of	ADP
cblr-9114	50	47	1940,13	1940,13	NUM
cblr-9114	50	48	requiring	require	VERB
cblr-9114	50	49	investment	investment	NOUN
cblr-9114	50	50	advisors	advisor	NOUN
cblr-9114	50	51	to	to	PART
cblr-9114	50	52	create	create	VERB
cblr-9114	50	53	policies	policy	NOUN
cblr-9114	50	54	reasonably	reasonably	ADV
cblr-9114	50	55	designed	design	VERB
cblr-9114	50	56	to	to	PART
cblr-9114	50	57	ensure	ensure	VERB
cblr-9114	50	58	that	that	SCONJ
cblr-9114	50	59	they	they	PRON
cblr-9114	50	60	vote	vote	VERB
cblr-9114	50	61	proxies	proxy	NOUN
cblr-9114	50	62	of	of	ADP
cblr-9114	50	63	their	their	PRON
cblr-9114	50	64	shares	share	NOUN
cblr-9114	50	65	in	in	ADP
cblr-9114	50	66	the	the	DET
cblr-9114	50	67	best	good	ADJ
cblr-9114	50	68	interests	interest	NOUN
cblr-9114	50	69	of	of	ADP
cblr-9114	50	70	their	their	PRON
cblr-9114	50	71	clients.14	clients.14	NOUN
cblr-9114	50	72	these	these	DET
cblr-9114	50	73	rules	rule	NOUN
cblr-9114	50	74	further	far	ADV
cblr-9114	50	75	increased	increase	VERB
cblr-9114	50	76	both	both	DET
cblr-9114	50	77	demand	demand	NOUN
cblr-9114	50	78	for	for	ADP
cblr-9114	50	79	these	these	DET
cblr-9114	50	80	firms	firm	NOUN
cblr-9114	50	81	and	and	CCONJ
cblr-9114	50	82	their	their	PRON
cblr-9114	50	83	influence	influence	NOUN
cblr-9114	50	84	with	with	ADP
cblr-9114	50	85	institutional	institutional	ADJ
cblr-9114	50	86	investors.15	investors.15	NOUN
cblr-9114	50	87	responding	respond	VERB
cblr-9114	50	88	to	to	ADP
cblr-9114	50	89	the	the	DET
cblr-9114	50	90	increased	increase	VERB
cblr-9114	50	91	demand	demand	NOUN
cblr-9114	50	92	,	,	PUNCT
cblr-9114	50	93	glass	glass	NOUN
cblr-9114	50	94	,	,	PUNCT
cblr-9114	50	95	lewis	lewis	PROPN
cblr-9114	50	96	&	&	CCONJ
cblr-9114	50	97	co.	co.	PROPN
cblr-9114	50	98	(	(	PUNCT
cblr-9114	50	99	“	"	PUNCT
cblr-9114	50	100	glass	glass	NOUN
cblr-9114	50	101	lewis	lewis	PROPN
cblr-9114	50	102	”	"	PUNCT
cblr-9114	50	103	)	)	PUNCT
cblr-9114	50	104	,	,	PUNCT
cblr-9114	50	105	9	9	NUM
cblr-9114	50	106	see	see	VERB
cblr-9114	50	107	about	about	ADP
cblr-9114	50	108	iss	iss	PROPN
cblr-9114	50	109	,	,	PUNCT
cblr-9114	50	110	iss	iss	PROPN
cblr-9114	50	111	,	,	PUNCT
cblr-9114	50	112	https://www.issgovernance.com/about/aboutiss/#1570776311994-db534a1e-7bb2	https://www.issgovernance.com/about/aboutiss/#1570776311994-db534a1e-7bb2	PUNCT
cblr-9114	51	1	[	[	X
cblr-9114	51	2	https://perma.cc/gwc8-jhm3	https://perma.cc/gwc8-jhm3	X
cblr-9114	51	3	]	]	X
cblr-9114	51	4	(	(	PUNCT
cblr-9114	51	5	last	last	ADV
cblr-9114	51	6	visited	visit	VERB
cblr-9114	51	7	nov	nov	PROPN
cblr-9114	51	8	.	.	PROPN
cblr-9114	51	9	16	16	NUM
cblr-9114	51	10	,	,	PUNCT
cblr-9114	51	11	2021	2021	NUM
cblr-9114	51	12	)	)	PUNCT
cblr-9114	51	13	.	.	PUNCT
cblr-9114	52	1	10	10	NUM
cblr-9114	52	2	see	see	VERB
cblr-9114	52	3	genstar	genstar	NOUN
cblr-9114	52	4	capital	capital	NOUN
cblr-9114	52	5	sells	sell	VERB
cblr-9114	52	6	iss	iss	PROPN
cblr-9114	52	7	for	for	ADP
cblr-9114	52	8	$	$	SYM
cblr-9114	52	9	2.275	2.275	NUM
cblr-9114	52	10	billion	billion	NUM
cblr-9114	52	11	to	to	ADP
cblr-9114	52	12	deutsche	deutsche	PROPN
cblr-9114	52	13	börse	börse	NOUN
cblr-9114	52	14	,	,	PUNCT
cblr-9114	52	15	willkie	willkie	PROPN
cblr-9114	52	16	,	,	PUNCT
cblr-9114	52	17	farr	farr	PROPN
cblr-9114	52	18	&	&	CCONJ
cblr-9114	52	19	gallaher	gallaher	PROPN
cblr-9114	52	20	,	,	PUNCT
cblr-9114	52	21	llp	llp	PROPN
cblr-9114	52	22	(	(	PUNCT
cblr-9114	52	23	nov	nov	PROPN
cblr-9114	52	24	.	.	PROPN
cblr-9114	52	25	17	17	NUM
cblr-9114	52	26	,	,	PUNCT
cblr-9114	52	27	2020	2020	NUM
cblr-9114	52	28	)	)	PUNCT
cblr-9114	52	29	,	,	PUNCT
cblr-9114	52	30	https://www.willkie.com/news/2020/11/genstar-capital-sells-iss-todeutsche-borse	https://www.willkie.com/news/2020/11/genstar-capital-sells-iss-todeutsche-borse	VERB
cblr-9114	53	1	[	[	X
cblr-9114	53	2	https://perma.cc/gwc8-jhm3	https://perma.cc/gwc8-jhm3	NOUN
cblr-9114	53	3	]	]	X
cblr-9114	53	4	.	.	PUNCT
cblr-9114	54	1	11	11	NUM
cblr-9114	54	2	see	see	VERB
cblr-9114	54	3	about	about	ADP
cblr-9114	54	4	iss	iss	PROPN
cblr-9114	54	5	,	,	PUNCT
cblr-9114	54	6	supra	supra	PROPN
cblr-9114	54	7	note	note	NOUN
cblr-9114	54	8	9	9	NUM
cblr-9114	54	9	.	.	SYM
cblr-9114	54	10	12	12	NUM
cblr-9114	54	11	u.s	u.s	PROPN
cblr-9114	54	12	.	.	PROPN
cblr-9114	54	13	gov’t	gov’t	PROPN
cblr-9114	54	14	accountability	accountability	NOUN
cblr-9114	54	15	off	off	ADP
cblr-9114	54	16	.	.	PUNCT
cblr-9114	54	17	,	,	PUNCT
cblr-9114	54	18	gao-07	gao-07	NOUN
cblr-9114	54	19	-	-	SYM
cblr-9114	54	20	765	765	NUM
cblr-9114	54	21	,	,	PUNCT
cblr-9114	54	22	corporate	corporate	ADJ
cblr-9114	54	23	shareholder	shareholder	NOUN
cblr-9114	54	24	meetings	meeting	NOUN
cblr-9114	54	25	:	:	PUNCT
cblr-9114	54	26	issues	issue	NOUN
cblr-9114	54	27	relating	relate	VERB
cblr-9114	54	28	to	to	ADP
cblr-9114	54	29	firms	firm	NOUN
cblr-9114	54	30	that	that	PRON
cblr-9114	54	31	advise	advise	VERB
cblr-9114	54	32	institutional	institutional	ADJ
cblr-9114	54	33	investors	investor	NOUN
cblr-9114	54	34	on	on	ADP
cblr-9114	54	35	proxy	proxy	NOUN
cblr-9114	54	36	voting	vote	VERB
cblr-9114	54	37	7	7	NUM
cblr-9114	54	38	(	(	PUNCT
cblr-9114	54	39	2007	2007	NUM
cblr-9114	54	40	)	)	PUNCT
cblr-9114	54	41	(	(	PUNCT
cblr-9114	54	42	“	"	PUNCT
cblr-9114	54	43	according	accord	VERB
cblr-9114	54	44	to	to	ADP
cblr-9114	54	45	industry	industry	NOUN
cblr-9114	54	46	experts	expert	NOUN
cblr-9114	54	47	,	,	PUNCT
cblr-9114	54	48	iss	iss	PROPN
cblr-9114	54	49	’s	’s	PART
cblr-9114	54	50	reputation	reputation	NOUN
cblr-9114	54	51	and	and	CCONJ
cblr-9114	54	52	dominance	dominance	NOUN
cblr-9114	54	53	in	in	ADP
cblr-9114	54	54	the	the	DET
cblr-9114	54	55	proxy	proxy	ADJ
cblr-9114	54	56	advisory	advisory	ADJ
cblr-9114	54	57	industry	industry	NOUN
cblr-9114	54	58	continued	continue	VERB
cblr-9114	54	59	to	to	PART
cblr-9114	54	60	grow	grow	VERB
cblr-9114	54	61	in	in	ADP
cblr-9114	54	62	the	the	DET
cblr-9114	54	63	1990s	1990	NOUN
cblr-9114	54	64	and	and	CCONJ
cblr-9114	54	65	early	early	ADJ
cblr-9114	54	66	2000s	2000s	NUM
cblr-9114	54	67	,	,	PUNCT
cblr-9114	54	68	fueled	fuel	VERB
cblr-9114	54	69	by	by	ADP
cblr-9114	54	70	the	the	DET
cblr-9114	54	71	growing	grow	VERB
cblr-9114	54	72	fiduciary	fiduciary	ADJ
cblr-9114	54	73	requirements	requirement	NOUN
cblr-9114	54	74	of	of	ADP
cblr-9114	54	75	institutional	institutional	ADJ
cblr-9114	54	76	investors	investor	NOUN
cblr-9114	54	77	and	and	CCONJ
cblr-9114	54	78	increased	increase	VERB
cblr-9114	54	79	shareholder	shareholder	NOUN
cblr-9114	54	80	activism	activism	NOUN
cblr-9114	54	81	.	.	PUNCT
cblr-9114	54	82	”	"	PUNCT
cblr-9114	54	83	)	)	PUNCT
cblr-9114	54	84	.	.	PUNCT
cblr-9114	55	1	13	13	NUM
cblr-9114	55	2	15	15	NUM
cblr-9114	55	3	u.s.c	u.s.c	NOUN
cblr-9114	55	4	.	.	PUNCT
cblr-9114	56	1	§	§	PROPN
cblr-9114	56	2	§	§	PROPN
cblr-9114	56	3	80b-1	80b-1	PROPN
cblr-9114	56	4	to	to	ADP
cblr-9114	56	5	80b-21	80b-21	NUM
cblr-9114	56	6	(	(	PUNCT
cblr-9114	56	7	2018	2018	NUM
cblr-9114	56	8	)	)	PUNCT
cblr-9114	56	9	.	.	PUNCT
cblr-9114	57	1	14	14	NUM
cblr-9114	57	2	proxy	proxy	NOUN
cblr-9114	57	3	voting	voting	NOUN
cblr-9114	57	4	,	,	PUNCT
cblr-9114	57	5	17	17	NUM
cblr-9114	57	6	c.f.r	c.f.r	NOUN
cblr-9114	57	7	.	.	PUNCT
cblr-9114	58	1	§	§	PROPN
cblr-9114	58	2	275.206(4)–6	275.206(4)–6	PROPN
cblr-9114	58	3	(	(	PUNCT
cblr-9114	58	4	2021	2021	NUM
cblr-9114	58	5	)	)	PUNCT
cblr-9114	58	6	(	(	PUNCT
cblr-9114	58	7	stating	state	VERB
cblr-9114	58	8	that	that	SCONJ
cblr-9114	58	9	registered	register	VERB
cblr-9114	58	10	investment	investment	NOUN
cblr-9114	58	11	advisers	adviser	NOUN
cblr-9114	58	12	’	’	PART
cblr-9114	58	13	execution	execution	NOUN
cblr-9114	58	14	of	of	ADP
cblr-9114	58	15	voting	voting	NOUN
cblr-9114	58	16	authority	authority	NOUN
cblr-9114	58	17	with	with	ADP
cblr-9114	58	18	respect	respect	NOUN
cblr-9114	58	19	clients	client	NOUN
cblr-9114	58	20	’	'	PUNCT
cblr-9114	58	21	securities	security	NOUN
cblr-9114	58	22	will	will	AUX
cblr-9114	58	23	be	be	AUX
cblr-9114	58	24	considered	consider	VERB
cblr-9114	58	25	fraudulent	fraudulent	ADJ
cblr-9114	58	26	,	,	PUNCT
cblr-9114	58	27	unless	unless	SCONJ
cblr-9114	58	28	they	they	PRON
cblr-9114	58	29	“	"	PUNCT
cblr-9114	58	30	[	[	X
cblr-9114	58	31	a]dopt	a]dopt	X
cblr-9114	58	32	and	and	CCONJ
cblr-9114	58	33	implement	implement	VERB
cblr-9114	58	34	written	write	VERB
cblr-9114	58	35	policies	policy	NOUN
cblr-9114	58	36	and	and	CCONJ
cblr-9114	58	37	procedures	procedure	NOUN
cblr-9114	58	38	that	that	PRON
cblr-9114	58	39	are	be	AUX
cblr-9114	58	40	reasonably	reasonably	ADV
cblr-9114	58	41	designed	design	VERB
cblr-9114	58	42	to	to	PART
cblr-9114	58	43	ensure	ensure	VERB
cblr-9114	58	44	that	that	SCONJ
cblr-9114	58	45	[	[	X
cblr-9114	58	46	they	they	PRON
cblr-9114	58	47	]	]	PUNCT
cblr-9114	58	48	vote	vote	NOUN
cblr-9114	58	49	client	client	NOUN
cblr-9114	58	50	securities	security	NOUN
cblr-9114	58	51	in	in	ADP
cblr-9114	58	52	the	the	DET
cblr-9114	58	53	best	good	ADJ
cblr-9114	58	54	interest	interest	NOUN
cblr-9114	58	55	of	of	ADP
cblr-9114	58	56	clients	client	NOUN
cblr-9114	58	57	[	[	X
cblr-9114	58	58	.	.	X
cblr-9114	58	59	]	]	X
cblr-9114	58	60	”	"	PUNCT
cblr-9114	58	61	)	)	PUNCT
cblr-9114	58	62	.	.	PUNCT
cblr-9114	59	1	15	15	NUM
cblr-9114	60	1	i	i	PRON
cblr-9114	60	2	d.	d.	PROPN
cblr-9114	60	3	1492	1492	PROPN
cblr-9114	60	4	columbia	columbia	PROPN
cblr-9114	60	5	business	business	PROPN
cblr-9114	60	6	law	law	PROPN
cblr-9114	60	7	review	review	NOUN
cblr-9114	60	8	[	[	X
cblr-9114	60	9	vol	vol	NOUN
cblr-9114	60	10	.	.	PUNCT
cblr-9114	60	11	2021	2021	NUM
cblr-9114	60	12	recently	recently	ADV
cblr-9114	60	13	acquired	acquire	VERB
cblr-9114	60	14	by	by	ADP
cblr-9114	60	15	peloton	peloton	NOUN
cblr-9114	60	16	capital	capital	NOUN
cblr-9114	60	17	management	management	NOUN
cblr-9114	60	18	and	and	CCONJ
cblr-9114	60	19	previously	previously	ADV
cblr-9114	60	20	owned	own	VERB
cblr-9114	60	21	by	by	ADP
cblr-9114	60	22	the	the	DET
cblr-9114	60	23	ontario	ontario	PROPN
cblr-9114	60	24	teachers	teachers	PROPN
cblr-9114	60	25	’	’	PART
cblr-9114	60	26	pension	pension	NOUN
cblr-9114	60	27	plan	plan	NOUN
cblr-9114	60	28	board	board	NOUN
cblr-9114	60	29	and	and	CCONJ
cblr-9114	60	30	the	the	DET
cblr-9114	60	31	alberta	alberta	PROPN
cblr-9114	60	32	investment	investment	PROPN
cblr-9114	60	33	management	management	PROPN
cblr-9114	60	34	corp	corp	PROPN
cblr-9114	60	35	.	.	PROPN
cblr-9114	60	36	,16	,16	PUNCT
cblr-9114	60	37	joined	join	VERB
cblr-9114	60	38	the	the	DET
cblr-9114	60	39	market	market	NOUN
cblr-9114	60	40	in	in	ADP
cblr-9114	60	41	2003.17	2003.17	NUM
cblr-9114	60	42	the	the	DET
cblr-9114	60	43	company	company	NOUN
cblr-9114	60	44	has	have	AUX
cblr-9114	60	45	grown	grow	VERB
cblr-9114	60	46	rapidly	rapidly	ADV
cblr-9114	60	47	over	over	ADP
cblr-9114	60	48	the	the	DET
cblr-9114	60	49	past	past	ADJ
cblr-9114	60	50	two	two	NUM
cblr-9114	60	51	decades	decade	NOUN
cblr-9114	60	52	to	to	PART
cblr-9114	60	53	become	become	VERB
cblr-9114	60	54	iss	iss	PROPN
cblr-9114	60	55	’s	’s	PART
cblr-9114	60	56	largest	large	ADJ
cblr-9114	60	57	competitor.18	competitor.18	PROPN
cblr-9114	60	58	b.	b.	PROPN
cblr-9114	60	59	proxy	proxy	PROPN
cblr-9114	60	60	advisory	advisory	PROPN
cblr-9114	60	61	firm	firm	NOUN
cblr-9114	60	62	services	service	NOUN
cblr-9114	60	63	,	,	PUNCT
cblr-9114	60	64	market	market	NOUN
cblr-9114	60	65	concentration	concentration	NOUN
cblr-9114	60	66	and	and	CCONJ
cblr-9114	60	67	influence	influence	NOUN
cblr-9114	60	68	at	at	ADP
cblr-9114	60	69	annual	annual	ADJ
cblr-9114	60	70	and	and	CCONJ
cblr-9114	60	71	special	special	ADJ
cblr-9114	60	72	shareholder	shareholder	NOUN
cblr-9114	60	73	meetings	meeting	NOUN
cblr-9114	60	74	,	,	PUNCT
cblr-9114	60	75	shareholders	shareholder	NOUN
cblr-9114	60	76	vote	vote	NOUN
cblr-9114	60	77	on	on	ADP
cblr-9114	60	78	various	various	ADJ
cblr-9114	60	79	matters	matter	NOUN
cblr-9114	60	80	that	that	PRON
cblr-9114	60	81	can	can	AUX
cblr-9114	60	82	impact	impact	VERB
cblr-9114	60	83	the	the	DET
cblr-9114	60	84	value	value	NOUN
cblr-9114	60	85	of	of	ADP
cblr-9114	60	86	their	their	PRON
cblr-9114	60	87	shares	share	NOUN
cblr-9114	60	88	,	,	PUNCT
cblr-9114	60	89	including	include	VERB
cblr-9114	60	90	voting	vote	VERB
cblr-9114	60	91	for	for	ADP
cblr-9114	60	92	or	or	CCONJ
cblr-9114	60	93	against	against	ADP
cblr-9114	60	94	directors	director	NOUN
cblr-9114	60	95	,	,	PUNCT
cblr-9114	60	96	certain	certain	ADJ
cblr-9114	60	97	shareholder	shareholder	NOUN
cblr-9114	60	98	proposals	proposal	NOUN
cblr-9114	60	99	and	and	CCONJ
cblr-9114	60	100	takeover	takeover	NOUN
cblr-9114	60	101	offers	offer	NOUN
cblr-9114	60	102	.	.	PUNCT
cblr-9114	61	1	proxy	proxy	ADJ
cblr-9114	61	2	advisory	advisory	ADJ
cblr-9114	61	3	firms	firm	NOUN
cblr-9114	61	4	,	,	PUNCT
cblr-9114	61	5	such	such	ADJ
cblr-9114	61	6	as	as	ADP
cblr-9114	61	7	iss	iss	PROPN
cblr-9114	61	8	and	and	CCONJ
cblr-9114	61	9	glass	glass	PROPN
cblr-9114	61	10	lewis	lewis	PROPN
cblr-9114	61	11	,	,	PUNCT
cblr-9114	61	12	primarily	primarily	ADV
cblr-9114	61	13	service	service	NOUN
cblr-9114	61	14	institutional	institutional	ADJ
cblr-9114	61	15	public	public	ADJ
cblr-9114	61	16	equity	equity	NOUN
cblr-9114	61	17	investors	investor	NOUN
cblr-9114	61	18	,	,	PUNCT
cblr-9114	61	19	who	who	PRON
cblr-9114	61	20	own	own	VERB
cblr-9114	61	21	shares	share	NOUN
cblr-9114	61	22	in	in	ADP
cblr-9114	61	23	an	an	DET
cblr-9114	61	24	array	array	NOUN
cblr-9114	61	25	of	of	ADP
cblr-9114	61	26	corporations	corporation	NOUN
cblr-9114	61	27	.	.	PUNCT
cblr-9114	62	1	both	both	DET
cblr-9114	62	2	companies	company	NOUN
cblr-9114	62	3	provide	provide	VERB
cblr-9114	62	4	corporate	corporate	ADJ
cblr-9114	62	5	governance	governance	NOUN
cblr-9114	62	6	research	research	NOUN
cblr-9114	62	7	and	and	CCONJ
cblr-9114	62	8	recommendations	recommendation	NOUN
cblr-9114	62	9	,	,	PUNCT
cblr-9114	62	10	proxy	proxy	ADJ
cblr-9114	62	11	voting	voting	NOUN
cblr-9114	62	12	advice	advice	NOUN
cblr-9114	62	13	and	and	CCONJ
cblr-9114	62	14	proxy	proxy	NOUN
cblr-9114	62	15	voting	voting	NOUN
cblr-9114	62	16	and	and	CCONJ
cblr-9114	62	17	distribution	distribution	NOUN
cblr-9114	62	18	services.19	services.19	PROPN
cblr-9114	62	19	iss	iss	PROPN
cblr-9114	62	20	also	also	ADV
cblr-9114	62	21	provides	provide	VERB
cblr-9114	62	22	environmental	environmental	ADJ
cblr-9114	62	23	,	,	PUNCT
cblr-9114	62	24	social	social	ADJ
cblr-9114	62	25	and	and	CCONJ
cblr-9114	62	26	governance	governance	NOUN
cblr-9114	62	27	(	(	PUNCT
cblr-9114	62	28	esg	esg	NOUN
cblr-9114	62	29	)	)	PUNCT
cblr-9114	62	30	ratings	rating	NOUN
cblr-9114	62	31	and	and	CCONJ
cblr-9114	62	32	rankings	ranking	NOUN
cblr-9114	62	33	through	through	ADP
cblr-9114	62	34	its	its	PRON
cblr-9114	62	35	iss	iss	PROPN
cblr-9114	62	36	governance	governance	NOUN
cblr-9114	62	37	qualityscore	qualityscore	ADV
cblr-9114	62	38	16	16	NUM
cblr-9114	62	39	see	see	VERB
cblr-9114	62	40	press	press	NOUN
cblr-9114	62	41	release	release	NOUN
cblr-9114	62	42	,	,	PUNCT
cblr-9114	62	43	glass	glass	PROPN
cblr-9114	62	44	lewis	lewis	PROPN
cblr-9114	62	45	,	,	PUNCT
cblr-9114	62	46	peloton	peloton	NOUN
cblr-9114	62	47	cap	cap	NOUN
cblr-9114	62	48	.	.	PUNCT
cblr-9114	63	1	mgmt	mgmt	PROPN
cblr-9114	63	2	.	.	PROPN
cblr-9114	63	3	&	&	CCONJ
cblr-9114	63	4	stephen	stephen	PROPN
cblr-9114	63	5	smith	smith	PROPN
cblr-9114	63	6	acquire	acquire	PROPN
cblr-9114	63	7	class	class	PROPN
cblr-9114	63	8	lewis	lewis	PROPN
cblr-9114	63	9	(	(	PUNCT
cblr-9114	63	10	mar	mar	PROPN
cblr-9114	63	11	.	.	PROPN
cblr-9114	63	12	16	16	NUM
cblr-9114	63	13	,	,	PUNCT
cblr-9114	63	14	2021	2021	NUM
cblr-9114	63	15	)	)	PUNCT
cblr-9114	63	16	,	,	PUNCT
cblr-9114	63	17	https://www.glasslewis.com/press-release-peloton-capital-managementand-stephen-smith-acquire-glass-lewis/	https://www.glasslewis.com/press-release-peloton-capital-managementand-stephen-smith-acquire-glass-lewis/	X
cblr-9114	64	1	[	[	X
cblr-9114	64	2	https://perma.cc/8a27-pxjj	https://perma.cc/8a27-pxjj	PROPN
cblr-9114	64	3	]	]	PUNCT
cblr-9114	64	4	.	.	PUNCT
cblr-9114	65	1	17	17	NUM
cblr-9114	65	2	company	company	NOUN
cblr-9114	65	3	overview	overview	NOUN
cblr-9114	65	4	,	,	PUNCT
cblr-9114	65	5	glass	glass	NOUN
cblr-9114	65	6	lewis	lewis	PROPN
cblr-9114	65	7	,	,	PUNCT
cblr-9114	65	8	https://www.glasslewis.com/company-overview/	https://www.glasslewis.com/company-overview/	PROPN
cblr-9114	65	9	[	[	X
cblr-9114	65	10	https://perma.cc/8w4exzbe	https://perma.cc/8w4exzbe	X
cblr-9114	65	11	]	]	X
cblr-9114	65	12	(	(	PUNCT
cblr-9114	65	13	last	last	ADV
cblr-9114	65	14	visited	visit	VERB
cblr-9114	65	15	nov	nov	PROPN
cblr-9114	65	16	.	.	PROPN
cblr-9114	65	17	16	16	NUM
cblr-9114	65	18	,	,	PUNCT
cblr-9114	65	19	2021	2021	NUM
cblr-9114	65	20	)	)	PUNCT
cblr-9114	65	21	.	.	PUNCT
cblr-9114	66	1	18	18	NUM
cblr-9114	66	2	see	see	VERB
cblr-9114	66	3	u.s	u.s	PROPN
cblr-9114	66	4	.	.	PROPN
cblr-9114	66	5	gov’t	gov’t	NOUN
cblr-9114	66	6	accountability	accountability	NOUN
cblr-9114	66	7	off	off	ADP
cblr-9114	66	8	.	.	PUNCT
cblr-9114	66	9	,	,	PUNCT
cblr-9114	66	10	gao-07	gao-07	NOUN
cblr-9114	66	11	-	-	SYM
cblr-9114	66	12	765	765	NUM
cblr-9114	66	13	,	,	PUNCT
cblr-9114	66	14	corporate	corporate	ADJ
cblr-9114	66	15	shareholder	shareholder	NOUN
cblr-9114	66	16	meetings	meeting	NOUN
cblr-9114	66	17	:	:	PUNCT
cblr-9114	66	18	issues	issue	NOUN
cblr-9114	66	19	relating	relate	VERB
cblr-9114	66	20	to	to	ADP
cblr-9114	66	21	firms	firm	NOUN
cblr-9114	66	22	that	that	PRON
cblr-9114	66	23	advise	advise	VERB
cblr-9114	66	24	institutional	institutional	ADJ
cblr-9114	66	25	investors	investor	NOUN
cblr-9114	66	26	on	on	ADP
cblr-9114	66	27	proxy	proxy	NOUN
cblr-9114	66	28	voting	vote	VERB
cblr-9114	66	29	7	7	NUM
cblr-9114	66	30	,	,	PUNCT
cblr-9114	66	31	13	13	NUM
cblr-9114	66	32	(	(	PUNCT
cblr-9114	66	33	2007	2007	NUM
cblr-9114	66	34	)	)	PUNCT
cblr-9114	66	35	.	.	PUNCT
cblr-9114	67	1	19	19	NUM
cblr-9114	67	2	see	see	VERB
cblr-9114	67	3	about	about	ADP
cblr-9114	67	4	iss	iss	PROPN
cblr-9114	67	5	,	,	PUNCT
cblr-9114	67	6	supra	supra	PROPN
cblr-9114	67	7	note	note	NOUN
cblr-9114	67	8	9	9	NUM
cblr-9114	67	9	(	(	PUNCT
cblr-9114	67	10	“	"	PUNCT
cblr-9114	67	11	governance	governance	NOUN
cblr-9114	67	12	offerings	offering	NOUN
cblr-9114	67	13	include	include	VERB
cblr-9114	67	14	objective	objective	ADJ
cblr-9114	67	15	governance	governance	NOUN
cblr-9114	67	16	research	research	NOUN
cblr-9114	67	17	and	and	CCONJ
cblr-9114	67	18	recommendations	recommendation	NOUN
cblr-9114	67	19	,	,	PUNCT
cblr-9114	67	20	and	and	CCONJ
cblr-9114	67	21	end	end	NOUN
cblr-9114	67	22	-	-	PUNCT
cblr-9114	67	23	to	to	ADP
cblr-9114	67	24	-	-	PUNCT
cblr-9114	67	25	end	end	NOUN
cblr-9114	67	26	proxy	proxy	ADJ
cblr-9114	67	27	voting	voting	NOUN
cblr-9114	67	28	solutions	solution	NOUN
cblr-9114	67	29	.	.	PUNCT
cblr-9114	67	30	.	.	PUNCT
cblr-9114	67	31	.	.	PUNCT
cblr-9114	67	32	.	.	PUNCT
cblr-9114	68	1	iss	iss	PROPN
cblr-9114	68	2	covers	cover	VERB
cblr-9114	68	3	approximately	approximately	ADV
cblr-9114	68	4	45,000	45,000	NUM
cblr-9114	68	5	meetings	meeting	NOUN
cblr-9114	68	6	in	in	ADP
cblr-9114	68	7	115	115	NUM
cblr-9114	68	8	markets	market	NOUN
cblr-9114	68	9	yearly	yearly	ADV
cblr-9114	68	10	,	,	PUNCT
cblr-9114	68	11	delivering	deliver	VERB
cblr-9114	68	12	proxy	proxy	ADJ
cblr-9114	68	13	research	research	NOUN
cblr-9114	68	14	and	and	CCONJ
cblr-9114	68	15	vote	vote	NOUN
cblr-9114	68	16	recommendations	recommendation	NOUN
cblr-9114	68	17	while	while	SCONJ
cblr-9114	68	18	working	work	VERB
cblr-9114	68	19	closely	closely	ADV
cblr-9114	68	20	with	with	ADP
cblr-9114	68	21	clients	client	NOUN
cblr-9114	68	22	to	to	PART
cblr-9114	68	23	execute	execute	VERB
cblr-9114	68	24	more	more	ADJ
cblr-9114	68	25	than	than	ADP
cblr-9114	68	26	12.2	12.2	NUM
cblr-9114	68	27	million	million	NUM
cblr-9114	68	28	ballots	ballot	NOUN
cblr-9114	68	29	representing	represent	VERB
cblr-9114	68	30	3.9	3.9	NUM
cblr-9114	68	31	trillion	trillion	NUM
cblr-9114	68	32	shares	share	NOUN
cblr-9114	68	33	.	.	PUNCT
cblr-9114	68	34	”	"	PUNCT
cblr-9114	68	35	)	)	PUNCT
cblr-9114	68	36	;	;	PUNCT
cblr-9114	68	37	press	press	NOUN
cblr-9114	68	38	release	release	NOUN
cblr-9114	68	39	,	,	PUNCT
cblr-9114	68	40	glass	glass	PROPN
cblr-9114	68	41	lewis	lewis	PROPN
cblr-9114	68	42	,	,	PUNCT
cblr-9114	68	43	supra	supra	PROPN
cblr-9114	68	44	note	note	PROPN
cblr-9114	68	45	16	16	NUM
cblr-9114	68	46	(	(	PUNCT
cblr-9114	68	47	“	"	PUNCT
cblr-9114	68	48	we	we	PRON
cblr-9114	68	49	are	be	AUX
cblr-9114	68	50	a	a	DET
cblr-9114	68	51	trusted	trust	VERB
cblr-9114	68	52	ally	ally	NOUN
cblr-9114	68	53	of	of	ADP
cblr-9114	68	54	more	more	ADJ
cblr-9114	68	55	than	than	ADP
cblr-9114	68	56	1,200	1,200	NUM
cblr-9114	68	57	investors	investor	NOUN
cblr-9114	68	58	globally	globally	ADV
cblr-9114	68	59	who	who	PRON
cblr-9114	68	60	use	use	VERB
cblr-9114	68	61	our	our	PRON
cblr-9114	68	62	high	high	ADJ
cblr-9114	68	63	-	-	PUNCT
cblr-9114	68	64	quality	quality	NOUN
cblr-9114	68	65	,	,	PUNCT
cblr-9114	68	66	unbiased	unbiased	ADJ
cblr-9114	68	67	proxy	proxy	NOUN
cblr-9114	68	68	paper	paper	NOUN
cblr-9114	68	69	research	research	NOUN
cblr-9114	68	70	,	,	PUNCT
cblr-9114	68	71	and	and	CCONJ
cblr-9114	68	72	industry	industry	NOUN
cblr-9114	68	73	-	-	PUNCT
cblr-9114	68	74	leading	lead	VERB
cblr-9114	68	75	viewpoint	viewpoint	NOUN
cblr-9114	68	76	proxy	proxy	NOUN
cblr-9114	68	77	vote	vote	NOUN
cblr-9114	68	78	management	management	NOUN
cblr-9114	68	79	solution	solution	NOUN
cblr-9114	68	80	to	to	PART
cblr-9114	68	81	help	help	VERB
cblr-9114	68	82	drive	drive	VERB
cblr-9114	68	83	value	value	NOUN
cblr-9114	68	84	across	across	ADP
cblr-9114	68	85	all	all	DET
cblr-9114	68	86	their	their	PRON
cblr-9114	68	87	governance	governance	NOUN
cblr-9114	68	88	activities	activity	NOUN
cblr-9114	68	89	.	.	PUNCT
cblr-9114	68	90	”	"	PUNCT
cblr-9114	68	91	)	)	PUNCT
cblr-9114	68	92	.	.	PUNCT
cblr-9114	69	1	no	no	INTJ
cblr-9114	69	2	.	.	PUNCT
cblr-9114	70	1	3:1487	3:1487	NUM
cblr-9114	70	2	]	]	X
cblr-9114	70	3	proxy	proxy	ADJ
cblr-9114	70	4	advisory	advisory	ADJ
cblr-9114	70	5	firms	firm	NOUN
cblr-9114	70	6	’	'	PUNCT
cblr-9114	70	7	conflicts	conflict	NOUN
cblr-9114	70	8	of	of	ADP
cblr-9114	70	9	interest	interest	NOUN
cblr-9114	70	10	1493	1493	NUM
cblr-9114	70	11	(	(	PUNCT
cblr-9114	70	12	gqs).20	gqs).20	NOUN
cblr-9114	70	13	gqs	gqs	NOUN
cblr-9114	70	14	“	"	PUNCT
cblr-9114	70	15	uses	use	VERB
cblr-9114	70	16	a	a	DET
cblr-9114	70	17	numeric	numeric	ADJ
cblr-9114	70	18	,	,	PUNCT
cblr-9114	70	19	decile	decile	NOUN
cblr-9114	70	20	-	-	PUNCT
cblr-9114	70	21	based	base	VERB
cblr-9114	70	22	score	score	NOUN
cblr-9114	70	23	that	that	PRON
cblr-9114	70	24	indicates	indicate	VERB
cblr-9114	70	25	a	a	DET
cblr-9114	70	26	company	company	NOUN
cblr-9114	70	27	’s	’s	PART
cblr-9114	70	28	governance	governance	NOUN
cblr-9114	70	29	risk	risk	NOUN
cblr-9114	70	30	across	across	ADP
cblr-9114	70	31	four	four	NUM
cblr-9114	70	32	categories	category	NOUN
cblr-9114	70	33	:	:	PUNCT
cblr-9114	70	34	”	"	PUNCT
cblr-9114	70	35	board	board	NOUN
cblr-9114	70	36	structure	structure	NOUN
cblr-9114	70	37	,	,	PUNCT
cblr-9114	70	38	compensation	compensation	NOUN
cblr-9114	70	39	/	/	SYM
cblr-9114	70	40	remuneration	remuneration	NOUN
cblr-9114	70	41	,	,	PUNCT
cblr-9114	70	42	shareholder	shareholder	NOUN
cblr-9114	70	43	rights	right	NOUN
cblr-9114	70	44	and	and	CCONJ
cblr-9114	70	45	takeover	takeover	NOUN
cblr-9114	70	46	defenses	defense	NOUN
cblr-9114	70	47	and	and	CCONJ
cblr-9114	70	48	audit	audit	NOUN
cblr-9114	70	49	and	and	CCONJ
cblr-9114	70	50	risk	risk	VERB
cblr-9114	70	51	oversight.21	oversight.21	NOUN
cblr-9114	70	52	through	through	ADP
cblr-9114	70	53	iss	iss	PROPN
cblr-9114	70	54	corporate	corporate	ADJ
cblr-9114	70	55	solutions	solution	NOUN
cblr-9114	70	56	(	(	PUNCT
cblr-9114	70	57	ics	ics	NOUN
cblr-9114	70	58	)	)	PUNCT
cblr-9114	70	59	,	,	PUNCT
cblr-9114	70	60	a	a	DET
cblr-9114	70	61	separate	separate	ADJ
cblr-9114	70	62	business	business	NOUN
cblr-9114	70	63	unit	unit	NOUN
cblr-9114	70	64	of	of	ADP
cblr-9114	70	65	iss	iss	PROPN
cblr-9114	70	66	,	,	PUNCT
cblr-9114	70	67	the	the	DET
cblr-9114	70	68	company	company	NOUN
cblr-9114	70	69	also	also	ADV
cblr-9114	70	70	“	"	PUNCT
cblr-9114	70	71	helps	help	VERB
cblr-9114	70	72	corporate	corporate	ADJ
cblr-9114	70	73	clients	client	NOUN
cblr-9114	70	74	develop	develop	VERB
cblr-9114	70	75	proposals	proposal	NOUN
cblr-9114	70	76	to	to	PART
cblr-9114	70	77	be	be	AUX
cblr-9114	70	78	voted	vote	VERB
cblr-9114	70	79	on	on	ADP
cblr-9114	70	80	and	and	CCONJ
cblr-9114	70	81	offers	offer	VERB
cblr-9114	70	82	corporate	corporate	ADJ
cblr-9114	70	83	governance	governance	NOUN
cblr-9114	70	84	consulting	consulting	NOUN
cblr-9114	70	85	services	service	NOUN
cblr-9114	70	86	to	to	PART
cblr-9114	70	87	help	help	VERB
cblr-9114	70	88	clients	client	NOUN
cblr-9114	70	89	understand	understand	VERB
cblr-9114	70	90	and	and	CCONJ
cblr-9114	70	91	improve	improve	VERB
cblr-9114	70	92	their	their	PRON
cblr-9114	70	93	corporate	corporate	ADJ
cblr-9114	70	94	governance	governance	NOUN
cblr-9114	70	95	ratings	rating	NOUN
cblr-9114	70	96	.	.	PUNCT
cblr-9114	71	1	”22	”22	PROPN
cblr-9114	71	2	iss	iss	PROPN
cblr-9114	71	3	maintains	maintain	VERB
cblr-9114	71	4	that	that	SCONJ
cblr-9114	71	5	it	it	PRON
cblr-9114	71	6	has	have	AUX
cblr-9114	71	7	established	establish	VERB
cblr-9114	71	8	a	a	DET
cblr-9114	71	9	firewall	firewall	NOUN
cblr-9114	71	10	“	"	PUNCT
cblr-9114	71	11	between	between	ADP
cblr-9114	71	12	the	the	DET
cblr-9114	71	13	core	core	ADJ
cblr-9114	71	14	institutional	institutional	ADJ
cblr-9114	71	15	business	business	NOUN
cblr-9114	71	16	and	and	CCONJ
cblr-9114	71	17	the	the	DET
cblr-9114	71	18	ics	ics	PROPN
cblr-9114	71	19	business”23	business”23	PROPN
cblr-9114	71	20	and	and	CCONJ
cblr-9114	71	21	that	that	SCONJ
cblr-9114	71	22	“	"	PUNCT
cblr-9114	71	23	[	[	X
cblr-9114	71	24	n]ot	n]ot	NOUN
cblr-9114	71	25	only	only	ADV
cblr-9114	71	26	does	do	AUX
cblr-9114	71	27	the	the	DET
cblr-9114	71	28	firewall	firewall	NOUN
cblr-9114	71	29	create	create	VERB
cblr-9114	71	30	a	a	DET
cblr-9114	71	31	separation	separation	NOUN
cblr-9114	71	32	between	between	ADP
cblr-9114	71	33	iss	iss	PROPN
cblr-9114	71	34	’s	’s	PART
cblr-9114	71	35	analysts	analyst	NOUN
cblr-9114	71	36	and	and	CCONJ
cblr-9114	71	37	ics	ic	NOUN
cblr-9114	71	38	,	,	PUNCT
cblr-9114	71	39	but	but	CCONJ
cblr-9114	71	40	the	the	DET
cblr-9114	71	41	day	day	NOUN
cblr-9114	71	42	-	-	PUNCT
cblr-9114	71	43	to	to	ADP
cblr-9114	71	44	-	-	PUNCT
cblr-9114	71	45	day	day	NOUN
cblr-9114	71	46	operations	operation	NOUN
cblr-9114	71	47	of	of	ADP
cblr-9114	71	48	the	the	DET
cblr-9114	71	49	two	two	NUM
cblr-9114	71	50	groups	group	NOUN
cblr-9114	71	51	are	be	AUX
cblr-9114	71	52	separately	separately	ADV
cblr-9114	71	53	managed	manage	VERB
cblr-9114	71	54	by	by	ADP
cblr-9114	71	55	dedicated	dedicated	ADJ
cblr-9114	71	56	staff	staff	NOUN
cblr-9114	71	57	and	and	CCONJ
cblr-9114	71	58	the	the	DET
cblr-9114	71	59	compensation	compensation	NOUN
cblr-9114	71	60	of	of	ADP
cblr-9114	71	61	iss	iss	PROPN
cblr-9114	71	62	’s	’s	PART
cblr-9114	71	63	analysts	analyst	NOUN
cblr-9114	71	64	is	be	AUX
cblr-9114	71	65	not	not	PART
cblr-9114	71	66	directly	directly	ADV
cblr-9114	71	67	tied	tie	VERB
cblr-9114	71	68	to	to	ADP
cblr-9114	71	69	any	any	DET
cblr-9114	71	70	activities	activity	NOUN
cblr-9114	71	71	of	of	ADP
cblr-9114	71	72	ics	ic	NOUN
cblr-9114	71	73	.	.	PUNCT
cblr-9114	72	1	”24	”24	VERB
cblr-9114	72	2	the	the	DET
cblr-9114	72	3	overall	overall	ADJ
cblr-9114	72	4	effectiveness	effectiveness	NOUN
cblr-9114	72	5	of	of	ADP
cblr-9114	72	6	the	the	DET
cblr-9114	72	7	firewall	firewall	NOUN
cblr-9114	72	8	between	between	ADP
cblr-9114	72	9	iss	iss	PROPN
cblr-9114	72	10	and	and	CCONJ
cblr-9114	72	11	ics	ics	NOUN
cblr-9114	72	12	remains	remain	VERB
cblr-9114	72	13	unclear.25	unclear.25	PROPN
cblr-9114	72	14	the	the	DET
cblr-9114	72	15	proxy	proxy	ADJ
cblr-9114	72	16	advisory	advisory	ADJ
cblr-9114	72	17	market	market	NOUN
cblr-9114	72	18	has	have	AUX
cblr-9114	72	19	remained	remain	VERB
cblr-9114	72	20	extremely	extremely	ADV
cblr-9114	72	21	concentrated	concentrate	VERB
cblr-9114	72	22	,	,	PUNCT
cblr-9114	72	23	with	with	ADP
cblr-9114	72	24	a	a	DET
cblr-9114	72	25	2007	2007	NUM
cblr-9114	72	26	government	government	NOUN
cblr-9114	72	27	accountability	accountability	NOUN
cblr-9114	72	28	office	office	NOUN
cblr-9114	72	29	(	(	PUNCT
cblr-9114	72	30	gao	gao	PROPN
cblr-9114	72	31	)	)	PUNCT
cblr-9114	72	32	study	study	NOUN
cblr-9114	72	33	indicating	indicate	VERB
cblr-9114	72	34	that	that	SCONJ
cblr-9114	72	35	iss	iss	PROPN
cblr-9114	72	36	(	(	PUNCT
cblr-9114	72	37	61	61	NUM
cblr-9114	72	38	%	%	NOUN
cblr-9114	72	39	market	market	NOUN
cblr-9114	72	40	share	share	NOUN
cblr-9114	72	41	)	)	PUNCT
cblr-9114	72	42	and	and	CCONJ
cblr-9114	72	43	glass	glass	PROPN
cblr-9114	72	44	lewis	lewis	PROPN
cblr-9114	72	45	(	(	PUNCT
cblr-9114	72	46	36	36	NUM
cblr-9114	72	47	%	%	NOUN
cblr-9114	72	48	market	market	NOUN
cblr-9114	72	49	share	share	NOUN
cblr-9114	72	50	)	)	PUNCT
cblr-9114	72	51	collectively	collectively	ADV
cblr-9114	72	52	control	control	VERB
cblr-9114	72	53	20	20	NUM
cblr-9114	72	54	governance	governance	NOUN
cblr-9114	72	55	qualityscore	qualityscore	NOUN
cblr-9114	72	56	,	,	PUNCT
cblr-9114	72	57	iss	iss	PROPN
cblr-9114	72	58	,	,	PUNCT
cblr-9114	72	59	https://www.issgovernance.com/esg/ratings/governance-qualityscore/	https://www.issgovernance.com/esg/ratings/governance-qualityscore/	VERB
cblr-9114	72	60	(	(	PUNCT
cblr-9114	72	61	last	last	ADV
cblr-9114	72	62	visited	visit	VERB
cblr-9114	72	63	nov	nov	PROPN
cblr-9114	72	64	.	.	PROPN
cblr-9114	72	65	16	16	NUM
cblr-9114	72	66	,	,	PUNCT
cblr-9114	72	67	2021	2021	NUM
cblr-9114	72	68	)	)	PUNCT
cblr-9114	73	1	[	[	X
cblr-9114	73	2	https://perma.cc/cc96-hldx	https://perma.cc/cc96-hldx	X
cblr-9114	73	3	]	]	X
cblr-9114	73	4	.	.	PUNCT
cblr-9114	74	1	21	21	NUM
cblr-9114	75	1	i	i	PRON
cblr-9114	75	2	d.	d.	PROPN
cblr-9114	75	3	22	22	NUM
cblr-9114	75	4	u.s	u.s	PROPN
cblr-9114	75	5	.	.	PROPN
cblr-9114	75	6	gov’t	gov’t	PROPN
cblr-9114	75	7	accountability	accountability	NOUN
cblr-9114	75	8	off	off	ADP
cblr-9114	75	9	.	.	PUNCT
cblr-9114	75	10	,	,	PUNCT
cblr-9114	75	11	gao-07	gao-07	NOUN
cblr-9114	75	12	-	-	SYM
cblr-9114	75	13	765	765	NUM
cblr-9114	75	14	,	,	PUNCT
cblr-9114	75	15	corporate	corporate	ADJ
cblr-9114	75	16	shareholder	shareholder	NOUN
cblr-9114	75	17	meetings	meeting	NOUN
cblr-9114	75	18	:	:	PUNCT
cblr-9114	75	19	issues	issue	NOUN
cblr-9114	75	20	relating	relate	VERB
cblr-9114	75	21	to	to	ADP
cblr-9114	75	22	firms	firm	NOUN
cblr-9114	75	23	that	that	PRON
cblr-9114	75	24	advise	advise	VERB
cblr-9114	75	25	institutional	institutional	ADJ
cblr-9114	75	26	investors	investor	NOUN
cblr-9114	75	27	on	on	ADP
cblr-9114	75	28	proxy	proxy	NOUN
cblr-9114	75	29	voting	vote	VERB
cblr-9114	75	30	10	10	NUM
cblr-9114	75	31	(	(	PUNCT
cblr-9114	75	32	2007	2007	NUM
cblr-9114	75	33	)	)	PUNCT
cblr-9114	75	34	;	;	PUNCT
cblr-9114	75	35	see	see	VERB
cblr-9114	75	36	also	also	ADV
cblr-9114	75	37	the	the	DET
cblr-9114	75	38	ics	ics	NOUN
cblr-9114	75	39	story	story	NOUN
cblr-9114	75	40	,	,	PUNCT
cblr-9114	75	41	iss	iss	PROPN
cblr-9114	75	42	corp	corp	PROPN
cblr-9114	75	43	.	.	PROPN
cblr-9114	75	44	sols	sols	PROPN
cblr-9114	75	45	.	.	PUNCT
cblr-9114	75	46	,	,	PUNCT
cblr-9114	75	47	https://www.isscorporatesolutions.com/our-story/	https://www.isscorporatesolutions.com/our-story/	X
cblr-9114	75	48	(	(	PUNCT
cblr-9114	75	49	last	last	ADV
cblr-9114	75	50	visited	visit	VERB
cblr-9114	75	51	nov	nov	PROPN
cblr-9114	75	52	.	.	PROPN
cblr-9114	75	53	17	17	NUM
cblr-9114	75	54	,	,	PUNCT
cblr-9114	75	55	2021	2021	NUM
cblr-9114	75	56	)	)	PUNCT
cblr-9114	76	1	[	[	X
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cblr-9114	76	3	]	]	X
cblr-9114	76	4	.	.	PUNCT
cblr-9114	77	1	23	23	NUM
cblr-9114	77	2	institutional	institutional	ADJ
cblr-9114	77	3	s’holder	s’holder	NOUN
cblr-9114	77	4	servs	servs	PROPN
cblr-9114	77	5	.	.	PUNCT
cblr-9114	77	6	,	,	PUNCT
cblr-9114	77	7	comment	comment	NOUN
cblr-9114	77	8	letter	letter	NOUN
cblr-9114	77	9	on	on	ADP
cblr-9114	77	10	sec	sec	PROPN
cblr-9114	77	11	staff	staff	NOUN
cblr-9114	77	12	roundtable	roundtable	NOUN
cblr-9114	77	13	on	on	ADP
cblr-9114	77	14	the	the	DET
cblr-9114	77	15	proxy	proxy	NOUN
cblr-9114	77	16	process	process	NOUN
cblr-9114	77	17	,	,	PUNCT
cblr-9114	77	18	13	13	NUM
cblr-9114	77	19	(	(	PUNCT
cblr-9114	77	20	nov	nov	PROPN
cblr-9114	77	21	.	.	PROPN
cblr-9114	77	22	7	7	NUM
cblr-9114	77	23	,	,	PUNCT
cblr-9114	77	24	2018	2018	NUM
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cblr-9114	77	26	,	,	PUNCT
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cblr-9114	78	1	[	[	X
cblr-9114	78	2	https://perma.cc/v9vd-etp4	https://perma.cc/v9vd-etp4	NOUN
cblr-9114	78	3	]	]	SYM
cblr-9114	78	4	.	.	PUNCT
cblr-9114	79	1	24	24	NUM
cblr-9114	79	2	institutional	institutional	ADJ
cblr-9114	79	3	shareholder	shareholder	NOUN
cblr-9114	79	4	services	services	PROPN
cblr-9114	79	5	,	,	PUNCT
cblr-9114	79	6	inc	inc	PROPN
cblr-9114	79	7	.	.	PROPN
cblr-9114	79	8	,	,	PUNCT
cblr-9114	79	9	institutional	institutional	ADJ
cblr-9114	79	10	shareholder	shareholder	PROPN
cblr-9114	79	11	services	services	PROPN
cblr-9114	79	12	inc	inc	PROPN
cblr-9114	79	13	.	.	PROPN
cblr-9114	79	14	due	due	ADJ
cblr-9114	79	15	diligence	diligence	NOUN
cblr-9114	79	16	compliance	compliance	NOUN
cblr-9114	79	17	package	package	NOUN
cblr-9114	79	18	(	(	PUNCT
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cblr-9114	79	20	)	)	PUNCT
cblr-9114	79	21	,	,	PUNCT
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cblr-9114	79	23	[	[	X
cblr-9114	79	24	https://perma.cc/ccn9-6vex	https://perma.cc/ccn9-6vex	ADJ
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cblr-9114	79	26	.	.	PUNCT
cblr-9114	80	1	25	25	NUM
cblr-9114	80	2	see	see	VERB
cblr-9114	80	3	infra	infra	NOUN
cblr-9114	80	4	part	part	NOUN
cblr-9114	80	5	iii.b	iii.b	X
cblr-9114	80	6	(	(	PUNCT
cblr-9114	80	7	providing	provide	VERB
cblr-9114	80	8	additional	additional	ADJ
cblr-9114	80	9	discussion	discussion	NOUN
cblr-9114	80	10	regarding	regard	VERB
cblr-9114	80	11	the	the	DET
cblr-9114	80	12	iss	iss	PROPN
cblr-9114	80	13	firewall	firewall	NOUN
cblr-9114	80	14	)	)	PUNCT
cblr-9114	80	15	.	.	PUNCT
cblr-9114	81	1	1494	1494	NUM
cblr-9114	81	2	columbia	columbia	PROPN
cblr-9114	81	3	business	business	NOUN
cblr-9114	81	4	law	law	PROPN
cblr-9114	81	5	review	review	NOUN
cblr-9114	81	6	[	[	X
cblr-9114	81	7	vol	vol	NOUN
cblr-9114	81	8	.	.	NOUN
cblr-9114	81	9	2021	2021	NUM
cblr-9114	81	10	approximately	approximately	ADV
cblr-9114	81	11	97	97	NUM
cblr-9114	81	12	%	%	NOUN
cblr-9114	81	13	of	of	ADP
cblr-9114	81	14	the	the	DET
cblr-9114	81	15	u.s	u.s	PROPN
cblr-9114	81	16	.	.	PROPN
cblr-9114	81	17	market.26	market.26	PROPN
cblr-9114	81	18	marco	marco	PROPN
cblr-9114	81	19	consulting	consulting	PROPN
cblr-9114	81	20	group	group	NOUN
cblr-9114	81	21	,	,	PUNCT
cblr-9114	81	22	proxy	proxy	NOUN
cblr-9114	81	23	governance	governance	NOUN
cblr-9114	81	24	,	,	PUNCT
cblr-9114	81	25	inc	inc	PROPN
cblr-9114	81	26	.	.	PROPN
cblr-9114	81	27	,	,	PUNCT
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cblr-9114	81	29	egan	egan	PROPN
cblr-9114	81	30	-	-	PUNCT
cblr-9114	81	31	jones	jones	PROPN
cblr-9114	81	32	proxy	proxy	PROPN
cblr-9114	81	33	services	service	NOUN
cblr-9114	81	34	round	round	VERB
cblr-9114	81	35	out	out	ADP
cblr-9114	81	36	the	the	DET
cblr-9114	81	37	rest	rest	NOUN
cblr-9114	81	38	of	of	ADP
cblr-9114	81	39	the	the	DET
cblr-9114	81	40	u.s	u.s	PROPN
cblr-9114	81	41	.	.	PROPN
cblr-9114	81	42	market.27	market.27	PROPN
cblr-9114	81	43	a	a	DET
cblr-9114	81	44	working	work	VERB
cblr-9114	81	45	paper	paper	NOUN
cblr-9114	81	46	by	by	ADP
cblr-9114	81	47	professor	professor	PROPN
cblr-9114	81	48	chong	chong	PROPN
cblr-9114	81	49	shu	shu	PROPN
cblr-9114	81	50	analyzes	analyze	VERB
cblr-9114	81	51	proxy	proxy	ADJ
cblr-9114	81	52	advisory	advisory	ADJ
cblr-9114	81	53	firms	firm	NOUN
cblr-9114	81	54	’	'	PUNCT
cblr-9114	81	55	market	market	NOUN
cblr-9114	81	56	share	share	NOUN
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cblr-9114	81	58	mutual	mutual	ADJ
cblr-9114	81	59	funds	fund	NOUN
cblr-9114	81	60	,	,	PUNCT
cblr-9114	81	61	finding	find	VERB
cblr-9114	81	62	that	that	SCONJ
cblr-9114	81	63	the	the	DET
cblr-9114	81	64	iss	iss	PROPN
cblr-9114	81	65	and	and	CCONJ
cblr-9114	81	66	glass	glass	PROPN
cblr-9114	81	67	lewis	lewis	PROPN
cblr-9114	81	68	’	'	PUNCT
cblr-9114	81	69	collective	collective	ADJ
cblr-9114	81	70	market	market	NOUN
cblr-9114	81	71	share	share	NOUN
cblr-9114	81	72	declined	decline	VERB
cblr-9114	81	73	from	from	ADP
cblr-9114	81	74	96.5	96.5	NUM
cblr-9114	81	75	%	%	NOUN
cblr-9114	81	76	to	to	PART
cblr-9114	81	77	91	91	NUM
cblr-9114	81	78	%	%	NOUN
cblr-9114	81	79	between	between	ADP
cblr-9114	81	80	2007	2007	NUM
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cblr-9114	81	82	2017.28	2017.28	NUM
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cblr-9114	81	84	to	to	ADP
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cblr-9114	81	86	shu	shu	NOUN
cblr-9114	81	87	,	,	PUNCT
cblr-9114	81	88	“	"	PUNCT
cblr-9114	81	89	as	as	ADP
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cblr-9114	81	95	63	63	NUM
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cblr-9114	81	97	of	of	ADP
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cblr-9114	81	99	proxy	proxy	ADJ
cblr-9114	81	100	market	market	NOUN
cblr-9114	81	101	for	for	ADP
cblr-9114	81	102	mutual	mutual	ADJ
cblr-9114	81	103	funds	fund	NOUN
cblr-9114	81	104	in	in	ADP
cblr-9114	81	105	the	the	DET
cblr-9114	81	106	u.s	u.s	PROPN
cblr-9114	81	107	.	.	PROPN
cblr-9114	81	108	(	(	PUNCT
cblr-9114	81	109	$	$	SYM
cblr-9114	81	110	13.4	13.4	NUM
cblr-9114	81	111	trillion	trillion	NUM
cblr-9114	81	112	in	in	ADP
cblr-9114	81	113	assets	asset	NOUN
cblr-9114	81	114	from	from	ADP
cblr-9114	81	115	135	135	NUM
cblr-9114	81	116	fund	fund	NOUN
cblr-9114	81	117	families	family	NOUN
cblr-9114	81	118	)	)	PUNCT
cblr-9114	81	119	,	,	PUNCT
cblr-9114	81	120	and	and	CCONJ
cblr-9114	81	121	glass	glass	PROPN
cblr-9114	81	122	lewis	lewis	PROPN
cblr-9114	81	123	controls	control	VERB
cblr-9114	81	124	28	28	NUM
cblr-9114	81	125	percent	percent	NOUN
cblr-9114	81	126	(	(	PUNCT
cblr-9114	81	127	$	$	SYM
cblr-9114	81	128	6.0	6.0	NUM
cblr-9114	81	129	trillion	trillion	NUM
cblr-9114	81	130	in	in	ADP
cblr-9114	81	131	assets	asset	NOUN
cblr-9114	81	132	from	from	ADP
cblr-9114	81	133	27	27	NUM
cblr-9114	81	134	fund	fund	NOUN
cblr-9114	81	135	families).”29	families).”29	PROPN
cblr-9114	81	136	these	these	DET
cblr-9114	81	137	results	result	NOUN
cblr-9114	81	138	appear	appear	VERB
cblr-9114	81	139	similar	similar	ADJ
cblr-9114	81	140	to	to	ADP
cblr-9114	81	141	those	those	PRON
cblr-9114	81	142	of	of	ADP
cblr-9114	81	143	the	the	DET
cblr-9114	81	144	2007	2007	NUM
cblr-9114	81	145	gao	gao	PROPN
cblr-9114	81	146	survey	survey	NOUN
cblr-9114	81	147	,	,	PUNCT
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cblr-9114	81	149	that	that	SCONJ
cblr-9114	81	150	iss	iss	PROPN
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cblr-9114	81	152	successfully	successfully	ADV
cblr-9114	81	153	maintained	maintain	VERB
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cblr-9114	81	156	over	over	ADP
cblr-9114	81	157	the	the	DET
cblr-9114	81	158	past	past	ADJ
cblr-9114	81	159	decade	decade	NOUN
cblr-9114	81	160	.	.	PUNCT
cblr-9114	82	1	iss	iss	PROPN
cblr-9114	82	2	and	and	CCONJ
cblr-9114	82	3	glass	glass	PROPN
cblr-9114	82	4	lewis	lewis	PROPN
cblr-9114	82	5	’s	’s	PART
cblr-9114	82	6	rise	rise	NOUN
cblr-9114	82	7	has	have	AUX
cblr-9114	82	8	coincided	coincide	VERB
cblr-9114	82	9	with	with	ADP
cblr-9114	82	10	a	a	DET
cblr-9114	82	11	dramatic	dramatic	ADJ
cblr-9114	82	12	increase	increase	NOUN
cblr-9114	82	13	in	in	ADP
cblr-9114	82	14	public	public	ADJ
cblr-9114	82	15	equity	equity	NOUN
cblr-9114	82	16	ownership	ownership	NOUN
cblr-9114	82	17	by	by	ADP
cblr-9114	82	18	institutional	institutional	ADJ
cblr-9114	82	19	investors.30	investors.30	NOUN
cblr-9114	82	20	as	as	ADP
cblr-9114	82	21	of	of	ADP
cblr-9114	82	22	2017	2017	NUM
cblr-9114	82	23	,	,	PUNCT
cblr-9114	82	24	institutional	institutional	ADJ
cblr-9114	82	25	investors	investor	NOUN
cblr-9114	82	26	“	"	PUNCT
cblr-9114	82	27	own[ed	own[ed	PROPN
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cblr-9114	82	29	about	about	ADP
cblr-9114	82	30	78	78	NUM
cblr-9114	82	31	%	%	NOUN
cblr-9114	82	32	of	of	ADP
cblr-9114	82	33	the	the	DET
cblr-9114	82	34	market	market	NOUN
cblr-9114	82	35	value	value	NOUN
cblr-9114	82	36	of	of	ADP
cblr-9114	82	37	the	the	DET
cblr-9114	82	38	u.s	u.s	PROPN
cblr-9114	82	39	.	.	PROPN
cblr-9114	82	40	broad	broad	ADJ
cblr-9114	82	41	-	-	PUNCT
cblr-9114	82	42	market	market	NOUN
cblr-9114	82	43	russell	russell	PROPN
cblr-9114	82	44	3000	3000	NUM
cblr-9114	82	45	index	index	NOUN
cblr-9114	82	46	,	,	PUNCT
cblr-9114	82	47	and	and	CCONJ
cblr-9114	82	48	80	80	NUM
cblr-9114	82	49	%	%	NOUN
cblr-9114	82	50	of	of	ADP
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cblr-9114	82	53	-	-	PUNCT
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cblr-9114	82	55	s&p	s&p	PROPN
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cblr-9114	82	57	index	index	NOUN
cblr-9114	82	58	.	.	PUNCT
cblr-9114	83	1	in	in	ADP
cblr-9114	83	2	dollars	dollar	NOUN
cblr-9114	83	3	,	,	PUNCT
cblr-9114	83	4	that	that	PRON
cblr-9114	83	5	is	be	AUX
cblr-9114	83	6	about	about	ADV
cblr-9114	83	7	$	$	SYM
cblr-9114	83	8	21.7	21.7	NUM
cblr-9114	83	9	trillion	trillion	NUM
cblr-9114	83	10	and	and	CCONJ
cblr-9114	83	11	$	$	SYM
cblr-9114	83	12	18	18	NUM
cblr-9114	83	13	trillion	trillion	NUM
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cblr-9114	84	1	.	.	PUNCT
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cblr-9114	85	4	largest	large	ADJ
cblr-9114	85	5	u.s	u.s	PROPN
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cblr-9114	85	8	,	,	PUNCT
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cblr-9114	85	10	26	26	NUM
cblr-9114	86	1	u.s	u.s	PROPN
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cblr-9114	87	1	,	,	PUNCT
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cblr-9114	87	3	-	-	SYM
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cblr-9114	87	5	,	,	PUNCT
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cblr-9114	87	30	&	&	CCONJ
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cblr-9114	87	34	,	,	PUNCT
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cblr-9114	87	36	to	to	PART
cblr-9114	87	37	fix	fix	VERB
cblr-9114	87	38	our	our	PRON
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cblr-9114	87	42	system	system	NOUN
cblr-9114	87	43	8	8	NUM
cblr-9114	87	44	(	(	PUNCT
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cblr-9114	87	47	,	,	PUNCT
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cblr-9114	87	49	4152013.pdf	4152013.pdf	NUM
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cblr-9114	88	4	.	.	PUNCT
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cblr-9114	102	23	heightens	heighten	VERB
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cblr-9114	102	25	and	and	CCONJ
cblr-9114	102	26	glass	glass	PROPN
cblr-9114	102	27	lewis	lewis	PROPN
cblr-9114	102	28	’s	’s	PART
cblr-9114	102	29	influence	influence	NOUN
cblr-9114	102	30	on	on	ADP
cblr-9114	102	31	corporate	corporate	ADJ
cblr-9114	102	32	governance	governance	NOUN
cblr-9114	102	33	regimes	regime	NOUN
cblr-9114	102	34	,	,	PUNCT
cblr-9114	102	35	as	as	SCONJ
cblr-9114	102	36	their	their	PRON
cblr-9114	102	37	clients	client	NOUN
cblr-9114	102	38	collectively	collectively	ADV
cblr-9114	102	39	command	command	VERB
cblr-9114	102	40	the	the	DET
cblr-9114	102	41	market	market	NOUN
cblr-9114	102	42	for	for	ADP
cblr-9114	102	43	equity	equity	NOUN
cblr-9114	102	44	holdings	holding	NOUN
cblr-9114	102	45	in	in	ADP
cblr-9114	102	46	both	both	CCONJ
cblr-9114	102	47	large	large	ADJ
cblr-9114	102	48	and	and	CCONJ
cblr-9114	102	49	middle	middle	ADJ
cblr-9114	102	50	-	-	PUNCT
cblr-9114	102	51	market	market	NOUN
cblr-9114	102	52	public	public	ADJ
cblr-9114	102	53	corporations	corporation	NOUN
cblr-9114	102	54	.	.	PUNCT
cblr-9114	103	1	the	the	DET
cblr-9114	103	2	dominance	dominance	NOUN
cblr-9114	103	3	of	of	ADP
cblr-9114	103	4	these	these	DET
cblr-9114	103	5	two	two	NUM
cblr-9114	103	6	firms	firm	NOUN
cblr-9114	103	7	raises	raise	VERB
cblr-9114	103	8	important	important	ADJ
cblr-9114	103	9	questions	question	NOUN
cblr-9114	103	10	about	about	ADP
cblr-9114	103	11	the	the	DET
cblr-9114	103	12	ability	ability	NOUN
cblr-9114	103	13	of	of	ADP
cblr-9114	103	14	their	their	PRON
cblr-9114	103	15	recommendations	recommendation	NOUN
cblr-9114	103	16	to	to	PART
cblr-9114	103	17	impact	impact	VERB
cblr-9114	103	18	voting	voting	NOUN
cblr-9114	103	19	outcomes	outcome	NOUN
cblr-9114	103	20	.	.	PUNCT
cblr-9114	104	1	researchers	researcher	NOUN
cblr-9114	104	2	have	have	AUX
cblr-9114	104	3	derived	derive	VERB
cblr-9114	104	4	inconsistent	inconsistent	ADJ
cblr-9114	104	5	estimates	estimate	NOUN
cblr-9114	104	6	regarding	regard	VERB
cblr-9114	104	7	the	the	DET
cblr-9114	104	8	impact	impact	NOUN
cblr-9114	104	9	of	of	ADP
cblr-9114	104	10	such	such	ADJ
cblr-9114	104	11	recommendations	recommendation	NOUN
cblr-9114	104	12	on	on	ADP
cblr-9114	104	13	shareholder	shareholder	NOUN
cblr-9114	104	14	voting	voting	NOUN
cblr-9114	104	15	,	,	PUNCT
cblr-9114	104	16	yet	yet	CCONJ
cblr-9114	104	17	even	even	ADV
cblr-9114	104	18	lower	low	ADJ
cblr-9114	104	19	estimates	estimate	NOUN
cblr-9114	104	20	have	have	AUX
cblr-9114	104	21	found	find	VERB
cblr-9114	104	22	a	a	DET
cblr-9114	104	23	substantial	substantial	ADJ
cblr-9114	104	24	impact.32	impact.32	NOUN
cblr-9114	104	25	by	by	ADP
cblr-9114	104	26	taking	take	VERB
cblr-9114	104	27	into	into	ADP
cblr-9114	104	28	account	account	NOUN
cblr-9114	104	29	“	"	PUNCT
cblr-9114	104	30	the	the	DET
cblr-9114	104	31	companyand	companyand	ADV
cblr-9114	104	32	firm	firm	ADJ
cblr-9114	104	33	-	-	PUNCT
cblr-9114	104	34	specific	specific	ADJ
cblr-9114	104	35	factors	factor	NOUN
cblr-9114	104	36	that	that	PRON
cblr-9114	104	37	are	be	AUX
cblr-9114	104	38	important	important	ADJ
cblr-9114	104	39	to	to	ADP
cblr-9114	104	40	investors[,]”33	investors[,]”33	PROPN
cblr-9114	104	41	professors	professor	NOUN
cblr-9114	104	42	stephen	stephen	PROPN
cblr-9114	104	43	choi	choi	PROPN
cblr-9114	104	44	,	,	PUNCT
cblr-9114	104	45	jill	jill	PROPN
cblr-9114	104	46	fisch	fisch	PROPN
cblr-9114	104	47	and	and	CCONJ
cblr-9114	104	48	marcel	marcel	PROPN
cblr-9114	104	49	kahan	kahan	PROPN
cblr-9114	104	50	find	find	VERB
cblr-9114	104	51	that	that	SCONJ
cblr-9114	104	52	“	"	PUNCT
cblr-9114	104	53	an	an	DET
cblr-9114	104	54	iss	iss	PROPN
cblr-9114	104	55	recommendation	recommendation	NOUN
cblr-9114	104	56	shifts	shift	NOUN
cblr-9114	104	57	6	6	NUM
cblr-9114	104	58	%	%	NOUN
cblr-9114	104	59	to	to	PART
cblr-9114	104	60	10	10	NUM
cblr-9114	104	61	%	%	NOUN
cblr-9114	104	62	of	of	ADP
cblr-9114	104	63	shareholder	shareholder	NOUN
cblr-9114	104	64	votes	vote	NOUN
cblr-9114	104	65	—	—	PUNCT
cblr-9114	104	66	a	a	DET
cblr-9114	104	67	material	material	NOUN
cblr-9114	104	68	percentage	percentage	NOUN
cblr-9114	104	69	but	but	CCONJ
cblr-9114	104	70	far	far	ADV
cblr-9114	104	71	less	less	ADJ
cblr-9114	104	72	than	than	ADP
cblr-9114	104	73	commonly	commonly	ADV
cblr-9114	104	74	attributed	attribute	VERB
cblr-9114	104	75	to	to	ADP
cblr-9114	104	76	iss	iss	PROPN
cblr-9114	104	77	.	.	PUNCT
cblr-9114	105	1	”34	”34	PROPN
cblr-9114	105	2	professors	professors	PROPN
cblr-9114	105	3	jie	jie	PROPN
cblr-9114	105	4	cai	cai	PROPN
cblr-9114	105	5	,	,	PUNCT
cblr-9114	105	6	jacqueline	jacqueline	PROPN
cblr-9114	105	7	garner	garner	PROPN
cblr-9114	105	8	and	and	CCONJ
cblr-9114	105	9	ralph	ralph	PROPN
cblr-9114	105	10	walking	walking	PROPN
cblr-9114	105	11	,	,	PUNCT
cblr-9114	105	12	meanwhile	meanwhile	ADV
cblr-9114	105	13	,	,	PUNCT
cblr-9114	105	14	find	find	VERB
cblr-9114	105	15	that	that	SCONJ
cblr-9114	105	16	“	"	PUNCT
cblr-9114	105	17	a	a	DET
cblr-9114	105	18	negative	negative	ADJ
cblr-9114	105	19	iss	iss	PROPN
cblr-9114	105	20	recommendation	recommendation	NOUN
cblr-9114	105	21	is	be	AUX
cblr-9114	105	22	associated	associate	VERB
cblr-9114	105	23	with	with	ADP
cblr-9114	105	24	19	19	NUM
cblr-9114	105	25	%	%	NOUN
cblr-9114	105	26	fewer	few	ADJ
cblr-9114	105	27	votes	vote	NOUN
cblr-9114	105	28	.	.	PUNCT
cblr-9114	106	1	”35	”35	NOUN
cblr-9114	106	2	even	even	ADV
cblr-9114	106	3	accepting	accept	VERB
cblr-9114	106	4	the	the	DET
cblr-9114	106	5	lower	low	ADJ
cblr-9114	106	6	6	6	NUM
cblr-9114	106	7	%	%	NOUN
cblr-9114	106	8	to	to	PART
cblr-9114	106	9	10	10	NUM
cblr-9114	106	10	%	%	NOUN
cblr-9114	106	11	estimate	estimate	NOUN
cblr-9114	106	12	,	,	PUNCT
cblr-9114	106	13	iss	iss	PROPN
cblr-9114	106	14	appears	appear	VERB
cblr-9114	106	15	to	to	PART
cblr-9114	106	16	exert	exert	VERB
cblr-9114	106	17	substantial	substantial	ADJ
cblr-9114	106	18	influence	influence	NOUN
cblr-9114	106	19	over	over	ADP
cblr-9114	106	20	proxy	proxy	ADJ
cblr-9114	106	21	voting	voting	NOUN
cblr-9114	106	22	,	,	PUNCT
cblr-9114	106	23	illustrating	illustrate	VERB
cblr-9114	106	24	the	the	DET
cblr-9114	106	25	importance	importance	NOUN
cblr-9114	106	26	of	of	ADP
cblr-9114	106	27	its	its	PRON
cblr-9114	106	28	voting	voting	NOUN
cblr-9114	106	29	recommendations	recommendation	NOUN
cblr-9114	106	30	.	.	PUNCT
cblr-9114	107	1	31	31	NUM
cblr-9114	107	2	charles	charles	PROPN
cblr-9114	107	3	mcgrath	mcgrath	PROPN
cblr-9114	107	4	,	,	PUNCT
cblr-9114	107	5	80	80	NUM
cblr-9114	107	6	%	%	NOUN
cblr-9114	107	7	of	of	ADP
cblr-9114	107	8	equity	equity	NOUN
cblr-9114	107	9	market	market	NOUN
cblr-9114	107	10	cap	cap	NOUN
cblr-9114	107	11	held	hold	VERB
cblr-9114	107	12	by	by	ADP
cblr-9114	107	13	institutions	institution	NOUN
cblr-9114	107	14	,	,	PUNCT
cblr-9114	107	15	pensions	pension	NOUN
cblr-9114	107	16	&	&	CCONJ
cblr-9114	107	17	inv	inv	PROPN
cblr-9114	107	18	.	.	PUNCT
cblr-9114	108	1	(	(	PUNCT
cblr-9114	108	2	apr	apr	PROPN
cblr-9114	108	3	.	.	PROPN
cblr-9114	108	4	25	25	NUM
cblr-9114	108	5	,	,	PUNCT
cblr-9114	108	6	2017	2017	NUM
cblr-9114	108	7	,	,	PUNCT
cblr-9114	108	8	1:00	1:00	NUM
cblr-9114	108	9	am	am	NOUN
cblr-9114	108	10	)	)	PUNCT
cblr-9114	108	11	,	,	PUNCT
cblr-9114	108	12	https://www.pionline.com/article/20170425/interactive/170429926/80of-equity-market-cap-held-by-institutions	https://www.pionline.com/article/20170425/interactive/170429926/80of-equity-market-cap-held-by-institution	NOUN
cblr-9114	109	1	[	[	X
cblr-9114	109	2	https://perma.cc/9vjg-mxnd	https://perma.cc/9vjg-mxnd	X
cblr-9114	109	3	]	]	X
cblr-9114	109	4	.	.	PUNCT
cblr-9114	110	1	32	32	NUM
cblr-9114	110	2	see	see	VERB
cblr-9114	110	3	,	,	PUNCT
cblr-9114	110	4	e.g.	e.g.	ADV
cblr-9114	110	5	,	,	PUNCT
cblr-9114	110	6	stephen	stephen	PROPN
cblr-9114	110	7	choi	choi	PROPN
cblr-9114	110	8	,	,	PUNCT
cblr-9114	110	9	jill	jill	PROPN
cblr-9114	110	10	fisch	fisch	PROPN
cblr-9114	110	11	&	&	CCONJ
cblr-9114	110	12	marcel	marcel	PROPN
cblr-9114	110	13	kahan	kahan	PROPN
cblr-9114	110	14	,	,	PUNCT
cblr-9114	110	15	the	the	DET
cblr-9114	110	16	power	power	NOUN
cblr-9114	110	17	of	of	ADP
cblr-9114	110	18	proxy	proxy	ADJ
cblr-9114	110	19	advisors	advisor	NOUN
cblr-9114	110	20	:	:	PUNCT
cblr-9114	110	21	myth	myth	NOUN
cblr-9114	110	22	or	or	CCONJ
cblr-9114	110	23	reality	reality	NOUN
cblr-9114	110	24	?	?	PUNCT
cblr-9114	110	25	,	,	PUNCT
cblr-9114	110	26	59	59	NUM
cblr-9114	110	27	emory	emory	PROPN
cblr-9114	110	28	l.j	l.j	PROPN
cblr-9114	110	29	.	.	PROPN
cblr-9114	110	30	869	869	NUM
cblr-9114	110	31	,	,	PUNCT
cblr-9114	110	32	906	906	NUM
cblr-9114	110	33	(	(	PUNCT
cblr-9114	110	34	2010	2010	NUM
cblr-9114	110	35	)	)	PUNCT
cblr-9114	110	36	;	;	PUNCT
cblr-9114	110	37	jie	jie	PROPN
cblr-9114	110	38	cai	cai	PROPN
cblr-9114	110	39	,	,	PUNCT
cblr-9114	110	40	jacqueline	jacqueline	PROPN
cblr-9114	110	41	l.	l.	PROPN
cblr-9114	110	42	garner	garner	PROPN
cblr-9114	110	43	&	&	CCONJ
cblr-9114	110	44	ralph	ralph	PROPN
cblr-9114	110	45	a.	a.	PROPN
cblr-9114	110	46	walking	walking	PROPN
cblr-9114	110	47	,	,	PUNCT
cblr-9114	110	48	electing	elect	VERB
cblr-9114	110	49	directors	director	NOUN
cblr-9114	110	50	,	,	PUNCT
cblr-9114	110	51	64	64	NUM
cblr-9114	110	52	j.	j.	PROPN
cblr-9114	110	53	fin	fin	PROPN
cblr-9114	110	54	.	.	PUNCT
cblr-9114	110	55	2389	2389	NUM
cblr-9114	110	56	,	,	PUNCT
cblr-9114	110	57	2404	2404	NUM
cblr-9114	110	58	(	(	PUNCT
cblr-9114	110	59	2009	2009	NUM
cblr-9114	110	60	)	)	PUNCT
cblr-9114	110	61	.	.	PUNCT
cblr-9114	111	1	33	33	NUM
cblr-9114	111	2	choi	choi	NOUN
cblr-9114	111	3	et	et	PROPN
cblr-9114	111	4	al	al	PROPN
cblr-9114	111	5	.	.	PROPN
cblr-9114	111	6	,	,	PUNCT
cblr-9114	111	7	supra	supra	PROPN
cblr-9114	111	8	note	note	NOUN
cblr-9114	111	9	32	32	NUM
cblr-9114	111	10	.	.	PUNCT
cblr-9114	112	1	34	34	NUM
cblr-9114	113	1	i	i	PROPN
cblr-9114	113	2	d.	d.	PROPN
cblr-9114	113	3	35	35	NUM
cblr-9114	113	4	cai	cai	X
cblr-9114	113	5	et	et	PROPN
cblr-9114	113	6	al	al	PROPN
cblr-9114	113	7	.	.	PROPN
cblr-9114	113	8	,	,	PUNCT
cblr-9114	113	9	supra	supra	PROPN
cblr-9114	113	10	note	note	NOUN
cblr-9114	113	11	32	32	NUM
cblr-9114	113	12	.	.	PUNCT
cblr-9114	114	1	director	director	NOUN
cblr-9114	114	2	and	and	CCONJ
cblr-9114	114	3	firm	firm	ADJ
cblr-9114	114	4	performance	performance	NOUN
cblr-9114	114	5	typically	typically	ADV
cblr-9114	114	6	have	have	VERB
cblr-9114	114	7	only	only	ADV
cblr-9114	114	8	a	a	DET
cblr-9114	114	9	small	small	ADJ
cblr-9114	114	10	effect	effect	NOUN
cblr-9114	114	11	on	on	ADP
cblr-9114	114	12	shareholder	shareholder	NOUN
cblr-9114	114	13	voting	voting	NOUN
cblr-9114	114	14	.	.	PUNCT
cblr-9114	115	1	for	for	ADP
cblr-9114	115	2	example	example	NOUN
cblr-9114	115	3	,	,	PUNCT
cblr-9114	115	4	“	"	PUNCT
cblr-9114	115	5	votes	vote	NOUN
cblr-9114	115	6	exceeding	exceed	VERB
cblr-9114	115	7	90	90	NUM
cblr-9114	115	8	%	%	NOUN
cblr-9114	115	9	are	be	AUX
cblr-9114	115	10	the	the	DET
cblr-9114	115	11	norm	norm	NOUN
cblr-9114	115	12	even	even	ADV
cblr-9114	115	13	for	for	ADP
cblr-9114	115	14	poorly	poorly	ADV
cblr-9114	115	15	performing	perform	VERB
cblr-9114	115	16	firms	firm	NOUN
cblr-9114	115	17	and	and	CCONJ
cblr-9114	115	18	directors	director	NOUN
cblr-9114	115	19	.	.	PUNCT
cblr-9114	115	20	”	"	PUNCT
cblr-9114	116	1	however	however	ADV
cblr-9114	116	2	,	,	PUNCT
cblr-9114	116	3	“	"	PUNCT
cblr-9114	116	4	[	[	X
cblr-9114	116	5	t]here	t]here	NOUN
cblr-9114	116	6	are	be	AUX
cblr-9114	116	7	two	two	NUM
cblr-9114	116	8	exceptions	exception	NOUN
cblr-9114	116	9	:	:	PUNCT
cblr-9114	116	10	directors	director	NOUN
cblr-9114	116	11	attending	attend	VERB
cblr-9114	116	12	less	less	ADJ
cblr-9114	116	13	than	than	ADP
cblr-9114	116	14	75	75	NUM
cblr-9114	116	15	%	%	NOUN
cblr-9114	116	16	of	of	ADP
cblr-9114	116	17	board	board	NOUN
cblr-9114	116	18	meetings	meeting	NOUN
cblr-9114	116	19	or	or	CCONJ
cblr-9114	116	20	receiving	receive	VERB
cblr-9114	116	21	a	a	DET
cblr-9114	116	22	negative	negative	ADJ
cblr-9114	116	23	iss	iss	PROPN
cblr-9114	116	24	recommendation	recommendation	NOUN
cblr-9114	116	25	receive	receive	VERB
cblr-9114	116	26	14	14	NUM
cblr-9114	116	27	%	%	NOUN
cblr-9114	116	28	and	and	CCONJ
cblr-9114	116	29	19	19	NUM
cblr-9114	116	30	%	%	NOUN
cblr-9114	116	31	fewer	few	ADJ
cblr-9114	116	32	votes	vote	NOUN
cblr-9114	116	33	,	,	PUNCT
cblr-9114	116	34	respectively	respectively	ADV
cblr-9114	116	35	.	.	PUNCT
cblr-9114	116	36	”	"	PUNCT
cblr-9114	117	1	i	i	PRON
cblr-9114	117	2	d.	d.	PROPN
cblr-9114	117	3	at	at	ADP
cblr-9114	117	4	2391	2391	NUM
cblr-9114	117	5	.	.	PUNCT
cblr-9114	118	1	1496	1496	NUM
cblr-9114	118	2	columbia	columbia	PROPN
cblr-9114	118	3	business	business	PROPN
cblr-9114	118	4	law	law	PROPN
cblr-9114	118	5	review	review	NOUN
cblr-9114	118	6	[	[	X
cblr-9114	118	7	vol	vol	NOUN
cblr-9114	118	8	.	.	NOUN
cblr-9114	118	9	2021	2021	NUM
cblr-9114	118	10	c.	c.	NOUN
cblr-9114	118	11	automated	automate	VERB
cblr-9114	118	12	voting	voting	NOUN
cblr-9114	118	13	by	by	ADP
cblr-9114	118	14	investment	investment	NOUN
cblr-9114	118	15	advisors	advisor	NOUN
cblr-9114	118	16	the	the	DET
cblr-9114	118	17	simultaneous	simultaneous	ADJ
cblr-9114	118	18	increase	increase	NOUN
cblr-9114	118	19	in	in	ADP
cblr-9114	118	20	prevalence	prevalence	NOUN
cblr-9114	118	21	of	of	ADP
cblr-9114	118	22	a	a	DET
cblr-9114	118	23	practice	practice	NOUN
cblr-9114	118	24	known	know	VERB
cblr-9114	118	25	as	as	ADP
cblr-9114	118	26	“	"	PUNCT
cblr-9114	118	27	robo	robo	NOUN
cblr-9114	118	28	-	-	PUNCT
cblr-9114	118	29	voting	voting	NOUN
cblr-9114	118	30	”	"	PUNCT
cblr-9114	118	31	by	by	ADP
cblr-9114	118	32	proxy	proxy	ADJ
cblr-9114	118	33	advisory	advisory	ADJ
cblr-9114	118	34	firms	firm	NOUN
cblr-9114	118	35	’	'	PUNCT
cblr-9114	118	36	clients	client	NOUN
cblr-9114	118	37	has	have	AUX
cblr-9114	118	38	resulted	result	VERB
cblr-9114	118	39	in	in	ADP
cblr-9114	118	40	further	further	ADJ
cblr-9114	118	41	concern	concern	NOUN
cblr-9114	118	42	regarding	regard	VERB
cblr-9114	118	43	the	the	DET
cblr-9114	118	44	influence	influence	NOUN
cblr-9114	118	45	of	of	ADP
cblr-9114	118	46	advisory	advisory	ADJ
cblr-9114	118	47	recommendations	recommendation	NOUN
cblr-9114	118	48	.	.	PUNCT
cblr-9114	119	1	both	both	CCONJ
cblr-9114	119	2	iss	iss	PROPN
cblr-9114	119	3	and	and	CCONJ
cblr-9114	119	4	glass	glass	PROPN
cblr-9114	119	5	lewis	lewis	PROPN
cblr-9114	119	6	offer	offer	VERB
cblr-9114	119	7	their	their	PRON
cblr-9114	119	8	clients	client	NOUN
cblr-9114	119	9	a	a	DET
cblr-9114	119	10	service	service	NOUN
cblr-9114	119	11	in	in	ADP
cblr-9114	119	12	which	which	PRON
cblr-9114	119	13	they	they	PRON
cblr-9114	119	14	pre	pre	VERB
cblr-9114	119	15	-	-	VERB
cblr-9114	119	16	populate	populate	VERB
cblr-9114	119	17	the	the	DET
cblr-9114	119	18	voting	voting	NOUN
cblr-9114	119	19	guidelines	guideline	NOUN
cblr-9114	119	20	for	for	ADP
cblr-9114	119	21	proxy	proxy	ADJ
cblr-9114	119	22	cards	card	NOUN
cblr-9114	119	23	,	,	PUNCT
cblr-9114	119	24	requiring	require	VERB
cblr-9114	119	25	an	an	DET
cblr-9114	119	26	affirmative	affirmative	ADJ
cblr-9114	119	27	act	act	NOUN
cblr-9114	119	28	by	by	ADP
cblr-9114	119	29	the	the	DET
cblr-9114	119	30	client	client	NOUN
cblr-9114	119	31	to	to	PART
cblr-9114	119	32	override	override	VERB
cblr-9114	119	33	the	the	DET
cblr-9114	119	34	proxy	proxy	ADJ
cblr-9114	119	35	advisory	advisory	ADJ
cblr-9114	119	36	firm	firm	NOUN
cblr-9114	119	37	’s	’s	PART
cblr-9114	119	38	voting	voting	NOUN
cblr-9114	119	39	guidelines.36	guidelines.36	NOUN
cblr-9114	119	40	as	as	ADP
cblr-9114	119	41	professor	professor	PROPN
cblr-9114	119	42	shu	shu	PROPN
cblr-9114	119	43	notes	note	VERB
cblr-9114	119	44	,	,	PUNCT
cblr-9114	119	45	“	"	PUNCT
cblr-9114	119	46	[	[	X
cblr-9114	119	47	w]hile	w]hile	ADP
cblr-9114	119	48	there	there	PRON
cblr-9114	119	49	is	be	VERB
cblr-9114	119	50	no	no	DET
cblr-9114	119	51	uniform	uniform	ADJ
cblr-9114	119	52	definition	definition	NOUN
cblr-9114	119	53	for	for	ADP
cblr-9114	119	54	robo	robo	NOUN
cblr-9114	119	55	-	-	PUNCT
cblr-9114	119	56	voting	voting	NOUN
cblr-9114	119	57	,	,	PUNCT
cblr-9114	119	58	it	it	PRON
cblr-9114	119	59	generally	generally	ADV
cblr-9114	119	60	denotes	denote	VERB
cblr-9114	119	61	the	the	DET
cblr-9114	119	62	practice	practice	NOUN
cblr-9114	119	63	of	of	ADP
cblr-9114	119	64	investors	investor	NOUN
cblr-9114	119	65	automatically	automatically	ADV
cblr-9114	119	66	relying	rely	VERB
cblr-9114	119	67	on	on	ADP
cblr-9114	119	68	proxy	proxy	ADJ
cblr-9114	119	69	advisors	advisor	NOUN
cblr-9114	119	70	’	'	PUNCT
cblr-9114	119	71	recommendations	recommendation	NOUN
cblr-9114	119	72	without	without	ADP
cblr-9114	119	73	evaluating	evaluate	VERB
cblr-9114	119	74	the	the	DET
cblr-9114	119	75	analysis	analysis	NOUN
cblr-9114	119	76	underpinning	underpin	VERB
cblr-9114	119	77	them	they	PRON
cblr-9114	119	78	.	.	PUNCT
cblr-9114	120	1	”37	”37	ADP
cblr-9114	120	2	as	as	ADP
cblr-9114	120	3	part	part	NOUN
cblr-9114	120	4	of	of	ADP
cblr-9114	120	5	the	the	DET
cblr-9114	120	6	effort	effort	NOUN
cblr-9114	120	7	to	to	PART
cblr-9114	120	8	ensure	ensure	VERB
cblr-9114	120	9	investment	investment	NOUN
cblr-9114	120	10	advisors	advisor	NOUN
cblr-9114	120	11	vote	vote	VERB
cblr-9114	120	12	shares	share	NOUN
cblr-9114	120	13	in	in	ADP
cblr-9114	120	14	the	the	DET
cblr-9114	120	15	best	good	ADJ
cblr-9114	120	16	interests	interest	NOUN
cblr-9114	120	17	of	of	ADP
cblr-9114	120	18	their	their	PRON
cblr-9114	120	19	clients,38	clients,38	NOUN
cblr-9114	120	20	the	the	DET
cblr-9114	120	21	commission	commission	NOUN
cblr-9114	120	22	issued	issue	VERB
cblr-9114	120	23	rule	rule	NOUN
cblr-9114	120	24	206(4)-6	206(4)-6	NUM
cblr-9114	120	25	,	,	PUNCT
cblr-9114	120	26	stating	state	VERB
cblr-9114	120	27	that	that	SCONJ
cblr-9114	120	28	all	all	DET
cblr-9114	120	29	investment	investment	NOUN
cblr-9114	120	30	advisors	advisor	NOUN
cblr-9114	120	31	registered	register	VERB
cblr-9114	120	32	with	with	ADP
cblr-9114	120	33	the	the	DET
cblr-9114	120	34	commission	commission	NOUN
cblr-9114	120	35	under	under	ADP
cblr-9114	120	36	section	section	NOUN
cblr-9114	120	37	203	203	NUM
cblr-9114	120	38	of	of	ADP
cblr-9114	120	39	the	the	DET
cblr-9114	120	40	investment	investment	NOUN
cblr-9114	120	41	advisors	advisor	NOUN
cblr-9114	120	42	act	act	VERB
cblr-9114	120	43	engage	engage	VERB
cblr-9114	120	44	in	in	ADP
cblr-9114	120	45	fraudulent	fraudulent	ADJ
cblr-9114	120	46	behavior	behavior	NOUN
cblr-9114	120	47	by	by	ADP
cblr-9114	120	48	exercising	exercise	VERB
cblr-9114	120	49	voting	voting	NOUN
cblr-9114	120	50	authority	authority	NOUN
cblr-9114	120	51	with	with	ADP
cblr-9114	120	52	respect	respect	NOUN
cblr-9114	120	53	to	to	ADP
cblr-9114	120	54	client	client	NOUN
cblr-9114	120	55	securities	security	NOUN
cblr-9114	120	56	,	,	PUNCT
cblr-9114	120	57	unless	unless	SCONJ
cblr-9114	120	58	they	they	PRON
cblr-9114	120	59	:	:	PUNCT
cblr-9114	120	60	(	(	PUNCT
cblr-9114	120	61	a	a	X
cblr-9114	120	62	)	)	PUNCT
cblr-9114	120	63	adopt	adopt	NOUN
cblr-9114	120	64	and	and	CCONJ
cblr-9114	120	65	implement	implement	VERB
cblr-9114	120	66	written	write	VERB
cblr-9114	120	67	policies	policy	NOUN
cblr-9114	120	68	and	and	CCONJ
cblr-9114	120	69	procedures	procedure	NOUN
cblr-9114	120	70	that	that	PRON
cblr-9114	120	71	are	be	AUX
cblr-9114	120	72	reasonably	reasonably	ADV
cblr-9114	120	73	designed	design	VERB
cblr-9114	120	74	to	to	PART
cblr-9114	120	75	ensure	ensure	VERB
cblr-9114	120	76	that	that	SCONJ
cblr-9114	120	77	[	[	X
cblr-9114	120	78	they	they	PRON
cblr-9114	120	79	]	]	PUNCT
cblr-9114	120	80	vote	vote	NOUN
cblr-9114	120	81	client	client	NOUN
cblr-9114	120	82	securities	security	NOUN
cblr-9114	120	83	in	in	ADP
cblr-9114	120	84	the	the	DET
cblr-9114	120	85	best	good	ADJ
cblr-9114	120	86	interest	interest	NOUN
cblr-9114	120	87	of	of	ADP
cblr-9114	120	88	clients	client	NOUN
cblr-9114	120	89	,	,	PUNCT
cblr-9114	120	90	which	which	DET
cblr-9114	120	91	procedures	procedure	NOUN
cblr-9114	120	92	must	must	AUX
cblr-9114	120	93	include	include	VERB
cblr-9114	120	94	how	how	SCONJ
cblr-9114	120	95	[	[	X
cblr-9114	120	96	they	they	PRON
cblr-9114	120	97	]	]	PUNCT
cblr-9114	120	98	address	address	NOUN
cblr-9114	120	99	material	material	NOUN
cblr-9114	120	100	conflicts	conflict	NOUN
cblr-9114	120	101	that	that	PRON
cblr-9114	120	102	may	may	AUX
cblr-9114	120	103	arise	arise	VERB
cblr-9114	120	104	between	between	ADP
cblr-9114	120	105	[	[	PUNCT
cblr-9114	120	106	their	their	PRON
cblr-9114	120	107	]	]	PUNCT
cblr-9114	120	108	interests	interest	NOUN
cblr-9114	120	109	and	and	CCONJ
cblr-9114	120	110	those	those	PRON
cblr-9114	120	111	of	of	ADP
cblr-9114	120	112	[	[	X
cblr-9114	120	113	their	their	PRON
cblr-9114	120	114	]	]	PUNCT
cblr-9114	120	115	clients	client	NOUN
cblr-9114	120	116	;	;	PUNCT
cblr-9114	120	117	(	(	PUNCT
cblr-9114	120	118	b	b	X
cblr-9114	120	119	)	)	PUNCT
cblr-9114	120	120	disclose	disclose	VERB
cblr-9114	120	121	to	to	ADP
cblr-9114	120	122	clients	client	NOUN
cblr-9114	120	123	how	how	SCONJ
cblr-9114	120	124	they	they	PRON
cblr-9114	120	125	may	may	AUX
cblr-9114	120	126	obtain	obtain	VERB
cblr-9114	120	127	information	information	NOUN
cblr-9114	120	128	from	from	ADP
cblr-9114	120	129	[	[	X
cblr-9114	120	130	them	they	PRON
cblr-9114	120	131	]	]	PUNCT
cblr-9114	120	132	about	about	ADP
cblr-9114	120	133	how	how	SCONJ
cblr-9114	120	134	[	[	AUX
cblr-9114	120	135	the	the	DET
cblr-9114	120	136	advisor	advisor	NOUN
cblr-9114	120	137	]	]	PUNCT
cblr-9114	120	138	voted	vote	VERB
cblr-9114	120	139	with	with	ADP
cblr-9114	120	140	respect	respect	NOUN
cblr-9114	120	141	to	to	ADP
cblr-9114	120	142	their	their	PRON
cblr-9114	120	143	[	[	NOUN
cblr-9114	120	144	clients	client	NOUN
cblr-9114	120	145	’	'	PUNCT
cblr-9114	120	146	]	]	PUNCT
cblr-9114	120	147	securities	security	NOUN
cblr-9114	120	148	;	;	PUNCT
cblr-9114	120	149	and	and	CCONJ
cblr-9114	120	150	(	(	PUNCT
cblr-9114	120	151	c	c	X
cblr-9114	120	152	)	)	PUNCT
cblr-9114	120	153	describe	describe	NOUN
cblr-9114	120	154	to	to	ADP
cblr-9114	120	155	clients	client	NOUN
cblr-9114	120	156	[	[	X
cblr-9114	120	157	their	their	PRON
cblr-9114	120	158	]	]	X
cblr-9114	120	159	proxy	proxy	NOUN
cblr-9114	120	160	voting	voting	NOUN
cblr-9114	120	161	policies	policy	NOUN
cblr-9114	120	162	and	and	CCONJ
cblr-9114	120	163	procedures	procedure	NOUN
cblr-9114	120	164	36	36	NUM
cblr-9114	120	165	see	see	VERB
cblr-9114	120	166	letter	letter	NOUN
cblr-9114	120	167	from	from	ADP
cblr-9114	120	168	gary	gary	PROPN
cblr-9114	120	169	a.	a.	PROPN
cblr-9114	120	170	la	la	PROPN
cblr-9114	120	171	branche	branche	PROPN
cblr-9114	120	172	,	,	PUNCT
cblr-9114	120	173	president	president	PROPN
cblr-9114	120	174	&	&	CCONJ
cblr-9114	120	175	ceo	ceo	PROPN
cblr-9114	120	176	,	,	PUNCT
cblr-9114	120	177	nat’l	nat’l	NOUN
cblr-9114	120	178	inv	inv	PROPN
cblr-9114	120	179	.	.	PUNCT
cblr-9114	121	1	rel	rel	PROPN
cblr-9114	121	2	.	.	PUNCT
cblr-9114	121	3	inst	inst	PROPN
cblr-9114	121	4	.	.	PROPN
cblr-9114	121	5	,	,	PUNCT
cblr-9114	121	6	to	to	ADP
cblr-9114	121	7	jay	jay	PROPN
cblr-9114	121	8	clayton	clayton	PROPN
cblr-9114	121	9	,	,	PUNCT
cblr-9114	121	10	chair	chair	PROPN
cblr-9114	121	11	,	,	PUNCT
cblr-9114	121	12	u.s	u.s	PROPN
cblr-9114	121	13	.	.	PROPN
cblr-9114	121	14	sec	sec	PROPN
cblr-9114	121	15	.	.	PROPN
cblr-9114	121	16	&	&	CCONJ
cblr-9114	121	17	exch	exch	PROPN
cblr-9114	121	18	.	.	PUNCT
cblr-9114	122	1	comm’n	comm’n	PROPN
cblr-9114	122	2	(	(	PUNCT
cblr-9114	122	3	aug	aug	PROPN
cblr-9114	122	4	.	.	PROPN
cblr-9114	122	5	3	3	NUM
cblr-9114	122	6	,	,	PUNCT
cblr-9114	122	7	2017	2017	NUM
cblr-9114	122	8	)	)	PUNCT
cblr-9114	122	9	,	,	PUNCT
cblr-9114	122	10	https://www.niri.org/niri/media/niri-resources/niri-sec-letter-pafirms-august-2017.pdf	https://www.niri.org/niri/media/niri-resources/niri-sec-letter-pafirms-august-2017.pdf	PROPN
cblr-9114	122	11	[	[	X
cblr-9114	122	12	https://perma.cc/nm65-6cwt	https://perma.cc/nm65-6cwt	PROPN
cblr-9114	122	13	]	]	X
cblr-9114	122	14	.	.	PUNCT
cblr-9114	123	1	37	37	NUM
cblr-9114	123	2	see	see	VERB
cblr-9114	123	3	shu	shu	PROPN
cblr-9114	123	4	,	,	PUNCT
cblr-9114	123	5	supra	supra	PROPN
cblr-9114	123	6	note	note	PROPN
cblr-9114	123	7	28	28	NUM
cblr-9114	123	8	(	(	PUNCT
cblr-9114	123	9	manuscript	manuscript	NOUN
cblr-9114	123	10	at	at	ADP
cblr-9114	123	11	11	11	NUM
cblr-9114	123	12	)	)	PUNCT
cblr-9114	123	13	.	.	PUNCT
cblr-9114	124	1	38	38	NUM
cblr-9114	124	2	see	see	VERB
cblr-9114	124	3	disclosure	disclosure	NOUN
cblr-9114	124	4	of	of	ADP
cblr-9114	124	5	proxy	proxy	ADJ
cblr-9114	124	6	voting	voting	NOUN
cblr-9114	124	7	policies	policy	NOUN
cblr-9114	124	8	voting	vote	VERB
cblr-9114	124	9	records	record	NOUN
cblr-9114	124	10	by	by	ADP
cblr-9114	124	11	registered	registered	ADJ
cblr-9114	124	12	management	management	NOUN
cblr-9114	124	13	investment	investment	NOUN
cblr-9114	124	14	companies	company	NOUN
cblr-9114	124	15	,	,	PUNCT
cblr-9114	124	16	securities	security	NOUN
cblr-9114	124	17	act	act	NOUN
cblr-9114	124	18	release	release	VERB
cblr-9114	124	19	no	no	PRON
cblr-9114	124	20	.	.	NOUN
cblr-9114	124	21	8188	8188	NUM
cblr-9114	124	22	,	,	PUNCT
cblr-9114	124	23	exchange	exchange	NOUN
cblr-9114	124	24	act	act	NOUN
cblr-9114	124	25	release	release	VERB
cblr-9114	124	26	no	no	NOUN
cblr-9114	124	27	.	.	NOUN
cblr-9114	124	28	47,304	47,304	NUM
cblr-9114	124	29	,	,	PUNCT
cblr-9114	124	30	investment	investment	NOUN
cblr-9114	124	31	company	company	NOUN
cblr-9114	124	32	act	act	VERB
cblr-9114	124	33	release	release	VERB
cblr-9114	124	34	no	no	PRON
cblr-9114	124	35	.	.	NOUN
cblr-9114	124	36	25,922	25,922	NUM
cblr-9114	124	37	,	,	PUNCT
cblr-9114	124	38	68	68	NUM
cblr-9114	124	39	fed	feed	VERB
cblr-9114	124	40	.	.	PUNCT
cblr-9114	125	1	reg	reg	PROPN
cblr-9114	125	2	.	.	PUNCT
cblr-9114	126	1	6564	6564	NUM
cblr-9114	126	2	(	(	PUNCT
cblr-9114	126	3	feb	feb	PROPN
cblr-9114	126	4	.	.	PROPN
cblr-9114	126	5	7	7	NUM
cblr-9114	126	6	,	,	PUNCT
cblr-9114	126	7	2003	2003	NUM
cblr-9114	126	8	)	)	PUNCT
cblr-9114	126	9	(	(	PUNCT
cblr-9114	126	10	to	to	PART
cblr-9114	126	11	be	be	AUX
cblr-9114	126	12	codified	codify	VERB
cblr-9114	126	13	at	at	ADP
cblr-9114	126	14	17	17	NUM
cblr-9114	126	15	c.f.r	c.f.r	NOUN
cblr-9114	126	16	.	.	PUNCT
cblr-9114	127	1	pts	pts	PROPN
cblr-9114	127	2	.	.	PROPN
cblr-9114	127	3	239	239	NUM
cblr-9114	127	4	,	,	PUNCT
cblr-9114	127	5	249	249	NUM
cblr-9114	127	6	,	,	PUNCT
cblr-9114	127	7	270	270	NUM
cblr-9114	127	8	,	,	PUNCT
cblr-9114	127	9	274	274	NUM
cblr-9114	127	10	)	)	PUNCT
cblr-9114	127	11	.	.	PUNCT
cblr-9114	128	1	no	no	INTJ
cblr-9114	128	2	.	.	PUNCT
cblr-9114	129	1	3:1487	3:1487	NUM
cblr-9114	129	2	]	]	X
cblr-9114	129	3	proxy	proxy	ADJ
cblr-9114	129	4	advisory	advisory	ADJ
cblr-9114	129	5	firms	firm	NOUN
cblr-9114	129	6	’	'	PUNCT
cblr-9114	129	7	conflicts	conflict	NOUN
cblr-9114	129	8	of	of	ADP
cblr-9114	129	9	interest	interest	NOUN
cblr-9114	129	10	1497	1497	NUM
cblr-9114	129	11	and	and	CCONJ
cblr-9114	129	12	,	,	PUNCT
cblr-9114	129	13	upon	upon	SCONJ
cblr-9114	129	14	request	request	NOUN
cblr-9114	129	15	,	,	PUNCT
cblr-9114	129	16	furnish	furnish	VERB
cblr-9114	129	17	a	a	DET
cblr-9114	129	18	copy	copy	NOUN
cblr-9114	129	19	of	of	ADP
cblr-9114	129	20	the	the	DET
cblr-9114	129	21	policies	policy	NOUN
cblr-9114	129	22	and	and	CCONJ
cblr-9114	129	23	procedures	procedure	NOUN
cblr-9114	129	24	to	to	ADP
cblr-9114	129	25	the	the	DET
cblr-9114	129	26	requesting	request	VERB
cblr-9114	129	27	client.39	client.39	NOUN
cblr-9114	129	28	while	while	SCONJ
cblr-9114	129	29	this	this	DET
cblr-9114	129	30	rule	rule	NOUN
cblr-9114	129	31	served	serve	VERB
cblr-9114	129	32	to	to	PART
cblr-9114	129	33	bolster	bolster	VERB
cblr-9114	129	34	the	the	DET
cblr-9114	129	35	nascent	nascent	ADJ
cblr-9114	129	36	proxy	proxy	ADJ
cblr-9114	129	37	advisory	advisory	ADJ
cblr-9114	129	38	market	market	NOUN
cblr-9114	129	39	,	,	PUNCT
cblr-9114	129	40	it	it	PRON
cblr-9114	129	41	also	also	ADV
cblr-9114	129	42	imposes	impose	VERB
cblr-9114	129	43	continued	continued	ADJ
cblr-9114	129	44	responsibilities	responsibility	NOUN
cblr-9114	129	45	—	—	PUNCT
cblr-9114	129	46	stemming	stem	VERB
cblr-9114	129	47	from	from	ADP
cblr-9114	129	48	their	their	PRON
cblr-9114	129	49	fiduciary	fiduciary	ADJ
cblr-9114	129	50	duties40	duties40	NOUN
cblr-9114	129	51	—	—	PUNCT
cblr-9114	129	52	on	on	ADP
cblr-9114	129	53	investment	investment	NOUN
cblr-9114	129	54	advisors	advisor	NOUN
cblr-9114	129	55	who	who	PRON
cblr-9114	129	56	rely	rely	VERB
cblr-9114	129	57	on	on	ADP
cblr-9114	129	58	proxy	proxy	ADJ
cblr-9114	129	59	voting	voting	NOUN
cblr-9114	129	60	recommendations	recommendation	NOUN
cblr-9114	129	61	from	from	ADP
cblr-9114	129	62	proxy	proxy	ADJ
cblr-9114	129	63	advisory	advisory	ADJ
cblr-9114	129	64	firms	firm	NOUN
cblr-9114	129	65	.	.	PUNCT
cblr-9114	130	1	nonetheless	nonetheless	ADV
cblr-9114	130	2	,	,	PUNCT
cblr-9114	130	3	investment	investment	NOUN
cblr-9114	130	4	advisors	advisor	NOUN
cblr-9114	130	5	seeking	seek	VERB
cblr-9114	130	6	to	to	PART
cblr-9114	130	7	reduce	reduce	VERB
cblr-9114	130	8	the	the	DET
cblr-9114	130	9	significant	significant	ADJ
cblr-9114	130	10	cost	cost	NOUN
cblr-9114	130	11	of	of	ADP
cblr-9114	130	12	proxy	proxy	ADJ
cblr-9114	130	13	research	research	NOUN
cblr-9114	130	14	can	can	AUX
cblr-9114	130	15	,	,	PUNCT
cblr-9114	130	16	and	and	CCONJ
cblr-9114	130	17	often	often	ADV
cblr-9114	130	18	do	do	AUX
cblr-9114	130	19	,	,	PUNCT
cblr-9114	130	20	defer	defer	VERB
cblr-9114	130	21	to	to	ADP
cblr-9114	130	22	proxy	proxy	ADJ
cblr-9114	130	23	advisory	advisory	ADJ
cblr-9114	130	24	firms	firm	NOUN
cblr-9114	130	25	’	’	PART
cblr-9114	130	26	recommendations	recommendation	NOUN
cblr-9114	130	27	rather	rather	ADV
cblr-9114	130	28	than	than	ADP
cblr-9114	130	29	engaging	engage	VERB
cblr-9114	130	30	in	in	ADP
cblr-9114	130	31	their	their	PRON
cblr-9114	130	32	own	own	ADJ
cblr-9114	130	33	diligence	diligence	NOUN
cblr-9114	130	34	and	and	CCONJ
cblr-9114	130	35	research.41	research.41	NOUN
cblr-9114	130	36	this	this	DET
cblr-9114	130	37	reliance	reliance	NOUN
cblr-9114	130	38	raises	raise	VERB
cblr-9114	130	39	concerns	concern	NOUN
cblr-9114	130	40	over	over	ADP
cblr-9114	130	41	whether	whether	SCONJ
cblr-9114	130	42	these	these	DET
cblr-9114	130	43	firms	firm	NOUN
cblr-9114	130	44	are	be	AUX
cblr-9114	130	45	actually	actually	ADV
cblr-9114	130	46	voting	vote	VERB
cblr-9114	130	47	“	"	PUNCT
cblr-9114	130	48	client	client	NOUN
cblr-9114	130	49	securities	security	NOUN
cblr-9114	130	50	in	in	ADP
cblr-9114	130	51	the	the	DET
cblr-9114	130	52	best	good	ADJ
cblr-9114	130	53	interest	interest	NOUN
cblr-9114	130	54	of	of	ADP
cblr-9114	130	55	clients	client	NOUN
cblr-9114	130	56	.	.	PUNCT
cblr-9114	131	1	”42	”42	VERB
cblr-9114	131	2	d.	d.	PROPN
cblr-9114	131	3	regulation	regulation	NOUN
cblr-9114	131	4	of	of	ADP
cblr-9114	131	5	the	the	DET
cblr-9114	131	6	proxy	proxy	ADJ
cblr-9114	131	7	advisory	advisory	ADJ
cblr-9114	131	8	industry	industry	NOUN
cblr-9114	131	9	prior	prior	ADV
cblr-9114	131	10	to	to	ADP
cblr-9114	131	11	the	the	DET
cblr-9114	131	12	july	july	PROPN
cblr-9114	131	13	2020	2020	NUM
cblr-9114	131	14	rules	rule	NOUN
cblr-9114	131	15	commentators	commentator	NOUN
cblr-9114	131	16	have	have	AUX
cblr-9114	131	17	described	describe	VERB
cblr-9114	131	18	the	the	DET
cblr-9114	131	19	regulatory	regulatory	ADJ
cblr-9114	131	20	regime	regime	NOUN
cblr-9114	131	21	for	for	ADP
cblr-9114	131	22	the	the	DET
cblr-9114	131	23	proxy	proxy	ADJ
cblr-9114	131	24	advisory	advisory	ADJ
cblr-9114	131	25	industry	industry	NOUN
cblr-9114	131	26	as	as	ADP
cblr-9114	131	27	a	a	DET
cblr-9114	131	28	“	"	PUNCT
cblr-9114	131	29	patchwork	patchwork	NOUN
cblr-9114	131	30	quilt	quilt	NOUN
cblr-9114	131	31	.	.	PUNCT
cblr-9114	132	1	”43	”43	PROPN
cblr-9114	132	2	the	the	DET
cblr-9114	132	3	first	first	ADJ
cblr-9114	132	4	regulatory	regulatory	ADJ
cblr-9114	132	5	patch	patch	NOUN
cblr-9114	132	6	comes	come	VERB
cblr-9114	132	7	from	from	ADP
cblr-9114	132	8	the	the	DET
cblr-9114	132	9	investment	investment	NOUN
cblr-9114	132	10	advisors	advisor	NOUN
cblr-9114	132	11	act	act	VERB
cblr-9114	132	12	of	of	ADP
cblr-9114	132	13	39	39	NUM
cblr-9114	132	14	proxy	proxy	NOUN
cblr-9114	132	15	voting	voting	NOUN
cblr-9114	132	16	,	,	PUNCT
cblr-9114	132	17	17	17	NUM
cblr-9114	132	18	c.f.r	c.f.r	NOUN
cblr-9114	132	19	.	.	PUNCT
cblr-9114	133	1	§	§	PROPN
cblr-9114	133	2	275.206(4)–6	275.206(4)–6	PROPN
cblr-9114	133	3	(	(	PUNCT
cblr-9114	133	4	2021	2021	NUM
cblr-9114	133	5	)	)	PUNCT
cblr-9114	133	6	.	.	PUNCT
cblr-9114	134	1	40	40	NUM
cblr-9114	134	2	see	see	VERB
cblr-9114	134	3	,	,	PUNCT
cblr-9114	134	4	e.g.	e.g.	ADV
cblr-9114	134	5	,	,	PUNCT
cblr-9114	134	6	sec	sec	PROPN
cblr-9114	134	7	v.	v.	ADP
cblr-9114	134	8	cap	cap	NOUN
cblr-9114	134	9	.	.	PUNCT
cblr-9114	135	1	gains	gain	NOUN
cblr-9114	135	2	rsch	rsch	PROPN
cblr-9114	135	3	.	.	PUNCT
cblr-9114	136	1	bureau	bureau	PROPN
cblr-9114	136	2	,	,	PUNCT
cblr-9114	136	3	inc	inc	PROPN
cblr-9114	136	4	.	.	PROPN
cblr-9114	136	5	,	,	PUNCT
cblr-9114	136	6	375	375	NUM
cblr-9114	136	7	u.s	u.s	PROPN
cblr-9114	136	8	.	.	PROPN
cblr-9114	136	9	180	180	NUM
cblr-9114	136	10	,	,	PUNCT
cblr-9114	136	11	201	201	NUM
cblr-9114	136	12	(	(	PUNCT
cblr-9114	136	13	1963	1963	NUM
cblr-9114	136	14	)	)	PUNCT
cblr-9114	136	15	(	(	PUNCT
cblr-9114	136	16	“	"	PUNCT
cblr-9114	136	17	the	the	DET
cblr-9114	136	18	high	high	ADJ
cblr-9114	136	19	standards	standard	NOUN
cblr-9114	136	20	of	of	ADP
cblr-9114	136	21	business	business	NOUN
cblr-9114	136	22	morality	morality	NOUN
cblr-9114	136	23	enacted	enact	VERB
cblr-9114	136	24	by	by	ADP
cblr-9114	136	25	our	our	PRON
cblr-9114	136	26	laws	law	NOUN
cblr-9114	136	27	regulating	regulate	VERB
cblr-9114	136	28	the	the	DET
cblr-9114	136	29	securities	security	NOUN
cblr-9114	136	30	industry	industry	NOUN
cblr-9114	136	31	do	do	AUX
cblr-9114	136	32	not	not	PART
cblr-9114	136	33	permit	permit	VERB
cblr-9114	136	34	an	an	DET
cblr-9114	136	35	investment	investment	NOUN
cblr-9114	136	36	advisor	advisor	NOUN
cblr-9114	136	37	to	to	PART
cblr-9114	136	38	trade	trade	VERB
cblr-9114	136	39	on	on	ADP
cblr-9114	136	40	the	the	DET
cblr-9114	136	41	market	market	NOUN
cblr-9114	136	42	effect	effect	NOUN
cblr-9114	136	43	of	of	ADP
cblr-9114	136	44	his	his	PRON
cblr-9114	136	45	own	own	ADJ
cblr-9114	136	46	recommendations	recommendation	NOUN
cblr-9114	136	47	without	without	ADP
cblr-9114	136	48	fully	fully	ADV
cblr-9114	136	49	and	and	CCONJ
cblr-9114	136	50	fairly	fairly	ADV
cblr-9114	136	51	revealing	reveal	VERB
cblr-9114	136	52	his	his	PRON
cblr-9114	136	53	personal	personal	ADJ
cblr-9114	136	54	interests	interest	NOUN
cblr-9114	136	55	in	in	ADP
cblr-9114	136	56	these	these	DET
cblr-9114	136	57	recommendations	recommendation	NOUN
cblr-9114	136	58	to	to	ADP
cblr-9114	136	59	his	his	PRON
cblr-9114	136	60	clients	client	NOUN
cblr-9114	136	61	.	.	PUNCT
cblr-9114	136	62	”	"	PUNCT
cblr-9114	136	63	)	)	PUNCT
cblr-9114	136	64	;	;	PUNCT
cblr-9114	137	1	fin	fin	AUX
cblr-9114	137	2	.	.	PUNCT
cblr-9114	137	3	planning	plan	VERB
cblr-9114	137	4	ass’n	ass’n	PROPN
cblr-9114	137	5	v.	v.	ADP
cblr-9114	137	6	sec	sec	PROPN
cblr-9114	137	7	,	,	PUNCT
cblr-9114	137	8	482	482	NUM
cblr-9114	137	9	f.3d	f.3d	NUM
cblr-9114	137	10	481	481	NUM
cblr-9114	137	11	,	,	PUNCT
cblr-9114	137	12	490	490	NUM
cblr-9114	137	13	(	(	PUNCT
cblr-9114	137	14	d.c	d.c	PROPN
cblr-9114	137	15	.	.	PROPN
cblr-9114	137	16	cir	cir	PROPN
cblr-9114	137	17	.	.	PROPN
cblr-9114	137	18	2007	2007	NUM
cblr-9114	137	19	)	)	PUNCT
cblr-9114	137	20	(	(	PUNCT
cblr-9114	137	21	“	"	PUNCT
cblr-9114	137	22	the	the	DET
cblr-9114	137	23	overall	overall	ADJ
cblr-9114	137	24	statutory	statutory	ADJ
cblr-9114	137	25	scheme	scheme	NOUN
cblr-9114	137	26	of	of	ADP
cblr-9114	137	27	the	the	DET
cblr-9114	137	28	iaa	iaa	NOUN
cblr-9114	137	29	addresses	address	NOUN
cblr-9114	137	30	the	the	DET
cblr-9114	137	31	problems	problem	NOUN
cblr-9114	137	32	identified	identify	VERB
cblr-9114	137	33	to	to	ADP
cblr-9114	137	34	congress	congress	PROPN
cblr-9114	137	35	.	.	PUNCT
cblr-9114	137	36	.	.	PUNCT
cblr-9114	137	37	.	.	PUNCT
cblr-9114	138	1	by	by	ADP
cblr-9114	138	2	establishing	establish	VERB
cblr-9114	138	3	a	a	DET
cblr-9114	138	4	federal	federal	ADJ
cblr-9114	138	5	fiduciary	fiduciary	ADJ
cblr-9114	138	6	standard	standard	NOUN
cblr-9114	138	7	to	to	PART
cblr-9114	138	8	govern	govern	VERB
cblr-9114	138	9	the	the	DET
cblr-9114	138	10	conduct	conduct	NOUN
cblr-9114	138	11	of	of	ADP
cblr-9114	138	12	investment	investment	NOUN
cblr-9114	138	13	advisers	adviser	NOUN
cblr-9114	138	14	,	,	PUNCT
cblr-9114	138	15	broadly	broadly	ADV
cblr-9114	138	16	defined	define	VERB
cblr-9114	138	17	[	[	X
cblr-9114	138	18	.	.	X
cblr-9114	138	19	]	]	X
cblr-9114	138	20	”	"	PUNCT
cblr-9114	138	21	)	)	PUNCT
cblr-9114	138	22	.	.	PUNCT
cblr-9114	139	1	41	41	NUM
cblr-9114	139	2	see	see	VERB
cblr-9114	139	3	infra	infra	NOUN
cblr-9114	139	4	part	part	NOUN
cblr-9114	139	5	iii.e	iii.e	PROPN
cblr-9114	139	6	(	(	PUNCT
cblr-9114	139	7	providing	provide	VERB
cblr-9114	139	8	further	further	ADJ
cblr-9114	139	9	discussion	discussion	NOUN
cblr-9114	139	10	of	of	ADP
cblr-9114	139	11	robo	robo	NOUN
cblr-9114	139	12	-	-	PUNCT
cblr-9114	139	13	voting	voting	NOUN
cblr-9114	139	14	)	)	PUNCT
cblr-9114	139	15	.	.	PUNCT
cblr-9114	140	1	42	42	NUM
cblr-9114	140	2	17	17	NUM
cblr-9114	140	3	c.f.r	c.f.r	NOUN
cblr-9114	140	4	.	.	PUNCT
cblr-9114	141	1	§	§	PROPN
cblr-9114	141	2	275.206(4)–6	275.206(4)–6	PROPN
cblr-9114	141	3	.	.	PUNCT
cblr-9114	142	1	43	43	NUM
cblr-9114	142	2	matthew	matthew	PROPN
cblr-9114	142	3	fagan	fagan	PROPN
cblr-9114	142	4	,	,	PUNCT
cblr-9114	142	5	third	third	ADJ
cblr-9114	142	6	-	-	PUNCT
cblr-9114	142	7	party	party	NOUN
cblr-9114	142	8	institutional	institutional	ADJ
cblr-9114	142	9	proxy	proxy	NOUN
cblr-9114	142	10	advisors	advisor	NOUN
cblr-9114	142	11	:	:	PUNCT
cblr-9114	142	12	conflicts	conflict	NOUN
cblr-9114	142	13	of	of	ADP
cblr-9114	142	14	interest	interest	NOUN
cblr-9114	142	15	and	and	CCONJ
cblr-9114	142	16	roads	road	NOUN
cblr-9114	142	17	to	to	ADP
cblr-9114	142	18	reform	reform	NOUN
cblr-9114	142	19	,	,	PUNCT
cblr-9114	142	20	51	51	NUM
cblr-9114	142	21	u.	u.	PROPN
cblr-9114	142	22	mich	mich	PROPN
cblr-9114	142	23	.	.	PUNCT
cblr-9114	143	1	j.l	j.l	PROPN
cblr-9114	143	2	.	.	PROPN
cblr-9114	143	3	reform	reform	PROPN
cblr-9114	143	4	621	621	NUM
cblr-9114	143	5	,	,	PUNCT
cblr-9114	143	6	627	627	NUM
cblr-9114	143	7	(	(	PUNCT
cblr-9114	143	8	2018	2018	NUM
cblr-9114	143	9	)	)	PUNCT
cblr-9114	143	10	(	(	PUNCT
cblr-9114	143	11	quoting	quote	VERB
cblr-9114	143	12	legislative	legislative	ADJ
cblr-9114	143	13	proposals	proposal	NOUN
cblr-9114	143	14	to	to	PART
cblr-9114	143	15	enhance	enhance	VERB
cblr-9114	143	16	capital	capital	NOUN
cblr-9114	143	17	formation	formation	NOUN
cblr-9114	143	18	,	,	PUNCT
cblr-9114	143	19	transparency	transparency	NOUN
cblr-9114	143	20	,	,	PUNCT
cblr-9114	143	21	and	and	CCONJ
cblr-9114	143	22	regulatory	regulatory	ADJ
cblr-9114	143	23	accountability	accountability	NOUN
cblr-9114	143	24	:	:	PUNCT
cblr-9114	143	25	before	before	ADP
cblr-9114	143	26	the	the	DET
cblr-9114	143	27	subcomm	subcomm	NOUN
cblr-9114	143	28	.	.	PUNCT
cblr-9114	144	1	on	on	ADP
cblr-9114	144	2	capital	capital	NOUN
cblr-9114	144	3	mkts	mkts	NOUN
cblr-9114	144	4	.	.	PUNCT
cblr-9114	145	1	&	&	CCONJ
cblr-9114	145	2	gov’t	gov’t	PROPN
cblr-9114	145	3	sponsored	sponsor	VERB
cblr-9114	145	4	enters	enter	NOUN
cblr-9114	145	5	.	.	PUNCT
cblr-9114	146	1	of	of	ADP
cblr-9114	146	2	the	the	DET
cblr-9114	146	3	h.	h.	PROPN
cblr-9114	146	4	comm	comm	NOUN
cblr-9114	146	5	.	.	PUNCT
cblr-9114	147	1	on	on	ADP
cblr-9114	147	2	financial	financial	ADJ
cblr-9114	147	3	servs	servs	NOUN
cblr-9114	147	4	.	.	PUNCT
cblr-9114	147	5	,	,	PUNCT
cblr-9114	147	6	114th	114th	PROPN
cblr-9114	147	7	cong	cong	NOUN
cblr-9114	147	8	.	.	PUNCT
cblr-9114	148	1	124	124	NUM
cblr-9114	148	2	(	(	PUNCT
cblr-9114	148	3	2016	2016	NUM
cblr-9114	148	4	)	)	PUNCT
cblr-9114	148	5	(	(	PUNCT
cblr-9114	148	6	statement	statement	NOUN
cblr-9114	148	7	of	of	ADP
cblr-9114	148	8	soc’y	soc’y	NOUN
cblr-9114	148	9	of	of	ADP
cblr-9114	148	10	corp	corp	PROPN
cblr-9114	148	11	.	.	PROPN
cblr-9114	148	12	sec’ys	sec’ys	PROPN
cblr-9114	148	13	and	and	CCONJ
cblr-9114	148	14	governance	governance	NOUN
cblr-9114	148	15	professionals	professional	NOUN
cblr-9114	148	16	&	&	CCONJ
cblr-9114	148	17	the	the	DET
cblr-9114	148	18	nat’l	nat’l	NOUN
cblr-9114	148	19	inv	inv	NOUN
cblr-9114	148	20	.	.	PUNCT
cblr-9114	149	1	rels	rels	PROPN
cblr-9114	149	2	.	.	PUNCT
cblr-9114	150	1	inst	inst	PROPN
cblr-9114	150	2	.	.	PUNCT
cblr-9114	150	3	)	)	PUNCT
cblr-9114	151	1	(	(	PUNCT
cblr-9114	151	2	referring	refer	VERB
cblr-9114	151	3	to	to	ADP
cblr-9114	151	4	the	the	DET
cblr-9114	151	5	minimal	minimal	ADJ
cblr-9114	151	6	regulations	regulation	NOUN
cblr-9114	151	7	to	to	PART
cblr-9114	151	8	which	which	PRON
cblr-9114	151	9	proxy	proxy	ADJ
cblr-9114	151	10	advisory	advisory	ADJ
cblr-9114	151	11	firms	firm	NOUN
cblr-9114	151	12	are	be	AUX
cblr-9114	151	13	subject	subject	ADJ
cblr-9114	151	14	)	)	PUNCT
cblr-9114	151	15	.	.	PUNCT
cblr-9114	152	1	1498	1498	NUM
cblr-9114	152	2	columbia	columbia	PROPN
cblr-9114	152	3	business	business	PROPN
cblr-9114	152	4	law	law	PROPN
cblr-9114	152	5	review	review	NOUN
cblr-9114	152	6	[	[	X
cblr-9114	152	7	vol	vol	NOUN
cblr-9114	152	8	.	.	PUNCT
cblr-9114	152	9	2021	2021	NUM
cblr-9114	152	10	1940.44	1940.44	NUM
cblr-9114	152	11	while	while	SCONJ
cblr-9114	152	12	enforcement	enforcement	NOUN
cblr-9114	152	13	of	of	ADP
cblr-9114	152	14	the	the	DET
cblr-9114	152	15	investment	investment	NOUN
cblr-9114	152	16	advisors	advisor	NOUN
cblr-9114	152	17	act	act	NOUN
cblr-9114	152	18	has	have	AUX
cblr-9114	152	19	served	serve	VERB
cblr-9114	152	20	to	to	PART
cblr-9114	152	21	dramatically	dramatically	ADV
cblr-9114	152	22	enlarge	enlarge	VERB
cblr-9114	152	23	the	the	DET
cblr-9114	152	24	proxy	proxy	ADJ
cblr-9114	152	25	advisory	advisory	ADJ
cblr-9114	152	26	firm	firm	NOUN
cblr-9114	152	27	market	market	NOUN
cblr-9114	152	28	,	,	PUNCT
cblr-9114	152	29	it	it	PRON
cblr-9114	152	30	also	also	ADV
cblr-9114	152	31	restricts	restrict	VERB
cblr-9114	152	32	the	the	DET
cblr-9114	152	33	actions	action	NOUN
cblr-9114	152	34	of	of	ADP
cblr-9114	152	35	proxy	proxy	ADJ
cblr-9114	152	36	advisory	advisory	ADJ
cblr-9114	152	37	firms	firm	NOUN
cblr-9114	152	38	registered	register	VERB
cblr-9114	152	39	under	under	ADP
cblr-9114	152	40	the	the	DET
cblr-9114	152	41	act.45	act.45	NOUN
cblr-9114	152	42	nonetheless	nonetheless	ADV
cblr-9114	152	43	,	,	PUNCT
cblr-9114	152	44	not	not	PART
cblr-9114	152	45	every	every	DET
cblr-9114	152	46	proxy	proxy	ADJ
cblr-9114	152	47	advisory	advisory	ADJ
cblr-9114	152	48	firm	firm	NOUN
cblr-9114	152	49	has	have	AUX
cblr-9114	152	50	registered	register	VERB
cblr-9114	152	51	under	under	ADP
cblr-9114	152	52	the	the	DET
cblr-9114	152	53	act	act	NOUN
cblr-9114	152	54	.	.	PUNCT
cblr-9114	153	1	in	in	ADP
cblr-9114	153	2	fact	fact	NOUN
cblr-9114	153	3	,	,	PUNCT
cblr-9114	153	4	while	while	SCONJ
cblr-9114	153	5	iss	iss	PROPN
cblr-9114	153	6	,	,	PUNCT
cblr-9114	153	7	along	along	ADP
cblr-9114	153	8	with	with	ADP
cblr-9114	153	9	two	two	NUM
cblr-9114	153	10	other	other	ADJ
cblr-9114	153	11	proxy	proxy	ADJ
cblr-9114	153	12	advisory	advisory	ADJ
cblr-9114	153	13	firms	firm	NOUN
cblr-9114	153	14	,	,	PUNCT
cblr-9114	153	15	has	have	AUX
cblr-9114	153	16	registered	register	VERB
cblr-9114	153	17	under	under	ADP
cblr-9114	153	18	the	the	DET
cblr-9114	153	19	act	act	NOUN
cblr-9114	153	20	and	and	CCONJ
cblr-9114	153	21	urged	urge	VERB
cblr-9114	153	22	the	the	DET
cblr-9114	153	23	commission	commission	NOUN
cblr-9114	153	24	to	to	PART
cblr-9114	153	25	use	use	VERB
cblr-9114	153	26	it	it	PRON
cblr-9114	153	27	as	as	ADP
cblr-9114	153	28	the	the	DET
cblr-9114	153	29	primary	primary	ADJ
cblr-9114	153	30	mechanism	mechanism	NOUN
cblr-9114	153	31	for	for	ADP
cblr-9114	153	32	regulating	regulate	VERB
cblr-9114	153	33	proxy	proxy	ADJ
cblr-9114	153	34	advisory	advisory	ADJ
cblr-9114	153	35	firms	firm	NOUN
cblr-9114	153	36	,	,	PUNCT
cblr-9114	153	37	glass	glass	PROPN
cblr-9114	153	38	lewis	lewis	PROPN
cblr-9114	153	39	has	have	AUX
cblr-9114	153	40	not	not	PART
cblr-9114	153	41	registered	register	VERB
cblr-9114	153	42	as	as	ADP
cblr-9114	153	43	an	an	DET
cblr-9114	153	44	investment	investment	NOUN
cblr-9114	153	45	advisor.46	advisor.46	NOUN
cblr-9114	153	46	instead	instead	ADV
cblr-9114	153	47	,	,	PUNCT
cblr-9114	153	48	as	as	SCONJ
cblr-9114	153	49	stated	state	VERB
cblr-9114	153	50	by	by	ADP
cblr-9114	153	51	former	former	ADJ
cblr-9114	153	52	ceo	ceo	PROPN
cblr-9114	153	53	katherine	katherine	PROPN
cblr-9114	153	54	rabin	rabin	PROPN
cblr-9114	153	55	,	,	PUNCT
cblr-9114	153	56	“	"	PUNCT
cblr-9114	153	57	glass	glass	NOUN
cblr-9114	153	58	lewis	lewis	PROPN
cblr-9114	153	59	believes	believe	VERB
cblr-9114	153	60	that	that	SCONJ
cblr-9114	153	61	requiring	require	VERB
cblr-9114	153	62	proxy	proxy	ADJ
cblr-9114	153	63	advisory	advisory	ADJ
cblr-9114	153	64	firms	firm	NOUN
cblr-9114	153	65	to	to	PART
cblr-9114	153	66	register	register	VERB
cblr-9114	153	67	as	as	SCONJ
cblr-9114	153	68	investment	investment	NOUN
cblr-9114	153	69	advisers	adviser	NOUN
cblr-9114	153	70	under	under	ADP
cblr-9114	153	71	the	the	DET
cblr-9114	153	72	investment	investment	NOUN
cblr-9114	153	73	advisers	adviser	NOUN
cblr-9114	153	74	act	act	VERB
cblr-9114	153	75	of	of	ADP
cblr-9114	153	76	1940	1940	NUM
cblr-9114	153	77	,	,	PUNCT
cblr-9114	153	78	as	as	SCONJ
cblr-9114	153	79	the	the	DET
cblr-9114	153	80	framework	framework	NOUN
cblr-9114	153	81	stands	stand	VERB
cblr-9114	153	82	today	today	NOUN
cblr-9114	153	83	,	,	PUNCT
cblr-9114	153	84	would	would	AUX
cblr-9114	153	85	provide	provide	VERB
cblr-9114	153	86	little	little	ADJ
cblr-9114	153	87	or	or	CCONJ
cblr-9114	153	88	no	no	PRON
cblr-9114	153	89	protection	protection	NOUN
cblr-9114	153	90	to	to	ADP
cblr-9114	153	91	investors	investor	NOUN
cblr-9114	153	92	and	and	CCONJ
cblr-9114	153	93	issuers	issuer	NOUN
cblr-9114	153	94	with	with	ADP
cblr-9114	153	95	respect	respect	NOUN
cblr-9114	153	96	to	to	ADP
cblr-9114	153	97	the	the	DET
cblr-9114	153	98	areas	area	NOUN
cblr-9114	153	99	of	of	ADP
cblr-9114	153	100	concern	concern	NOUN
cblr-9114	153	101	that	that	PRON
cblr-9114	153	102	have	have	AUX
cblr-9114	153	103	been	be	AUX
cblr-9114	153	104	raised	raise	VERB
cblr-9114	153	105	.	.	PUNCT
cblr-9114	154	1	”47	”47	PROPN
cblr-9114	154	2	in	in	ADP
cblr-9114	154	3	its	its	PRON
cblr-9114	154	4	1963	1963	NUM
cblr-9114	154	5	holding	holding	NOUN
cblr-9114	154	6	in	in	ADP
cblr-9114	154	7	sec	sec	PROPN
cblr-9114	154	8	v.	v.	ADP
cblr-9114	154	9	capital	capital	PROPN
cblr-9114	154	10	gains	gain	NOUN
cblr-9114	154	11	research	research	PROPN
cblr-9114	154	12	bureau	bureau	PROPN
cblr-9114	154	13	,	,	PUNCT
cblr-9114	154	14	inc	inc	PROPN
cblr-9114	154	15	.	.	PROPN
cblr-9114	154	16	,	,	PUNCT
cblr-9114	154	17	the	the	DET
cblr-9114	154	18	supreme	supreme	PROPN
cblr-9114	154	19	court	court	PROPN
cblr-9114	154	20	interpreted	interpret	VERB
cblr-9114	154	21	the	the	DET
cblr-9114	154	22	investment	investment	NOUN
cblr-9114	154	23	advisors	advisor	NOUN
cblr-9114	154	24	act	act	VERB
cblr-9114	154	25	as	as	ADP
cblr-9114	154	26	imposing	impose	VERB
cblr-9114	154	27	a	a	DET
cblr-9114	154	28	fiduciary	fiduciary	ADJ
cblr-9114	154	29	duty	duty	NOUN
cblr-9114	154	30	of	of	ADP
cblr-9114	154	31	“	"	PUNCT
cblr-9114	154	32	utmost	utmost	ADJ
cblr-9114	154	33	good	good	ADJ
cblr-9114	154	34	faith	faith	NOUN
cblr-9114	154	35	”	"	PUNCT
cblr-9114	154	36	on	on	ADP
cblr-9114	154	37	registered	register	VERB
cblr-9114	154	38	investment	investment	NOUN
cblr-9114	154	39	advisers	adviser	NOUN
cblr-9114	154	40	,	,	PUNCT
cblr-9114	154	41	requiring	require	VERB
cblr-9114	154	42	them	they	PRON
cblr-9114	154	43	to	to	PART
cblr-9114	154	44	“	"	PUNCT
cblr-9114	154	45	eliminate	eliminate	VERB
cblr-9114	154	46	,	,	PUNCT
cblr-9114	154	47	or	or	CCONJ
cblr-9114	154	48	at	at	ADP
cblr-9114	154	49	least	least	ADJ
cblr-9114	154	50	to	to	PART
cblr-9114	154	51	expose	expose	VERB
cblr-9114	154	52	,	,	PUNCT
cblr-9114	154	53	all	all	DET
cblr-9114	154	54	conflicts	conflict	NOUN
cblr-9114	154	55	of	of	ADP
cblr-9114	154	56	interest	interest	NOUN
cblr-9114	154	57	which	which	PRON
cblr-9114	154	58	might	might	AUX
cblr-9114	154	59	incline	incline	VERB
cblr-9114	154	60	an	an	DET
cblr-9114	154	61	investment	investment	NOUN
cblr-9114	154	62	adviser	adviser	NOUN
cblr-9114	154	63	—	—	PUNCT
cblr-9114	154	64	consciously	consciously	ADV
cblr-9114	154	65	or	or	CCONJ
cblr-9114	154	66	unconsciously	unconsciously	ADV
cblr-9114	154	67	—	—	PUNCT
cblr-9114	154	68	to	to	PART
cblr-9114	154	69	render	render	VERB
cblr-9114	154	70	advice	advice	NOUN
cblr-9114	154	71	which	which	PRON
cblr-9114	154	72	was	be	AUX
cblr-9114	154	73	not	not	PART
cblr-9114	154	74	disinterested	disinterested	ADJ
cblr-9114	154	75	.	.	PUNCT
cblr-9114	155	1	”48	”48	PROPN
cblr-9114	155	2	thus	thus	ADV
cblr-9114	155	3	,	,	PUNCT
cblr-9114	155	4	under	under	ADP
cblr-9114	155	5	the	the	DET
cblr-9114	155	6	act	act	NOUN
cblr-9114	155	7	,	,	PUNCT
cblr-9114	155	8	iss	iss	PROPN
cblr-9114	155	9	has	have	VERB
cblr-9114	155	10	a	a	DET
cblr-9114	155	11	fiduciary	fiduciary	ADJ
cblr-9114	155	12	duty	duty	NOUN
cblr-9114	155	13	to	to	ADP
cblr-9114	155	14	its	its	PRON
cblr-9114	155	15	clients	client	NOUN
cblr-9114	155	16	,	,	PUNCT
cblr-9114	155	17	but	but	CCONJ
cblr-9114	155	18	not	not	PART
cblr-9114	155	19	directly	directly	ADV
cblr-9114	155	20	to	to	ADP
cblr-9114	155	21	its	its	PRON
cblr-9114	155	22	clients	client	NOUN
cblr-9114	155	23	’	'	PUNCT
cblr-9114	155	24	shareholders,49	shareholders,49	NUM
cblr-9114	155	25	44	44	NUM
cblr-9114	155	26	15	15	NUM
cblr-9114	155	27	u.s.c	u.s.c	NOUN
cblr-9114	155	28	.	.	PUNCT
cblr-9114	156	1	§	§	PROPN
cblr-9114	156	2	§	§	PROPN
cblr-9114	156	3	80b-1	80b-1	PROPN
cblr-9114	156	4	to	to	ADP
cblr-9114	156	5	80b-21	80b-21	NUM
cblr-9114	156	6	(	(	PUNCT
cblr-9114	156	7	2018	2018	NUM
cblr-9114	156	8	)	)	PUNCT
cblr-9114	156	9	.	.	PUNCT
cblr-9114	157	1	45	45	NUM
cblr-9114	157	2	see	see	VERB
cblr-9114	157	3	supra	supra	PROPN
cblr-9114	157	4	part	part	NOUN
cblr-9114	157	5	ii.a	ii.a	PROPN
cblr-9114	157	6	(	(	PUNCT
cblr-9114	157	7	discussing	discuss	VERB
cblr-9114	157	8	the	the	DET
cblr-9114	157	9	origin	origin	NOUN
cblr-9114	157	10	and	and	CCONJ
cblr-9114	157	11	growth	growth	NOUN
cblr-9114	157	12	of	of	ADP
cblr-9114	157	13	proxy	proxy	ADJ
cblr-9114	157	14	advisory	advisory	ADJ
cblr-9114	157	15	firms	firm	NOUN
cblr-9114	157	16	)	)	PUNCT
cblr-9114	157	17	.	.	PUNCT
cblr-9114	158	1	46	46	NUM
cblr-9114	158	2	see	see	VERB
cblr-9114	158	3	u.s	u.s	PROPN
cblr-9114	158	4	.	.	PROPN
cblr-9114	158	5	gov’t	gov’t	NOUN
cblr-9114	158	6	accountability	accountability	NOUN
cblr-9114	158	7	off	off	ADP
cblr-9114	158	8	.	.	PUNCT
cblr-9114	158	9	,	,	PUNCT
cblr-9114	158	10	gao-07	gao-07	NOUN
cblr-9114	158	11	-	-	SYM
cblr-9114	158	12	765	765	NUM
cblr-9114	158	13	,	,	PUNCT
cblr-9114	158	14	corporate	corporate	ADJ
cblr-9114	158	15	shareholder	shareholder	NOUN
cblr-9114	158	16	meetings	meeting	NOUN
cblr-9114	158	17	:	:	PUNCT
cblr-9114	158	18	issues	issue	NOUN
cblr-9114	158	19	relating	relate	VERB
cblr-9114	158	20	to	to	ADP
cblr-9114	158	21	firms	firm	NOUN
cblr-9114	158	22	that	that	PRON
cblr-9114	158	23	advise	advise	VERB
cblr-9114	158	24	institutional	institutional	ADJ
cblr-9114	158	25	investors	investor	NOUN
cblr-9114	158	26	on	on	ADP
cblr-9114	158	27	proxy	proxy	ADJ
cblr-9114	158	28	voting	voting	NOUN
cblr-9114	158	29	78(2007	78(2007	NUM
cblr-9114	158	30	)	)	PUNCT
cblr-9114	158	31	;	;	PUNCT
cblr-9114	158	32	see	see	VERB
cblr-9114	158	33	also	also	ADV
cblr-9114	158	34	george	george	PROPN
cblr-9114	158	35	w.	w.	PROPN
cblr-9114	158	36	dent	dent	PROPN
cblr-9114	158	37	,	,	PUNCT
cblr-9114	158	38	jr	jr	PROPN
cblr-9114	158	39	.	.	PROPN
cblr-9114	158	40	,	,	PUNCT
cblr-9114	158	41	a	a	DET
cblr-9114	158	42	defense	defense	NOUN
cblr-9114	158	43	of	of	ADP
cblr-9114	158	44	proxy	proxy	ADJ
cblr-9114	158	45	advisors	advisor	NOUN
cblr-9114	158	46	,	,	PUNCT
cblr-9114	158	47	mich	mich	PROPN
cblr-9114	158	48	.	.	PROPN
cblr-9114	158	49	st	st	PROPN
cblr-9114	158	50	.	.	PROPN
cblr-9114	158	51	l.	l.	PROPN
cblr-9114	158	52	rev	rev	PROPN
cblr-9114	158	53	.	.	PROPN
cblr-9114	158	54	1287	1287	NUM
cblr-9114	158	55	,	,	PUNCT
cblr-9114	158	56	1321–22	1321–22	NUM
cblr-9114	158	57	n.184	n.184	ADP
cblr-9114	158	58	(	(	PUNCT
cblr-9114	158	59	2014	2014	NUM
cblr-9114	158	60	)	)	PUNCT
cblr-9114	158	61	(	(	PUNCT
cblr-9114	158	62	explaining	explain	VERB
cblr-9114	158	63	that	that	SCONJ
cblr-9114	158	64	some	some	DET
cblr-9114	158	65	proxy	proxy	ADJ
cblr-9114	158	66	advisory	advisory	ADJ
cblr-9114	158	67	firms	firm	NOUN
cblr-9114	158	68	do	do	AUX
cblr-9114	158	69	not	not	PART
cblr-9114	158	70	believe	believe	VERB
cblr-9114	158	71	that	that	SCONJ
cblr-9114	158	72	their	their	PRON
cblr-9114	158	73	actions	action	NOUN
cblr-9114	158	74	meet	meet	VERB
cblr-9114	158	75	the	the	DET
cblr-9114	158	76	definition	definition	NOUN
cblr-9114	158	77	of	of	ADP
cblr-9114	158	78	investment	investment	NOUN
cblr-9114	158	79	advisors	advisor	NOUN
cblr-9114	158	80	)	)	PUNCT
cblr-9114	158	81	.	.	PUNCT
cblr-9114	159	1	47	47	NUM
cblr-9114	159	2	glass	glass	PROPN
cblr-9114	159	3	lewis	lewis	PROPN
cblr-9114	159	4	,	,	PUNCT
cblr-9114	159	5	comment	comment	NOUN
cblr-9114	159	6	letter	letter	NOUN
cblr-9114	159	7	on	on	ADP
cblr-9114	159	8	sec	sec	PROPN
cblr-9114	159	9	staff	staff	NOUN
cblr-9114	159	10	roundtable	roundtable	NOUN
cblr-9114	159	11	on	on	ADP
cblr-9114	159	12	the	the	DET
cblr-9114	159	13	proxy	proxy	NOUN
cblr-9114	159	14	process	process	NOUN
cblr-9114	159	15	(	(	PUNCT
cblr-9114	159	16	nov	nov	PROPN
cblr-9114	159	17	.	.	PROPN
cblr-9114	159	18	14	14	NUM
cblr-9114	159	19	,	,	PUNCT
cblr-9114	159	20	2018	2018	NUM
cblr-9114	159	21	)	)	PUNCT
cblr-9114	159	22	,	,	PUNCT
cblr-9114	159	23	glasslewis.com/wp-content/uploads/2018/11/gl-sec-roundtablestatement-111418.pdf	glasslewis.com/wp-content/uploads/2018/11/gl-sec-roundtablestatement-111418.pdf	PROPN
cblr-9114	159	24	[	[	X
cblr-9114	159	25	https://perma.cc/3s6e-qcaw	https://perma.cc/3s6e-qcaw	PROPN
cblr-9114	159	26	]	]	X
cblr-9114	159	27	.	.	PUNCT
cblr-9114	160	1	48	48	NUM
cblr-9114	160	2	sec	sec	PROPN
cblr-9114	160	3	v.	v.	ADP
cblr-9114	160	4	cap	cap	NOUN
cblr-9114	160	5	.	.	PUNCT
cblr-9114	161	1	gains	gain	NOUN
cblr-9114	161	2	rsch	rsch	PROPN
cblr-9114	161	3	.	.	PUNCT
cblr-9114	162	1	bureau	bureau	PROPN
cblr-9114	162	2	,	,	PUNCT
cblr-9114	162	3	inc	inc	PROPN
cblr-9114	162	4	.	.	PROPN
cblr-9114	162	5	,	,	PUNCT
cblr-9114	162	6	375	375	NUM
cblr-9114	162	7	u.s	u.s	PROPN
cblr-9114	162	8	.	.	PROPN
cblr-9114	162	9	180	180	NUM
cblr-9114	162	10	,	,	PUNCT
cblr-9114	162	11	191–94	191–94	NUM
cblr-9114	162	12	(	(	PUNCT
cblr-9114	162	13	1963	1963	NUM
cblr-9114	162	14	)	)	PUNCT
cblr-9114	162	15	.	.	PUNCT
cblr-9114	163	1	49	49	NUM
cblr-9114	163	2	cynthia	cynthia	PROPN
cblr-9114	163	3	e.	e.	PROPN
cblr-9114	163	4	clark	clark	PROPN
cblr-9114	163	5	&	&	CCONJ
cblr-9114	163	6	harry	harry	PROPN
cblr-9114	163	7	j.	j.	PROPN
cblr-9114	163	8	van	van	PROPN
cblr-9114	163	9	buren	buren	PROPN
cblr-9114	163	10	iii	iii	PROPN
cblr-9114	163	11	,	,	PUNCT
cblr-9114	163	12	compound	compound	NOUN
cblr-9114	163	13	conflicts	conflict	NOUN
cblr-9114	163	14	of	of	ADP
cblr-9114	163	15	interest	interest	NOUN
cblr-9114	163	16	in	in	ADP
cblr-9114	163	17	the	the	DET
cblr-9114	163	18	us	us	PROPN
cblr-9114	163	19	proxy	proxy	NOUN
cblr-9114	163	20	system	system	NOUN
cblr-9114	163	21	,	,	PUNCT
cblr-9114	163	22	116	116	NUM
cblr-9114	163	23	j.	j.	PROPN
cblr-9114	163	24	bus	bus	PROPN
cblr-9114	163	25	.	.	PUNCT
cblr-9114	164	1	ethics	ethic	NOUN
cblr-9114	164	2	355	355	NUM
cblr-9114	164	3	,	,	PUNCT
cblr-9114	164	4	363	363	NUM
cblr-9114	164	5	(	(	PUNCT
cblr-9114	164	6	2013	2013	NUM
cblr-9114	164	7	)	)	PUNCT
cblr-9114	164	8	.	.	PUNCT
cblr-9114	165	1	no	no	INTJ
cblr-9114	165	2	.	.	PUNCT
cblr-9114	166	1	3:1487	3:1487	NUM
cblr-9114	166	2	]	]	X
cblr-9114	166	3	proxy	proxy	ADJ
cblr-9114	166	4	advisory	advisory	ADJ
cblr-9114	166	5	firms	firm	NOUN
cblr-9114	166	6	’	'	PUNCT
cblr-9114	166	7	conflicts	conflict	NOUN
cblr-9114	166	8	of	of	ADP
cblr-9114	166	9	interest	interest	NOUN
cblr-9114	166	10	1499	1499	NUM
cblr-9114	166	11	while	while	SCONJ
cblr-9114	166	12	glass	glass	PROPN
cblr-9114	166	13	lewis	lewis	PROPN
cblr-9114	166	14	,	,	PUNCT
cblr-9114	166	15	having	having	AUX
cblr-9114	166	16	remained	remain	VERB
cblr-9114	166	17	unregistered	unregistered	ADJ
cblr-9114	166	18	,	,	PUNCT
cblr-9114	166	19	is	be	AUX
cblr-9114	166	20	not	not	PART
cblr-9114	166	21	subject	subject	ADJ
cblr-9114	166	22	to	to	ADP
cblr-9114	166	23	any	any	DET
cblr-9114	166	24	fiduciary	fiduciary	ADJ
cblr-9114	166	25	duties	duty	NOUN
cblr-9114	166	26	at	at	ADV
cblr-9114	166	27	all	all	ADV
cblr-9114	166	28	.	.	PUNCT
cblr-9114	167	1	prior	prior	ADV
cblr-9114	167	2	to	to	ADP
cblr-9114	167	3	the	the	DET
cblr-9114	167	4	issuance	issuance	NOUN
cblr-9114	167	5	of	of	ADP
cblr-9114	167	6	the	the	DET
cblr-9114	167	7	july	july	PROPN
cblr-9114	167	8	2020	2020	NUM
cblr-9114	167	9	rules,50	rules,50	NOUN
cblr-9114	167	10	proxy	proxy	NOUN
cblr-9114	167	11	advisory	advisory	ADJ
cblr-9114	167	12	firms	firm	NOUN
cblr-9114	167	13	faced	face	VERB
cblr-9114	167	14	limited	limited	ADJ
cblr-9114	167	15	regulation	regulation	NOUN
cblr-9114	167	16	under	under	ADP
cblr-9114	167	17	the	the	DET
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cblr-9114	167	21	of	of	ADP
cblr-9114	167	22	1934.51	1934.51	NUM
cblr-9114	167	23	under	under	ADP
cblr-9114	167	24	17	17	NUM
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cblr-9114	167	26	240.14a-2(b)(3	240.14a-2(b)(3	NUM
cblr-9114	167	27	)	)	PUNCT
cblr-9114	167	28	,	,	PUNCT
cblr-9114	167	29	the	the	DET
cblr-9114	167	30	commission	commission	NOUN
cblr-9114	167	31	exempted	exempt	VERB
cblr-9114	167	32	proxy	proxy	ADJ
cblr-9114	167	33	advisory	advisory	ADJ
cblr-9114	167	34	firms	firm	NOUN
cblr-9114	167	35	from	from	ADP
cblr-9114	167	36	its	its	PRON
cblr-9114	167	37	regulation	regulation	NOUN
cblr-9114	167	38	of	of	ADP
cblr-9114	167	39	proxy	proxy	ADJ
cblr-9114	167	40	solicitations	solicitation	NOUN
cblr-9114	167	41	so	so	ADV
cblr-9114	167	42	long	long	ADV
cblr-9114	167	43	as	as	SCONJ
cblr-9114	167	44	they	they	PRON
cblr-9114	167	45	disclosed	disclose	VERB
cblr-9114	167	46	any	any	DET
cblr-9114	167	47	significant	significant	ADJ
cblr-9114	167	48	relationships	relationship	NOUN
cblr-9114	167	49	and	and	CCONJ
cblr-9114	167	50	material	material	NOUN
cblr-9114	167	51	interests	interest	NOUN
cblr-9114	167	52	related	relate	VERB
cblr-9114	167	53	to	to	ADP
cblr-9114	167	54	the	the	DET
cblr-9114	167	55	matter	matter	NOUN
cblr-9114	167	56	,	,	PUNCT
cblr-9114	167	57	did	do	AUX
cblr-9114	167	58	not	not	PART
cblr-9114	167	59	receive	receive	VERB
cblr-9114	167	60	any	any	DET
cblr-9114	167	61	commission	commission	NOUN
cblr-9114	167	62	or	or	CCONJ
cblr-9114	167	63	remuneration	remuneration	NOUN
cblr-9114	167	64	from	from	ADP
cblr-9114	167	65	individuals	individual	NOUN
cblr-9114	167	66	other	other	ADJ
cblr-9114	167	67	than	than	ADP
cblr-9114	167	68	the	the	DET
cblr-9114	167	69	client	client	NOUN
cblr-9114	167	70	receiving	receive	VERB
cblr-9114	167	71	the	the	DET
cblr-9114	167	72	advice	advice	NOUN
cblr-9114	167	73	and	and	CCONJ
cblr-9114	167	74	did	do	AUX
cblr-9114	167	75	not	not	PART
cblr-9114	167	76	“	"	PUNCT
cblr-9114	167	77	furnish	furnish	VERB
cblr-9114	167	78	proxy	proxy	ADJ
cblr-9114	167	79	voting	voting	NOUN
cblr-9114	167	80	advice	advice	NOUN
cblr-9114	167	81	on	on	ADP
cblr-9114	167	82	behalf	behalf	NOUN
cblr-9114	167	83	of	of	ADP
cblr-9114	167	84	any	any	DET
cblr-9114	167	85	person	person	NOUN
cblr-9114	167	86	soliciting	solicit	VERB
cblr-9114	167	87	proxies	proxy	NOUN
cblr-9114	167	88	.	.	PUNCT
cblr-9114	168	1	”52	”52	VERB
cblr-9114	168	2	proxy	proxy	ADJ
cblr-9114	168	3	advisory	advisory	ADJ
cblr-9114	168	4	firms	firm	NOUN
cblr-9114	168	5	also	also	ADV
cblr-9114	168	6	typically	typically	ADV
cblr-9114	168	7	rely	rely	VERB
cblr-9114	168	8	on	on	ADP
cblr-9114	168	9	17	17	NUM
cblr-9114	168	10	cfr	cfr	NOUN
cblr-9114	168	11	240.14a-2(b)(1),53	240.14a-2(b)(1),53	NUM
cblr-9114	168	12	which	which	PRON
cblr-9114	168	13	“	"	PUNCT
cblr-9114	168	14	does	do	AUX
cblr-9114	168	15	not	not	PART
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cblr-9114	168	17	a	a	DET
cblr-9114	168	18	specified	specified	ADJ
cblr-9114	168	19	disclosure	disclosure	NOUN
cblr-9114	168	20	requirement	requirement	NOUN
cblr-9114	168	21	for	for	ADP
cblr-9114	168	22	conflicts	conflict	NOUN
cblr-9114	168	23	of	of	ADP
cblr-9114	168	24	interests	interest	NOUN
cblr-9114	168	25	.	.	PUNCT
cblr-9114	169	1	”54	”54	PROPN
cblr-9114	169	2	nonetheless	nonetheless	ADV
cblr-9114	169	3	,	,	PUNCT
cblr-9114	169	4	“	"	PUNCT
cblr-9114	169	5	the	the	DET
cblr-9114	169	6	furnishing	furnishing	NOUN
cblr-9114	169	7	of	of	ADP
cblr-9114	169	8	proxy	proxy	ADJ
cblr-9114	169	9	voting	voting	NOUN
cblr-9114	169	10	advice	advice	NOUN
cblr-9114	169	11	remained	remain	VERB
cblr-9114	169	12	subject	subject	ADJ
cblr-9114	169	13	to	to	ADP
cblr-9114	169	14	the	the	DET
cblr-9114	169	15	prohibition	prohibition	NOUN
cblr-9114	169	16	on	on	ADP
cblr-9114	169	17	false	false	ADJ
cblr-9114	169	18	and	and	CCONJ
cblr-9114	169	19	misleading	misleading	ADJ
cblr-9114	169	20	statements	statement	NOUN
cblr-9114	169	21	in	in	ADP
cblr-9114	169	22	rule	rule	NOUN
cblr-9114	169	23	14a-9.”55	14a-9.”55	NUM
cblr-9114	169	24	the	the	DET
cblr-9114	169	25	2020	2020	NUM
cblr-9114	169	26	rules	rule	NOUN
cblr-9114	169	27	amend	amend	VERB
cblr-9114	169	28	the	the	DET
cblr-9114	169	29	regulation	regulation	NOUN
cblr-9114	169	30	of	of	ADP
cblr-9114	169	31	proxy	proxy	ADJ
cblr-9114	169	32	advisory	advisory	ADJ
cblr-9114	169	33	firms	firm	NOUN
cblr-9114	169	34	under	under	ADP
cblr-9114	169	35	rule	rule	NOUN
cblr-9114	169	36	14a.56	14a.56	NUM
cblr-9114	169	37	50	50	NUM
cblr-9114	169	38	see	see	NOUN
cblr-9114	169	39	commission	commission	NOUN
cblr-9114	169	40	guidance	guidance	NOUN
cblr-9114	169	41	regarding	regard	VERB
cblr-9114	169	42	proxy	proxy	NOUN
cblr-9114	169	43	voting	voting	NOUN
cblr-9114	169	44	responsibilities	responsibility	NOUN
cblr-9114	169	45	of	of	ADP
cblr-9114	169	46	investment	investment	NOUN
cblr-9114	169	47	advisers	adviser	NOUN
cblr-9114	169	48	,	,	PUNCT
cblr-9114	169	49	investment	investment	NOUN
cblr-9114	169	50	company	company	NOUN
cblr-9114	169	51	act	act	VERB
cblr-9114	169	52	release	release	VERB
cblr-9114	169	53	no	no	PRON
cblr-9114	169	54	.	.	NOUN
cblr-9114	169	55	33,605	33,605	NUM
cblr-9114	169	56	,	,	PUNCT
cblr-9114	169	57	84	84	NUM
cblr-9114	169	58	fed	feed	VERB
cblr-9114	169	59	.	.	PUNCT
cblr-9114	170	1	reg	reg	PROPN
cblr-9114	170	2	.	.	PROPN
cblr-9114	170	3	47,420	47,420	NUM
cblr-9114	170	4	(	(	PUNCT
cblr-9114	170	5	sept	sept	PROPN
cblr-9114	170	6	.	.	PROPN
cblr-9114	170	7	10	10	NUM
cblr-9114	170	8	,	,	PUNCT
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cblr-9114	170	10	)	)	PUNCT
cblr-9114	170	11	.	.	PUNCT
cblr-9114	171	1	51	51	NUM
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cblr-9114	171	5	of	of	ADP
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cblr-9114	171	7	,	,	PUNCT
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cblr-9114	171	9	u.s.c	u.s.c	ADJ
cblr-9114	171	10	.	.	PUNCT
cblr-9114	172	1	§	§	PROPN
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cblr-9114	172	3	(	(	PUNCT
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cblr-9114	172	5	)	)	PUNCT
cblr-9114	172	6	.	.	PUNCT
cblr-9114	173	1	52	52	NUM
cblr-9114	173	2	17	17	NUM
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cblr-9114	173	4	.	.	PUNCT
cblr-9114	174	1	240.14a-2(b)(3	240.14a-2(b)(3	NUM
cblr-9114	174	2	)	)	PUNCT
cblr-9114	174	3	(	(	PUNCT
cblr-9114	174	4	2021	2021	NUM
cblr-9114	174	5	)	)	PUNCT
cblr-9114	174	6	.	.	PUNCT
cblr-9114	175	1	53	53	NUM
cblr-9114	176	1	i	i	PROPN
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cblr-9114	176	3	240.14(a)-2(b)(1	240.14(a)-2(b)(1	NUM
cblr-9114	176	4	)	)	PUNCT
cblr-9114	176	5	;	;	PUNCT
cblr-9114	176	6	see	see	VERB
cblr-9114	176	7	david	david	PROPN
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cblr-9114	176	9	,	,	PUNCT
cblr-9114	176	10	ryan	ryan	PROPN
cblr-9114	176	11	mitteness	mitteness	PROPN
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cblr-9114	176	13	soo	soo	PROPN
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cblr-9114	176	15	,	,	PUNCT
cblr-9114	176	16	sec	sec	PROPN
cblr-9114	176	17	tightens	tighten	VERB
cblr-9114	176	18	regulations	regulation	NOUN
cblr-9114	176	19	on	on	ADP
cblr-9114	176	20	proxy	proxy	ADJ
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cblr-9114	176	22	firms	firm	NOUN
cblr-9114	176	23	,	,	PUNCT
cblr-9114	176	24	harv	harv	PROPN
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cblr-9114	177	1	l.	l.	PROPN
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cblr-9114	178	1	f.	f.	PROPN
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cblr-9114	178	3	corp	corp	PROPN
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cblr-9114	178	6	(	(	PUNCT
cblr-9114	178	7	aug	aug	PROPN
cblr-9114	178	8	.	.	PROPN
cblr-9114	178	9	18	18	NUM
cblr-9114	178	10	,	,	PUNCT
cblr-9114	178	11	2020	2020	NUM
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cblr-9114	178	13	,	,	PUNCT
cblr-9114	179	1	https://corpgov.law.harvard.edu/2020/08/18/sec-tightens-regulations-onproxy-advisory-firms/	https://corpgov.law.harvard.edu/2020/08/18/sec-tightens-regulations-onproxy-advisory-firms/	X
cblr-9114	180	1	[	[	X
cblr-9114	180	2	https://perma.cc/b9vk-vqf7	https://perma.cc/b9vk-vqf7	X
cblr-9114	180	3	]	]	X
cblr-9114	180	4	(	(	PUNCT
cblr-9114	180	5	“	"	PUNCT
cblr-9114	180	6	proxy	proxy	ADJ
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cblr-9114	180	8	firms	firm	NOUN
cblr-9114	180	9	have	have	AUX
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cblr-9114	180	11	relied	rely	VERB
cblr-9114	180	12	upon	upon	SCONJ
cblr-9114	180	13	the	the	DET
cblr-9114	180	14	exemptions	exemption	NOUN
cblr-9114	180	15	in	in	ADP
cblr-9114	180	16	rule	rule	NOUN
cblr-9114	180	17	14a-2(b)(1	14a-2(b)(1	NUM
cblr-9114	180	18	)	)	PUNCT
cblr-9114	180	19	.	.	PUNCT
cblr-9114	180	20	.	.	PUNCT
cblr-9114	180	21	.	.	PUNCT
cblr-9114	181	1	to	to	PART
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cblr-9114	181	3	the	the	DET
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cblr-9114	181	10	for	for	ADP
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cblr-9114	181	12	under	under	ADP
cblr-9114	181	13	the	the	DET
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cblr-9114	181	15	proxy	proxy	NOUN
cblr-9114	181	16	rules	rule	NOUN
cblr-9114	181	17	.	.	PUNCT
cblr-9114	181	18	”	"	PUNCT
cblr-9114	181	19	)	)	PUNCT
cblr-9114	181	20	.	.	PUNCT
cblr-9114	182	1	54	54	NUM
cblr-9114	182	2	amendments	amendment	NOUN
cblr-9114	182	3	to	to	ADP
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cblr-9114	182	7	proxy	proxy	NOUN
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cblr-9114	182	10	proxy	proxy	ADJ
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cblr-9114	182	18	.	.	NOUN
cblr-9114	182	19	87,457	87,457	NUM
cblr-9114	182	20	,	,	PUNCT
cblr-9114	182	21	84	84	NUM
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cblr-9114	182	23	.	.	PUNCT
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cblr-9114	183	2	.	.	PROPN
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cblr-9114	184	2	,	,	PUNCT
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cblr-9114	184	9	,	,	PUNCT
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cblr-9114	184	11	)	)	PUNCT
cblr-9114	184	12	(	(	PUNCT
cblr-9114	184	13	to	to	PART
cblr-9114	184	14	be	be	AUX
cblr-9114	184	15	codified	codify	VERB
cblr-9114	184	16	at	at	ADP
cblr-9114	184	17	17	17	NUM
cblr-9114	184	18	c.f.r	c.f.r	NOUN
cblr-9114	184	19	.	.	PUNCT
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cblr-9114	185	4	)	)	PUNCT
cblr-9114	185	5	.	.	PUNCT
cblr-9114	186	1	55	55	NUM
cblr-9114	187	1	i	i	PRON
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cblr-9114	187	3	at	at	ADP
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cblr-9114	187	5	.	.	PUNCT
cblr-9114	188	1	56	56	NUM
cblr-9114	188	2	see	see	NOUN
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cblr-9114	188	5	iii.d	iii.d	PROPN
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cblr-9114	188	14	)	)	PUNCT
cblr-9114	188	15	;	;	PUNCT
cblr-9114	188	16	exemptions	exemption	NOUN
cblr-9114	188	17	from	from	ADP
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cblr-9114	188	21	for	for	ADP
cblr-9114	188	22	proxy	proxy	ADJ
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cblr-9114	188	24	advice	advice	NOUN
cblr-9114	188	25	,	,	PUNCT
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cblr-9114	190	2	,	,	PUNCT
cblr-9114	190	3	55,124–25	55,124–25	NUM
cblr-9114	190	4	(	(	PUNCT
cblr-9114	190	5	sept	sept	PROPN
cblr-9114	190	6	.	.	PROPN
cblr-9114	190	7	3	3	NUM
cblr-9114	190	8	,	,	PUNCT
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cblr-9114	190	11	(	(	PUNCT
cblr-9114	190	12	to	to	PART
cblr-9114	190	13	be	be	AUX
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cblr-9114	190	15	at	at	ADP
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cblr-9114	190	17	c.f.r	c.f.r	NOUN
cblr-9114	190	18	.	.	PUNCT
cblr-9114	191	1	pt	pt	PROPN
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cblr-9114	191	4	)	)	PUNCT
cblr-9114	191	5	.	.	PUNCT
cblr-9114	192	1	1500	1500	NUM
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cblr-9114	192	9	2021	2021	NUM
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cblr-9114	192	11	.	.	PUNCT
cblr-9114	193	1	proxy	proxy	ADJ
cblr-9114	193	2	advisory	advisory	ADJ
cblr-9114	193	3	firms	firm	NOUN
cblr-9114	193	4	’	'	PUNCT
cblr-9114	193	5	conflicts	conflict	NOUN
cblr-9114	193	6	of	of	ADP
cblr-9114	193	7	interest	interest	NOUN
cblr-9114	193	8	this	this	DET
cblr-9114	193	9	part	part	NOUN
cblr-9114	193	10	discusses	discuss	VERB
cblr-9114	193	11	the	the	DET
cblr-9114	193	12	need	need	NOUN
cblr-9114	193	13	for	for	ADP
cblr-9114	193	14	further	further	ADJ
cblr-9114	193	15	regulation	regulation	NOUN
cblr-9114	193	16	of	of	ADP
cblr-9114	193	17	proxy	proxy	ADJ
cblr-9114	193	18	advisory	advisory	ADJ
cblr-9114	193	19	firms	firm	NOUN
cblr-9114	193	20	’	'	PUNCT
cblr-9114	193	21	conflicts	conflict	NOUN
cblr-9114	193	22	of	of	ADP
cblr-9114	193	23	interest	interest	NOUN
cblr-9114	193	24	,	,	PUNCT
cblr-9114	193	25	dissecting	dissect	VERB
cblr-9114	193	26	their	their	PRON
cblr-9114	193	27	potential	potential	ADJ
cblr-9114	193	28	and	and	CCONJ
cblr-9114	193	29	observed	observed	ADJ
cblr-9114	193	30	impacts	impact	NOUN
cblr-9114	193	31	.	.	PUNCT
cblr-9114	194	1	it	it	PRON
cblr-9114	194	2	addresses	address	VERB
cblr-9114	194	3	two	two	NUM
cblr-9114	194	4	prominent	prominent	ADJ
cblr-9114	194	5	conflicts	conflict	NOUN
cblr-9114	194	6	:	:	PUNCT
cblr-9114	194	7	(	(	PUNCT
cblr-9114	194	8	i	i	NOUN
cblr-9114	194	9	)	)	PUNCT
cblr-9114	194	10	the	the	DET
cblr-9114	194	11	provision	provision	NOUN
cblr-9114	194	12	of	of	ADP
cblr-9114	194	13	both	both	DET
cblr-9114	194	14	voting	voting	NOUN
cblr-9114	194	15	advice	advice	NOUN
cblr-9114	194	16	and	and	CCONJ
cblr-9114	194	17	consulting	consulting	NOUN
cblr-9114	194	18	services	service	NOUN
cblr-9114	194	19	and	and	CCONJ
cblr-9114	194	20	(	(	PUNCT
cblr-9114	194	21	ii	ii	NOUN
cblr-9114	194	22	)	)	PUNCT
cblr-9114	194	23	the	the	DET
cblr-9114	194	24	provision	provision	NOUN
cblr-9114	194	25	of	of	ADP
cblr-9114	194	26	both	both	DET
cblr-9114	194	27	governance	governance	NOUN
cblr-9114	194	28	ratings	rating	NOUN
cblr-9114	194	29	and	and	CCONJ
cblr-9114	194	30	consulting	consulting	NOUN
cblr-9114	194	31	services	service	NOUN
cblr-9114	194	32	.	.	PUNCT
cblr-9114	195	1	it	it	PRON
cblr-9114	195	2	begins	begin	VERB
cblr-9114	195	3	with	with	ADP
cblr-9114	195	4	a	a	DET
cblr-9114	195	5	discussion	discussion	NOUN
cblr-9114	195	6	of	of	ADP
cblr-9114	195	7	the	the	DET
cblr-9114	195	8	risks	risk	NOUN
cblr-9114	195	9	posed	pose	VERB
cblr-9114	195	10	by	by	ADP
cblr-9114	195	11	the	the	DET
cblr-9114	195	12	conflicts	conflict	NOUN
cblr-9114	195	13	,	,	PUNCT
cblr-9114	195	14	continuing	continue	VERB
cblr-9114	195	15	with	with	ADP
cblr-9114	195	16	the	the	DET
cblr-9114	195	17	lead	lead	NOUN
cblr-9114	195	18	up	up	ADP
cblr-9114	195	19	to	to	ADP
cblr-9114	195	20	the	the	DET
cblr-9114	195	21	2020	2020	NUM
cblr-9114	195	22	promulgation	promulgation	NOUN
cblr-9114	195	23	of	of	ADP
cblr-9114	195	24	final	final	ADJ
cblr-9114	195	25	regulations	regulation	NOUN
cblr-9114	195	26	on	on	ADP
cblr-9114	195	27	proxy	proxy	ADJ
cblr-9114	195	28	advisory	advisory	ADJ
cblr-9114	195	29	firms	firm	NOUN
cblr-9114	195	30	.	.	PUNCT
cblr-9114	196	1	the	the	DET
cblr-9114	196	2	commission	commission	NOUN
cblr-9114	196	3	publicly	publicly	ADV
cblr-9114	196	4	recognized	recognize	VERB
cblr-9114	196	5	the	the	DET
cblr-9114	196	6	need	need	NOUN
cblr-9114	196	7	for	for	ADP
cblr-9114	196	8	reform	reform	NOUN
cblr-9114	196	9	with	with	ADP
cblr-9114	196	10	its	its	PRON
cblr-9114	196	11	2010	2010	NUM
cblr-9114	196	12	“	"	PUNCT
cblr-9114	196	13	concept	concept	NOUN
cblr-9114	196	14	release	release	NOUN
cblr-9114	196	15	on	on	ADP
cblr-9114	196	16	the	the	DET
cblr-9114	196	17	u.s	u.s	PROPN
cblr-9114	196	18	.	.	PROPN
cblr-9114	196	19	proxy	proxy	PROPN
cblr-9114	196	20	system	system	NOUN
cblr-9114	196	21	”	"	PUNCT
cblr-9114	196	22	(	(	PUNCT
cblr-9114	196	23	“	"	PUNCT
cblr-9114	196	24	concept	concept	NOUN
cblr-9114	196	25	release”),57	release”),57	NOUN
cblr-9114	196	26	leading	lead	VERB
cblr-9114	196	27	to	to	ADP
cblr-9114	196	28	its	its	PRON
cblr-9114	196	29	issuance	issuance	NOUN
cblr-9114	196	30	of	of	ADP
cblr-9114	196	31	a	a	DET
cblr-9114	196	32	preliminary	preliminary	ADJ
cblr-9114	196	33	version	version	NOUN
cblr-9114	196	34	of	of	ADP
cblr-9114	196	35	regulatory	regulatory	ADJ
cblr-9114	196	36	changes	change	NOUN
cblr-9114	196	37	in	in	ADP
cblr-9114	196	38	2019	2019	NUM
cblr-9114	196	39	followed	follow	VERB
cblr-9114	196	40	by	by	ADP
cblr-9114	196	41	the	the	DET
cblr-9114	196	42	final	final	ADJ
cblr-9114	196	43	version	version	NOUN
cblr-9114	196	44	in	in	ADP
cblr-9114	196	45	2020.58	2020.58	NUM
cblr-9114	196	46	concerns	concern	NOUN
cblr-9114	196	47	regarding	regard	VERB
cblr-9114	196	48	the	the	DET
cblr-9114	196	49	impacts	impact	NOUN
cblr-9114	196	50	of	of	ADP
cblr-9114	196	51	conflicts	conflict	NOUN
cblr-9114	196	52	of	of	ADP
cblr-9114	196	53	interest	interest	NOUN
cblr-9114	196	54	within	within	ADP
cblr-9114	196	55	the	the	DET
cblr-9114	196	56	proxy	proxy	ADJ
cblr-9114	196	57	advisory	advisory	ADJ
cblr-9114	196	58	firm	firm	NOUN
cblr-9114	196	59	market	market	NOUN
cblr-9114	196	60	should	should	AUX
cblr-9114	196	61	be	be	AUX
cblr-9114	196	62	unsurprising	unsurprising	ADJ
cblr-9114	196	63	,	,	PUNCT
cblr-9114	196	64	as	as	SCONJ
cblr-9114	196	65	“	"	PUNCT
cblr-9114	196	66	the	the	DET
cblr-9114	196	67	outsourcing	outsourcing	NOUN
cblr-9114	196	68	of	of	ADP
cblr-9114	196	69	proxy	proxy	ADJ
cblr-9114	196	70	voting	voting	NOUN
cblr-9114	196	71	and	and	CCONJ
cblr-9114	196	72	monitoring	monitoring	NOUN
cblr-9114	196	73	functions	function	NOUN
cblr-9114	196	74	by	by	ADP
cblr-9114	196	75	mutual	mutual	ADJ
cblr-9114	196	76	funds	fund	NOUN
cblr-9114	196	77	to	to	PART
cblr-9114	196	78	iss	iss	PROPN
cblr-9114	196	79	presents	present	VERB
cblr-9114	196	80	the	the	DET
cblr-9114	196	81	classic	classic	ADJ
cblr-9114	196	82	agency	agency	NOUN
cblr-9114	196	83	problem	problem	NOUN
cblr-9114	196	84	of	of	ADP
cblr-9114	196	85	‘	'	PUNCT
cblr-9114	196	86	separation	separation	NOUN
cblr-9114	196	87	of	of	ADP
cblr-9114	196	88	decision	decision	NOUN
cblr-9114	196	89	and	and	CCONJ
cblr-9114	196	90	risk	risk	NOUN
cblr-9114	196	91	.	.	PUNCT
cblr-9114	196	92	’”59	’”59	X
cblr-9114	197	1	iss	iss	PROPN
cblr-9114	197	2	—	—	PUNCT
cblr-9114	197	3	along	along	ADP
cblr-9114	197	4	with	with	ADP
cblr-9114	197	5	other	other	ADJ
cblr-9114	197	6	proxy	proxy	ADJ
cblr-9114	197	7	advisory	advisory	ADJ
cblr-9114	197	8	firms	firm	NOUN
cblr-9114	197	9	—	—	PUNCT
cblr-9114	197	10	makes	make	VERB
cblr-9114	197	11	decisions	decision	NOUN
cblr-9114	197	12	regarding	regard	VERB
cblr-9114	197	13	voting	vote	VERB
cblr-9114	197	14	investors	investor	NOUN
cblr-9114	197	15	’	’	PART
cblr-9114	197	16	shares	share	NOUN
cblr-9114	197	17	while	while	SCONJ
cblr-9114	197	18	investment	investment	NOUN
cblr-9114	197	19	advisers	adviser	NOUN
cblr-9114	197	20	and	and	CCONJ
cblr-9114	197	21	investors	investor	NOUN
cblr-9114	197	22	themselves	themselves	PRON
cblr-9114	197	23	bear	bear	VERB
cblr-9114	197	24	the	the	DET
cblr-9114	197	25	risk	risk	NOUN
cblr-9114	197	26	of	of	ADP
cblr-9114	197	27	these	these	DET
cblr-9114	197	28	decisions	decision	NOUN
cblr-9114	197	29	.	.	PUNCT
cblr-9114	198	1	proxy	proxy	ADJ
cblr-9114	198	2	advisory	advisory	ADJ
cblr-9114	198	3	firms	firm	NOUN
cblr-9114	198	4	,	,	PUNCT
cblr-9114	198	5	meanwhile	meanwhile	ADV
cblr-9114	198	6	,	,	PUNCT
cblr-9114	198	7	dispute	dispute	VERB
cblr-9114	198	8	the	the	DET
cblr-9114	198	9	notion	notion	NOUN
cblr-9114	198	10	that	that	SCONJ
cblr-9114	198	11	they	they	PRON
cblr-9114	198	12	possess	possess	VERB
cblr-9114	198	13	control	control	NOUN
cblr-9114	198	14	over	over	ADP
cblr-9114	198	15	shareholder	shareholder	NOUN
cblr-9114	198	16	voting	voting	NOUN
cblr-9114	198	17	.	.	PUNCT
cblr-9114	199	1	as	as	SCONJ
cblr-9114	199	2	stated	state	VERB
cblr-9114	199	3	by	by	ADP
cblr-9114	199	4	iss	iss	PROPN
cblr-9114	199	5	:	:	PUNCT
cblr-9114	200	1	[	[	X
cblr-9114	200	2	o]ur	o]ur	PRON
cblr-9114	200	3	clients	client	NOUN
cblr-9114	200	4	are	be	AUX
cblr-9114	200	5	sophisticated	sophisticated	ADJ
cblr-9114	200	6	institutional	institutional	ADJ
cblr-9114	200	7	investors	investor	NOUN
cblr-9114	200	8	who	who	PRON
cblr-9114	200	9	are	be	AUX
cblr-9114	200	10	free	free	ADJ
cblr-9114	200	11	to	to	PART
cblr-9114	200	12	follow	follow	VERB
cblr-9114	200	13	our	our	PRON
cblr-9114	200	14	recommendations	recommendation	NOUN
cblr-9114	200	15	or	or	CCONJ
cblr-9114	200	16	not	not	PART
cblr-9114	200	17	.	.	PUNCT
cblr-9114	201	1	often	often	ADV
cblr-9114	201	2	,	,	PUNCT
cblr-9114	201	3	the	the	DET
cblr-9114	201	4	information	information	NOUN
cblr-9114	201	5	that	that	PRON
cblr-9114	201	6	we	we	PRON
cblr-9114	201	7	provide	provide	VERB
cblr-9114	201	8	to	to	ADP
cblr-9114	201	9	our	our	PRON
cblr-9114	201	10	clients	client	NOUN
cblr-9114	201	11	57	57	NUM
cblr-9114	201	12	concept	concept	NOUN
cblr-9114	201	13	release	release	NOUN
cblr-9114	201	14	on	on	ADP
cblr-9114	201	15	the	the	DET
cblr-9114	201	16	u.s	u.s	PROPN
cblr-9114	201	17	.	.	PROPN
cblr-9114	201	18	proxy	proxy	ADJ
cblr-9114	201	19	system	system	NOUN
cblr-9114	201	20	,	,	PUNCT
cblr-9114	201	21	exchange	exchange	NOUN
cblr-9114	201	22	act	act	NOUN
cblr-9114	201	23	release	release	VERB
cblr-9114	201	24	no	no	NOUN
cblr-9114	201	25	.	.	NOUN
cblr-9114	202	1	62,495	62,495	NUM
cblr-9114	202	2	,	,	PUNCT
cblr-9114	202	3	investment	investment	NOUN
cblr-9114	202	4	company	company	NOUN
cblr-9114	202	5	act	act	VERB
cblr-9114	202	6	release	release	VERB
cblr-9114	202	7	no	no	DET
cblr-9114	202	8	.	.	NOUN
cblr-9114	202	9	29,340	29,340	NUM
cblr-9114	202	10	,	,	PUNCT
cblr-9114	202	11	75	75	NUM
cblr-9114	202	12	fed	feed	VERB
cblr-9114	202	13	.	.	PUNCT
cblr-9114	203	1	reg	reg	PROPN
cblr-9114	203	2	.	.	PROPN
cblr-9114	203	3	42,982	42,982	NUM
cblr-9114	203	4	,	,	PUNCT
cblr-9114	203	5	43,011	43,011	NUM
cblr-9114	203	6	(	(	PUNCT
cblr-9114	203	7	july	july	PROPN
cblr-9114	203	8	22	22	NUM
cblr-9114	203	9	,	,	PUNCT
cblr-9114	203	10	2010	2010	NUM
cblr-9114	203	11	)	)	PUNCT
cblr-9114	203	12	(	(	PUNCT
cblr-9114	203	13	“	"	PUNCT
cblr-9114	203	14	the	the	DET
cblr-9114	203	15	use	use	NOUN
cblr-9114	203	16	of	of	ADP
cblr-9114	203	17	proxy	proxy	ADJ
cblr-9114	203	18	advisory	advisory	ADJ
cblr-9114	203	19	firms	firm	NOUN
cblr-9114	203	20	by	by	ADP
cblr-9114	203	21	institutional	institutional	ADJ
cblr-9114	203	22	investors	investor	NOUN
cblr-9114	203	23	raises	raise	VERB
cblr-9114	203	24	a	a	DET
cblr-9114	203	25	number	number	NOUN
cblr-9114	203	26	of	of	ADP
cblr-9114	203	27	potential	potential	ADJ
cblr-9114	203	28	issues	issue	NOUN
cblr-9114	203	29	.	.	PUNCT
cblr-9114	203	30	”	"	PUNCT
cblr-9114	203	31	)	)	PUNCT
cblr-9114	203	32	.	.	PUNCT
cblr-9114	204	1	58	58	NUM
cblr-9114	204	2	see	see	VERB
cblr-9114	204	3	amendments	amendment	NOUN
cblr-9114	204	4	to	to	ADP
cblr-9114	204	5	exemptions	exemption	NOUN
cblr-9114	204	6	from	from	ADP
cblr-9114	204	7	the	the	DET
cblr-9114	204	8	proxy	proxy	NOUN
cblr-9114	204	9	rules	rule	NOUN
cblr-9114	204	10	for	for	ADP
cblr-9114	204	11	proxy	proxy	ADJ
cblr-9114	204	12	voting	voting	NOUN
cblr-9114	204	13	advice	advice	NOUN
cblr-9114	204	14	,	,	PUNCT
cblr-9114	204	15	84	84	NUM
cblr-9114	204	16	fed	feed	VERB
cblr-9114	204	17	.	.	PUNCT
cblr-9114	205	1	reg	reg	PROPN
cblr-9114	205	2	.	.	PUNCT
cblr-9114	206	1	at	at	ADP
cblr-9114	206	2	66,526	66,526	NUM
cblr-9114	206	3	;	;	PUNCT
cblr-9114	206	4	exemptions	exemption	NOUN
cblr-9114	206	5	from	from	ADP
cblr-9114	206	6	the	the	DET
cblr-9114	206	7	proxy	proxy	NOUN
cblr-9114	206	8	rules	rule	NOUN
cblr-9114	206	9	for	for	ADP
cblr-9114	206	10	proxy	proxy	ADJ
cblr-9114	206	11	voting	voting	NOUN
cblr-9114	206	12	advice	advice	NOUN
cblr-9114	206	13	,	,	PUNCT
cblr-9114	206	14	85	85	NUM
cblr-9114	206	15	fed	feed	VERB
cblr-9114	206	16	.	.	PUNCT
cblr-9114	207	1	reg	reg	PROPN
cblr-9114	207	2	.	.	PUNCT
cblr-9114	208	1	at	at	ADP
cblr-9114	208	2	55,082	55,082	NUM
cblr-9114	208	3	.	.	PUNCT
cblr-9114	209	1	59	59	NUM
cblr-9114	209	2	tamara	tamara	PROPN
cblr-9114	209	3	c.	c.	PROPN
cblr-9114	209	4	belinfanti	belinfanti	PROPN
cblr-9114	209	5	,	,	PUNCT
cblr-9114	209	6	the	the	DET
cblr-9114	209	7	proxy	proxy	NOUN
cblr-9114	209	8	advisory	advisory	ADJ
cblr-9114	209	9	and	and	CCONJ
cblr-9114	209	10	corporate	corporate	ADJ
cblr-9114	209	11	governance	governance	NOUN
cblr-9114	209	12	industry	industry	NOUN
cblr-9114	209	13	:	:	PUNCT
cblr-9114	209	14	the	the	DET
cblr-9114	209	15	case	case	NOUN
cblr-9114	209	16	for	for	ADP
cblr-9114	209	17	increased	increase	VERB
cblr-9114	209	18	oversight	oversight	NOUN
cblr-9114	209	19	and	and	CCONJ
cblr-9114	209	20	control	control	NOUN
cblr-9114	209	21	,	,	PUNCT
cblr-9114	209	22	14	14	NUM
cblr-9114	209	23	stan	stan	PROPN
cblr-9114	209	24	.	.	PUNCT
cblr-9114	210	1	j.	j.	PROPN
cblr-9114	210	2	l.	l.	PROPN
cblr-9114	210	3	bus	bus	PROPN
cblr-9114	210	4	.	.	PUNCT
cblr-9114	210	5	&	&	CCONJ
cblr-9114	210	6	fin	fin	PROPN
cblr-9114	210	7	.	.	PUNCT
cblr-9114	211	1	384	384	NUM
cblr-9114	211	2	,	,	PUNCT
cblr-9114	211	3	406	406	NUM
cblr-9114	211	4	(	(	PUNCT
cblr-9114	211	5	2009	2009	NUM
cblr-9114	211	6	)	)	PUNCT
cblr-9114	211	7	(	(	PUNCT
cblr-9114	211	8	quoting	quote	VERB
cblr-9114	211	9	eugene	eugene	PROPN
cblr-9114	211	10	f.	f.	PROPN
cblr-9114	211	11	fama	fama	PROPN
cblr-9114	211	12	&	&	CCONJ
cblr-9114	211	13	michael	michael	PROPN
cblr-9114	211	14	c.	c.	PROPN
cblr-9114	211	15	jensen	jensen	PROPN
cblr-9114	211	16	,	,	PUNCT
cblr-9114	211	17	separation	separation	NOUN
cblr-9114	211	18	of	of	ADP
cblr-9114	211	19	ownership	ownership	NOUN
cblr-9114	211	20	and	and	CCONJ
cblr-9114	211	21	control	control	NOUN
cblr-9114	211	22	,	,	PUNCT
cblr-9114	211	23	26	26	NUM
cblr-9114	211	24	j.l	j.l	PROPN
cblr-9114	211	25	.	.	PROPN
cblr-9114	211	26	&	&	CCONJ
cblr-9114	211	27	econ	econ	PROPN
cblr-9114	211	28	.	.	PROPN
cblr-9114	212	1	301	301	NUM
cblr-9114	212	2	,	,	PUNCT
cblr-9114	212	3	301	301	NUM
cblr-9114	212	4	(	(	PUNCT
cblr-9114	212	5	1983	1983	NUM
cblr-9114	212	6	)	)	PUNCT
cblr-9114	212	7	)	)	PUNCT
cblr-9114	212	8	.	.	PUNCT
cblr-9114	213	1	no	no	INTJ
cblr-9114	213	2	.	.	PUNCT
cblr-9114	214	1	3:1487	3:1487	NUM
cblr-9114	214	2	]	]	X
cblr-9114	214	3	proxy	proxy	ADJ
cblr-9114	214	4	advisory	advisory	ADJ
cblr-9114	214	5	firms	firm	NOUN
cblr-9114	214	6	’	'	PUNCT
cblr-9114	214	7	conflicts	conflict	NOUN
cblr-9114	214	8	of	of	ADP
cblr-9114	214	9	interest	interest	NOUN
cblr-9114	214	10	1501	1501	NUM
cblr-9114	214	11	is	be	AUX
cblr-9114	214	12	one	one	NUM
cblr-9114	214	13	of	of	ADP
cblr-9114	214	14	many	many	ADJ
cblr-9114	214	15	different	different	ADJ
cblr-9114	214	16	inputs	input	NOUN
cblr-9114	214	17	they	they	PRON
cblr-9114	214	18	use	use	VERB
cblr-9114	214	19	to	to	PART
cblr-9114	214	20	make	make	VERB
cblr-9114	214	21	their	their	PRON
cblr-9114	214	22	voting	voting	NOUN
cblr-9114	214	23	decisions.60	decisions.60	PROPN
cblr-9114	214	24	while	while	SCONJ
cblr-9114	214	25	this	this	PRON
cblr-9114	214	26	is	be	AUX
cblr-9114	214	27	certainly	certainly	ADV
cblr-9114	214	28	accurate	accurate	ADJ
cblr-9114	214	29	for	for	ADP
cblr-9114	214	30	many	many	ADJ
cblr-9114	214	31	of	of	ADP
cblr-9114	214	32	iss	iss	PROPN
cblr-9114	214	33	’s	’s	PART
cblr-9114	214	34	clients	client	NOUN
cblr-9114	214	35	and	and	CCONJ
cblr-9114	214	36	,	,	PUNCT
cblr-9114	214	37	ideally	ideally	ADV
cblr-9114	214	38	would	would	AUX
cblr-9114	214	39	be	be	AUX
cblr-9114	214	40	accurate	accurate	ADJ
cblr-9114	214	41	for	for	ADP
cblr-9114	214	42	all	all	PRON
cblr-9114	214	43	of	of	ADP
cblr-9114	214	44	them	they	PRON
cblr-9114	214	45	,	,	PUNCT
cblr-9114	214	46	certain	certain	ADJ
cblr-9114	214	47	institutional	institutional	ADJ
cblr-9114	214	48	investors	investor	NOUN
cblr-9114	214	49	appear	appear	VERB
cblr-9114	214	50	to	to	PART
cblr-9114	214	51	have	have	AUX
cblr-9114	214	52	largely	largely	ADV
cblr-9114	214	53	outsourced	outsource	VERB
cblr-9114	214	54	the	the	DET
cblr-9114	214	55	voting	voting	NOUN
cblr-9114	214	56	of	of	ADP
cblr-9114	214	57	their	their	PRON
cblr-9114	214	58	shares	share	NOUN
cblr-9114	214	59	to	to	ADP
cblr-9114	214	60	iss	iss	VERB
cblr-9114	214	61	and	and	CCONJ
cblr-9114	214	62	follow	follow	VERB
cblr-9114	214	63	its	its	PRON
cblr-9114	214	64	recommendations	recommendation	NOUN
cblr-9114	214	65	with	with	ADP
cblr-9114	214	66	little	little	ADJ
cblr-9114	214	67	to	to	PART
cblr-9114	214	68	no	no	DET
cblr-9114	214	69	oversight.61	oversight.61	NOUN
cblr-9114	214	70	the	the	DET
cblr-9114	214	71	commission	commission	NOUN
cblr-9114	214	72	,	,	PUNCT
cblr-9114	214	73	responding	respond	VERB
cblr-9114	214	74	to	to	ADP
cblr-9114	214	75	the	the	DET
cblr-9114	214	76	longstanding	longstanding	ADJ
cblr-9114	214	77	concerns	concern	NOUN
cblr-9114	214	78	over	over	ADP
cblr-9114	214	79	conflicts	conflict	NOUN
cblr-9114	214	80	of	of	ADP
cblr-9114	214	81	interest	interest	NOUN
cblr-9114	214	82	impacting	impact	VERB
cblr-9114	214	83	the	the	DET
cblr-9114	214	84	dependability	dependability	NOUN
cblr-9114	214	85	of	of	ADP
cblr-9114	214	86	proxy	proxy	ADJ
cblr-9114	214	87	advisory	advisory	ADJ
cblr-9114	214	88	firms	firm	NOUN
cblr-9114	214	89	’	'	PUNCT
cblr-9114	214	90	recommendations,62	recommendations,62	NOUN
cblr-9114	214	91	initiated	initiate	VERB
cblr-9114	214	92	its	its	PRON
cblr-9114	214	93	review	review	NOUN
cblr-9114	214	94	of	of	ADP
cblr-9114	214	95	the	the	DET
cblr-9114	214	96	regulatory	regulatory	ADJ
cblr-9114	214	97	scheme	scheme	NOUN
cblr-9114	214	98	for	for	ADP
cblr-9114	214	99	proxy	proxy	ADJ
cblr-9114	214	100	advisory	advisory	ADJ
cblr-9114	214	101	firms	firm	NOUN
cblr-9114	214	102	in	in	ADP
cblr-9114	214	103	2010	2010	NUM
cblr-9114	214	104	with	with	ADP
cblr-9114	214	105	the	the	DET
cblr-9114	214	106	concept	concept	NOUN
cblr-9114	214	107	release.63	release.63	VERB
cblr-9114	214	108	the	the	DET
cblr-9114	214	109	concept	concept	NOUN
cblr-9114	214	110	release	release	NOUN
cblr-9114	214	111	recognized	recognize	VERB
cblr-9114	214	112	that	that	SCONJ
cblr-9114	214	113	“	"	PUNCT
cblr-9114	214	114	to	to	ADP
cblr-9114	214	115	the	the	DET
cblr-9114	214	116	extent	extent	NOUN
cblr-9114	214	117	that	that	SCONJ
cblr-9114	214	118	conflicts	conflict	NOUN
cblr-9114	214	119	of	of	ADP
cblr-9114	214	120	interest	interest	NOUN
cblr-9114	214	121	on	on	ADP
cblr-9114	214	122	the	the	DET
cblr-9114	214	123	part	part	NOUN
cblr-9114	214	124	of	of	ADP
cblr-9114	214	125	proxy	proxy	ADJ
cblr-9114	214	126	advisory	advisory	ADJ
cblr-9114	214	127	firms	firm	NOUN
cblr-9114	214	128	are	be	AUX
cblr-9114	214	129	insufficiently	insufficiently	ADV
cblr-9114	214	130	disclosed	disclose	VERB
cblr-9114	214	131	and	and	CCONJ
cblr-9114	214	132	managed	manage	VERB
cblr-9114	214	133	,	,	PUNCT
cblr-9114	214	134	shareholders	shareholder	NOUN
cblr-9114	214	135	could	could	AUX
cblr-9114	214	136	be	be	AUX
cblr-9114	214	137	misled	mislead	VERB
cblr-9114	214	138	and	and	CCONJ
cblr-9114	214	139	informed	inform	VERB
cblr-9114	214	140	shareholder	shareholder	NOUN
cblr-9114	214	141	voting	voting	NOUN
cblr-9114	214	142	could	could	AUX
cblr-9114	214	143	be	be	AUX
cblr-9114	214	144	impaired	impair	VERB
cblr-9114	214	145	.	.	PUNCT
cblr-9114	215	1	”64	”64	PROPN
cblr-9114	215	2	the	the	DET
cblr-9114	215	3	sec	sec	PROPN
cblr-9114	215	4	’s	’s	PART
cblr-9114	215	5	final	final	ADJ
cblr-9114	215	6	regulations	regulation	NOUN
cblr-9114	215	7	,	,	PUNCT
cblr-9114	215	8	nonetheless	nonetheless	ADV
cblr-9114	215	9	,	,	PUNCT
cblr-9114	215	10	homed	home	VERB
cblr-9114	215	11	in	in	ADP
cblr-9114	215	12	on	on	ADP
cblr-9114	215	13	the	the	DET
cblr-9114	215	14	disclosure	disclosure	NOUN
cblr-9114	215	15	of	of	ADP
cblr-9114	215	16	conflicts	conflict	NOUN
cblr-9114	215	17	and	and	CCONJ
cblr-9114	215	18	largely	largely	ADV
cblr-9114	215	19	eschewed	eschew	VERB
cblr-9114	215	20	their	their	PRON
cblr-9114	215	21	management.65	management.65	NOUN
cblr-9114	215	22	generally	generally	ADV
cblr-9114	215	23	,	,	PUNCT
cblr-9114	215	24	a	a	DET
cblr-9114	215	25	proxy	proxy	ADJ
cblr-9114	215	26	advisory	advisory	ADJ
cblr-9114	215	27	firm	firm	NOUN
cblr-9114	215	28	may	may	AUX
cblr-9114	215	29	face	face	VERB
cblr-9114	215	30	several	several	ADJ
cblr-9114	215	31	types	type	NOUN
cblr-9114	215	32	of	of	ADP
cblr-9114	215	33	conflicts	conflict	NOUN
cblr-9114	215	34	of	of	ADP
cblr-9114	215	35	interest	interest	NOUN
cblr-9114	215	36	,	,	PUNCT
cblr-9114	215	37	including	include	VERB
cblr-9114	215	38	“	"	PUNCT
cblr-9114	215	39	providing	provide	VERB
cblr-9114	215	40	voting	voting	NOUN
cblr-9114	215	41	advice	advice	NOUN
cblr-9114	215	42	on	on	ADP
cblr-9114	215	43	a	a	DET
cblr-9114	215	44	matter	matter	NOUN
cblr-9114	215	45	in	in	ADP
cblr-9114	215	46	which	which	PRON
cblr-9114	215	47	its	its	PRON
cblr-9114	215	48	affiliates	affiliate	NOUN
cblr-9114	215	49	or	or	CCONJ
cblr-9114	215	50	one	one	NUM
cblr-9114	215	51	or	or	CCONJ
cblr-9114	215	52	more	more	ADJ
cblr-9114	215	53	of	of	ADP
cblr-9114	215	54	its	its	PRON
cblr-9114	215	55	clients	client	NOUN
cblr-9114	215	56	has	have	VERB
cblr-9114	215	57	a	a	DET
cblr-9114	215	58	material	material	ADJ
cblr-9114	215	59	interest	interest	NOUN
cblr-9114	215	60	”	"	PUNCT
cblr-9114	215	61	and	and	CCONJ
cblr-9114	215	62	“	"	PUNCT
cblr-9114	215	63	providing	provide	VERB
cblr-9114	215	64	voting	voting	NOUN
cblr-9114	215	65	advice	advice	NOUN
cblr-9114	215	66	with	with	ADP
cblr-9114	215	67	respect	respect	NOUN
cblr-9114	215	68	to	to	ADP
cblr-9114	215	69	a	a	DET
cblr-9114	215	70	registrant	registrant	NOUN
cblr-9114	215	71	’s	’s	PART
cblr-9114	215	72	60	60	NUM
cblr-9114	215	73	institutional	institutional	ADJ
cblr-9114	215	74	s’holder	s’holder	NOUN
cblr-9114	215	75	serv	serv	PROPN
cblr-9114	215	76	.	.	PROPN
cblr-9114	215	77	,	,	PUNCT
cblr-9114	215	78	supra	supra	PROPN
cblr-9114	215	79	note	note	PROPN
cblr-9114	215	80	22	22	NUM
cblr-9114	215	81	,	,	PUNCT
cblr-9114	215	82	at	at	ADP
cblr-9114	215	83	2	2	NUM
cblr-9114	215	84	.	.	NOUN
cblr-9114	215	85	61	61	NUM
cblr-9114	215	86	see	see	NOUN
cblr-9114	215	87	infra	infra	NOUN
cblr-9114	215	88	part	part	NOUN
cblr-9114	215	89	iii.e	iii.e	PROPN
cblr-9114	215	90	(	(	PUNCT
cblr-9114	215	91	providing	provide	VERB
cblr-9114	215	92	further	further	ADJ
cblr-9114	215	93	discussion	discussion	NOUN
cblr-9114	215	94	of	of	ADP
cblr-9114	215	95	robo	robo	NOUN
cblr-9114	215	96	-	-	PUNCT
cblr-9114	215	97	voting	voting	NOUN
cblr-9114	215	98	and	and	CCONJ
cblr-9114	215	99	the	the	DET
cblr-9114	215	100	insufficient	insufficient	ADJ
cblr-9114	215	101	review	review	NOUN
cblr-9114	215	102	of	of	ADP
cblr-9114	215	103	proxy	proxy	ADJ
cblr-9114	215	104	advisory	advisory	ADJ
cblr-9114	215	105	firms	firm	NOUN
cblr-9114	215	106	’	’	PART
cblr-9114	215	107	voting	voting	NOUN
cblr-9114	215	108	recommendations	recommendation	NOUN
cblr-9114	215	109	by	by	ADP
cblr-9114	215	110	certain	certain	ADJ
cblr-9114	215	111	institutional	institutional	ADJ
cblr-9114	215	112	investors	investor	NOUN
cblr-9114	215	113	)	)	PUNCT
cblr-9114	215	114	.	.	PUNCT
cblr-9114	216	1	62	62	NUM
cblr-9114	216	2	see	see	VERB
cblr-9114	216	3	,	,	PUNCT
cblr-9114	216	4	e.g.	e.g.	ADV
cblr-9114	216	5	,	,	PUNCT
cblr-9114	216	6	gretchen	gretchen	PROPN
cblr-9114	216	7	morgenson	morgenson	PROPN
cblr-9114	216	8	,	,	PUNCT
cblr-9114	216	9	how	how	SCONJ
cblr-9114	216	10	to	to	PART
cblr-9114	216	11	succeed	succeed	VERB
cblr-9114	216	12	on	on	ADP
cblr-9114	216	13	wall	wall	PROPN
cblr-9114	216	14	street	street	PROPN
cblr-9114	216	15	,	,	PUNCT
cblr-9114	216	16	conflict	conflict	NOUN
cblr-9114	216	17	-	-	PUNCT
cblr-9114	216	18	free	free	ADJ
cblr-9114	216	19	,	,	PUNCT
cblr-9114	216	20	n.y	n.y	PROPN
cblr-9114	216	21	.	.	PROPN
cblr-9114	216	22	times	times	PROPN
cblr-9114	216	23	(	(	PUNCT
cblr-9114	216	24	dec	dec	PROPN
cblr-9114	216	25	.	.	PROPN
cblr-9114	216	26	19	19	NUM
cblr-9114	216	27	,	,	PUNCT
cblr-9114	216	28	2004	2004	NUM
cblr-9114	216	29	)	)	PUNCT
cblr-9114	216	30	.	.	PUNCT
cblr-9114	217	1	https://www.nytimes.com/2004/12/19/business/yourmoney/how-to-succeedon-wall-street-conflictfree.html	https://www.nytimes.com/2004/12/19/business/yourmoney/how-to-succeedon-wall-street-conflictfree.html	X
cblr-9114	218	1	[	[	X
cblr-9114	218	2	https://perma.cc/efa7-j5d2	https://perma.cc/efa7-j5d2	X
cblr-9114	218	3	]	]	X
cblr-9114	218	4	(	(	PUNCT
cblr-9114	218	5	“	"	PUNCT
cblr-9114	218	6	by	by	ADP
cblr-9114	218	7	advising	advise	VERB
cblr-9114	218	8	both	both	DET
cblr-9114	218	9	companies	company	NOUN
cblr-9114	218	10	and	and	CCONJ
cblr-9114	218	11	their	their	PRON
cblr-9114	218	12	shareholders	shareholder	NOUN
cblr-9114	218	13	on	on	ADP
cblr-9114	218	14	corporate	corporate	ADJ
cblr-9114	218	15	governance	governance	NOUN
cblr-9114	218	16	issues	issue	NOUN
cblr-9114	218	17	,	,	PUNCT
cblr-9114	218	18	i.s.s	i.s.s	PROPN
cblr-9114	218	19	.	.	PROPN
cblr-9114	218	20	has	have	AUX
cblr-9114	218	21	created	create	VERB
cblr-9114	218	22	a	a	DET
cblr-9114	218	23	potential	potential	NOUN
cblr-9114	218	24	for	for	ADP
cblr-9114	218	25	bias	bias	NOUN
cblr-9114	218	26	,	,	PUNCT
cblr-9114	218	27	some	some	DET
cblr-9114	218	28	former	former	ADJ
cblr-9114	218	29	clients	client	NOUN
cblr-9114	218	30	say	say	VERB
cblr-9114	218	31	.	.	PUNCT
cblr-9114	218	32	”	"	PUNCT
cblr-9114	218	33	)	)	PUNCT
cblr-9114	218	34	.	.	PUNCT
cblr-9114	219	1	63	63	NUM
cblr-9114	219	2	concept	concept	NOUN
cblr-9114	219	3	release	release	NOUN
cblr-9114	219	4	on	on	ADP
cblr-9114	219	5	the	the	DET
cblr-9114	219	6	u.s	u.s	PROPN
cblr-9114	219	7	.	.	PROPN
cblr-9114	219	8	proxy	proxy	ADJ
cblr-9114	219	9	system	system	NOUN
cblr-9114	219	10	,	,	PUNCT
cblr-9114	219	11	exchange	exchange	NOUN
cblr-9114	219	12	act	act	NOUN
cblr-9114	219	13	release	release	VERB
cblr-9114	219	14	no	no	NOUN
cblr-9114	219	15	.	.	NOUN
cblr-9114	220	1	62,495	62,495	NUM
cblr-9114	220	2	,	,	PUNCT
cblr-9114	220	3	investment	investment	NOUN
cblr-9114	220	4	company	company	NOUN
cblr-9114	220	5	act	act	VERB
cblr-9114	220	6	release	release	VERB
cblr-9114	220	7	no	no	DET
cblr-9114	220	8	.	.	NOUN
cblr-9114	220	9	29,340	29,340	NUM
cblr-9114	220	10	,	,	PUNCT
cblr-9114	220	11	75	75	NUM
cblr-9114	220	12	fed	feed	VERB
cblr-9114	220	13	.	.	PUNCT
cblr-9114	221	1	reg	reg	PROPN
cblr-9114	221	2	.	.	PROPN
cblr-9114	221	3	42,982	42,982	NUM
cblr-9114	221	4	,	,	PUNCT
cblr-9114	221	5	43,009	43,009	NUM
cblr-9114	221	6	(	(	PUNCT
cblr-9114	221	7	proposed	propose	VERB
cblr-9114	221	8	july	july	PROPN
cblr-9114	221	9	22	22	NUM
cblr-9114	221	10	,	,	PUNCT
cblr-9114	221	11	2010	2010	NUM
cblr-9114	221	12	)	)	PUNCT
cblr-9114	222	1	(	(	PUNCT
cblr-9114	222	2	to	to	PART
cblr-9114	222	3	be	be	AUX
cblr-9114	222	4	codified	codify	VERB
cblr-9114	222	5	at	at	ADP
cblr-9114	222	6	17	17	NUM
cblr-9114	222	7	c.f.r	c.f.r	NOUN
cblr-9114	222	8	.	.	PUNCT
cblr-9114	223	1	pts	pts	PROPN
cblr-9114	223	2	.	.	PROPN
cblr-9114	223	3	240	240	NUM
cblr-9114	223	4	,	,	PUNCT
cblr-9114	223	5	270	270	NUM
cblr-9114	223	6	,	,	PUNCT
cblr-9114	223	7	274	274	NUM
cblr-9114	223	8	,	,	PUNCT
cblr-9114	223	9	275	275	NUM
cblr-9114	223	10	)	)	PUNCT
cblr-9114	223	11	.	.	PUNCT
cblr-9114	224	1	64	64	NUM
cblr-9114	225	1	i	i	PRON
cblr-9114	225	2	d.	d.	NOUN
cblr-9114	225	3	at	at	ADP
cblr-9114	225	4	43,011	43,011	NUM
cblr-9114	225	5	.	.	PUNCT
cblr-9114	226	1	65	65	NUM
cblr-9114	226	2	exemptions	exemption	NOUN
cblr-9114	226	3	from	from	ADP
cblr-9114	226	4	the	the	DET
cblr-9114	226	5	proxy	proxy	NOUN
cblr-9114	226	6	rules	rule	NOUN
cblr-9114	226	7	for	for	ADP
cblr-9114	226	8	proxy	proxy	ADJ
cblr-9114	226	9	voting	voting	NOUN
cblr-9114	226	10	advice	advice	NOUN
cblr-9114	226	11	,	,	PUNCT
cblr-9114	226	12	exchange	exchange	NOUN
cblr-9114	226	13	act	act	NOUN
cblr-9114	226	14	release	release	VERB
cblr-9114	226	15	no	no	DET
cblr-9114	226	16	.	.	PROPN
cblr-9114	226	17	89,372	89,372	NUM
cblr-9114	226	18	,	,	PUNCT
cblr-9114	226	19	85	85	NUM
cblr-9114	226	20	fed	feed	VERB
cblr-9114	226	21	.	.	PUNCT
cblr-9114	227	1	reg	reg	PROPN
cblr-9114	227	2	.	.	PROPN
cblr-9114	228	1	55,082	55,082	NUM
cblr-9114	228	2	(	(	PUNCT
cblr-9114	228	3	sept	sept	PROPN
cblr-9114	228	4	.	.	PROPN
cblr-9114	228	5	3	3	NUM
cblr-9114	228	6	,	,	PUNCT
cblr-9114	228	7	2020	2020	NUM
cblr-9114	228	8	)	)	PUNCT
cblr-9114	228	9	(	(	PUNCT
cblr-9114	228	10	to	to	PART
cblr-9114	228	11	be	be	AUX
cblr-9114	228	12	codified	codify	VERB
cblr-9114	228	13	at	at	ADP
cblr-9114	228	14	17	17	NUM
cblr-9114	228	15	c.f.r	c.f.r	NOUN
cblr-9114	228	16	.	.	PUNCT
cblr-9114	229	1	pt	pt	PROPN
cblr-9114	229	2	.	.	PROPN
cblr-9114	229	3	240	240	NUM
cblr-9114	229	4	)	)	PUNCT
cblr-9114	229	5	.	.	PUNCT
cblr-9114	230	1	1502	1502	NUM
cblr-9114	230	2	columbia	columbia	PROPN
cblr-9114	230	3	business	business	PROPN
cblr-9114	230	4	law	law	PROPN
cblr-9114	230	5	review	review	NOUN
cblr-9114	230	6	[	[	X
cblr-9114	230	7	vol	vol	NOUN
cblr-9114	230	8	.	.	NOUN
cblr-9114	230	9	2021	2021	NUM
cblr-9114	230	10	shareholder	shareholder	NOUN
cblr-9114	230	11	meeting	meeting	NOUN
cblr-9114	230	12	while	while	SCONJ
cblr-9114	230	13	affiliates	affiliate	NOUN
cblr-9114	230	14	of	of	ADP
cblr-9114	230	15	the	the	DET
cblr-9114	230	16	proxy	proxy	ADJ
cblr-9114	230	17	voting	voting	NOUN
cblr-9114	230	18	advice	advice	NOUN
cblr-9114	230	19	business	business	NOUN
cblr-9114	230	20	hold	hold	VERB
cblr-9114	230	21	a	a	DET
cblr-9114	230	22	significant	significant	ADJ
cblr-9114	230	23	ownership	ownership	NOUN
cblr-9114	230	24	interest	interest	NOUN
cblr-9114	230	25	in	in	ADP
cblr-9114	230	26	the	the	DET
cblr-9114	230	27	registrant	registrant	NOUN
cblr-9114	230	28	.	.	PUNCT
cblr-9114	231	1	”66	”66	NOUN
cblr-9114	231	2	this	this	DET
cblr-9114	231	3	discussion	discussion	NOUN
cblr-9114	231	4	will	will	AUX
cblr-9114	231	5	focus	focus	VERB
cblr-9114	231	6	on	on	ADP
cblr-9114	231	7	some	some	PRON
cblr-9114	231	8	of	of	ADP
cblr-9114	231	9	the	the	DET
cblr-9114	231	10	most	most	ADV
cblr-9114	231	11	frequently	frequently	ADV
cblr-9114	231	12	critiqued	critique	VERB
cblr-9114	231	13	conflicts	conflict	NOUN
cblr-9114	231	14	and	and	CCONJ
cblr-9114	231	15	those	those	PRON
cblr-9114	231	16	that	that	PRON
cblr-9114	231	17	plague	plague	NOUN
cblr-9114	231	18	iss	iss	PROPN
cblr-9114	231	19	in	in	ADP
cblr-9114	231	20	particular	particular	ADJ
cblr-9114	231	21	:	:	PUNCT
cblr-9114	231	22	the	the	DET
cblr-9114	231	23	provision	provision	NOUN
cblr-9114	231	24	of	of	ADP
cblr-9114	231	25	both	both	DET
cblr-9114	231	26	voting	voting	NOUN
cblr-9114	231	27	advice	advice	NOUN
cblr-9114	231	28	and	and	CCONJ
cblr-9114	231	29	consulting	consulting	NOUN
cblr-9114	231	30	services	service	NOUN
cblr-9114	231	31	and	and	CCONJ
cblr-9114	231	32	the	the	DET
cblr-9114	231	33	provision	provision	NOUN
cblr-9114	231	34	of	of	ADP
cblr-9114	231	35	both	both	DET
cblr-9114	231	36	governance	governance	NOUN
cblr-9114	231	37	ratings	rating	NOUN
cblr-9114	231	38	and	and	CCONJ
cblr-9114	231	39	consulting	consult	VERB
cblr-9114	231	40	services.67	services.67	PROPN
cblr-9114	231	41	a.	a.	NOUN
cblr-9114	231	42	provision	provision	NOUN
cblr-9114	231	43	of	of	ADP
cblr-9114	231	44	both	both	DET
cblr-9114	231	45	voting	voting	NOUN
cblr-9114	231	46	advice	advice	NOUN
cblr-9114	231	47	and	and	CCONJ
cblr-9114	231	48	consulting	consulting	NOUN
cblr-9114	231	49	services	service	NOUN
cblr-9114	231	50	the	the	DET
cblr-9114	231	51	first	first	ADJ
cblr-9114	231	52	conflict	conflict	NOUN
cblr-9114	231	53	of	of	ADP
cblr-9114	231	54	interest	interest	NOUN
cblr-9114	231	55	identified	identify	VERB
cblr-9114	231	56	as	as	ADP
cblr-9114	231	57	a	a	DET
cblr-9114	231	58	cause	cause	NOUN
cblr-9114	231	59	for	for	ADP
cblr-9114	231	60	alarm	alarm	NOUN
cblr-9114	231	61	in	in	ADP
cblr-9114	231	62	the	the	DET
cblr-9114	231	63	concept	concept	NOUN
cblr-9114	231	64	release	release	NOUN
cblr-9114	231	65	is	be	AUX
cblr-9114	231	66	certain	certain	ADJ
cblr-9114	231	67	proxy	proxy	ADJ
cblr-9114	231	68	advisory	advisory	ADJ
cblr-9114	231	69	firms	firm	NOUN
cblr-9114	231	70	’	’	PART
cblr-9114	231	71	simultaneous	simultaneous	ADJ
cblr-9114	231	72	provision	provision	NOUN
cblr-9114	231	73	of	of	ADP
cblr-9114	231	74	both	both	DET
cblr-9114	231	75	“	"	PUNCT
cblr-9114	231	76	proxy	proxy	ADJ
cblr-9114	231	77	voting	voting	NOUN
cblr-9114	231	78	recommendations	recommendation	NOUN
cblr-9114	231	79	to	to	ADP
cblr-9114	231	80	investment	investment	NOUN
cblr-9114	231	81	advisers	adviser	NOUN
cblr-9114	231	82	and	and	CCONJ
cblr-9114	231	83	other	other	ADJ
cblr-9114	231	84	institutional	institutional	ADJ
cblr-9114	231	85	investors	investor	NOUN
cblr-9114	231	86	”	"	PUNCT
cblr-9114	231	87	and	and	CCONJ
cblr-9114	231	88	“	"	PUNCT
cblr-9114	231	89	consulting	consult	VERB
cblr-9114	231	90	services	service	NOUN
cblr-9114	231	91	to	to	ADP
cblr-9114	231	92	corporations	corporation	NOUN
cblr-9114	231	93	seeking	seek	VERB
cblr-9114	231	94	assistance	assistance	NOUN
cblr-9114	231	95	with	with	ADP
cblr-9114	231	96	proposals	proposal	NOUN
cblr-9114	231	97	to	to	PART
cblr-9114	231	98	be	be	AUX
cblr-9114	231	99	presented	present	VERB
cblr-9114	231	100	to	to	ADP
cblr-9114	231	101	shareholders	shareholder	NOUN
cblr-9114	231	102	or	or	CCONJ
cblr-9114	231	103	with	with	ADP
cblr-9114	231	104	improving	improve	VERB
cblr-9114	231	105	their	their	PRON
cblr-9114	231	106	corporate	corporate	ADJ
cblr-9114	231	107	governance	governance	NOUN
cblr-9114	231	108	ratings	rating	NOUN
cblr-9114	231	109	.	.	PUNCT
cblr-9114	232	1	”68	”68	NOUN
cblr-9114	233	1	the	the	DET
cblr-9114	233	2	concern	concern	NOUN
cblr-9114	233	3	is	be	AUX
cblr-9114	233	4	that	that	SCONJ
cblr-9114	233	5	such	such	ADJ
cblr-9114	233	6	proxy	proxy	ADJ
cblr-9114	233	7	advisory	advisory	ADJ
cblr-9114	233	8	firms	firm	NOUN
cblr-9114	233	9	,	,	PUNCT
cblr-9114	233	10	most	most	ADV
cblr-9114	233	11	notably	notably	ADV
cblr-9114	233	12	iss	iss	PROPN
cblr-9114	233	13	,	,	PUNCT
cblr-9114	233	14	may	may	AUX
cblr-9114	233	15	reward	reward	VERB
cblr-9114	233	16	issuers	issuer	NOUN
cblr-9114	233	17	who	who	PRON
cblr-9114	233	18	utilize	utilize	VERB
cblr-9114	233	19	its	its	PRON
cblr-9114	233	20	consulting	consulting	NOUN
cblr-9114	233	21	services	service	NOUN
cblr-9114	233	22	with	with	ADP
cblr-9114	233	23	more	more	ADV
cblr-9114	233	24	favorable	favorable	ADJ
cblr-9114	233	25	recommendations	recommendation	NOUN
cblr-9114	233	26	for	for	ADP
cblr-9114	233	27	management	management	NOUN
cblr-9114	233	28	-	-	PUNCT
cblr-9114	233	29	sponsored	sponsor	VERB
cblr-9114	233	30	proposals	proposal	NOUN
cblr-9114	233	31	while	while	SCONJ
cblr-9114	233	32	punishing	punish	VERB
cblr-9114	233	33	those	those	PRON
cblr-9114	233	34	who	who	PRON
cblr-9114	233	35	elect	elect	VERB
cblr-9114	233	36	to	to	PART
cblr-9114	233	37	forego	forego	VERB
cblr-9114	233	38	these	these	DET
cblr-9114	233	39	services	service	NOUN
cblr-9114	233	40	.	.	PUNCT
cblr-9114	234	1	issuers	issuer	NOUN
cblr-9114	234	2	will	will	AUX
cblr-9114	234	3	therefore	therefore	ADV
cblr-9114	234	4	face	face	VERB
cblr-9114	234	5	immense	immense	ADJ
cblr-9114	234	6	pressure	pressure	NOUN
cblr-9114	234	7	,	,	PUNCT
cblr-9114	234	8	whether	whether	SCONJ
cblr-9114	234	9	perceived	perceive	VERB
cblr-9114	234	10	or	or	CCONJ
cblr-9114	234	11	actual	actual	ADJ
cblr-9114	234	12	,	,	PUNCT
cblr-9114	234	13	to	to	PART
cblr-9114	234	14	purchase	purchase	VERB
cblr-9114	234	15	consulting	consulting	NOUN
cblr-9114	234	16	services	service	NOUN
cblr-9114	234	17	,	,	PUNCT
cblr-9114	234	18	while	while	SCONJ
cblr-9114	234	19	institutional	institutional	ADJ
cblr-9114	234	20	investors	investor	NOUN
cblr-9114	234	21	relying	rely	VERB
cblr-9114	234	22	on	on	ADP
cblr-9114	234	23	iss	iss	PROPN
cblr-9114	234	24	for	for	ADP
cblr-9114	234	25	voting	vote	VERB
cblr-9114	234	26	recommendations	recommendation	NOUN
cblr-9114	234	27	receive	receive	VERB
cblr-9114	234	28	advice	advice	NOUN
cblr-9114	234	29	tainted	taint	VERB
cblr-9114	234	30	by	by	ADP
cblr-9114	234	31	such	such	ADJ
cblr-9114	234	32	conflict.69	conflict.69	NOUN
cblr-9114	234	33	glass	glass	NOUN
cblr-9114	234	34	lewis	lewis	PROPN
cblr-9114	234	35	,	,	PUNCT
cblr-9114	234	36	meanwhile	meanwhile	ADV
cblr-9114	234	37	,	,	PUNCT
cblr-9114	234	38	has	have	AUX
cblr-9114	234	39	sought	seek	VERB
cblr-9114	234	40	66	66	NUM
cblr-9114	234	41	i	i	PRON
cblr-9114	234	42	d.	d.	PROPN
cblr-9114	234	43	at	at	ADP
cblr-9114	234	44	55,096	55,096	NUM
cblr-9114	234	45	.	.	PUNCT
cblr-9114	235	1	67	67	NUM
cblr-9114	235	2	see	see	NOUN
cblr-9114	235	3	,	,	PUNCT
cblr-9114	235	4	e.g.	e.g.	ADV
cblr-9114	235	5	,	,	PUNCT
cblr-9114	235	6	u.s	u.s	PROPN
cblr-9114	235	7	.	.	PROPN
cblr-9114	235	8	gov’t	gov’t	NOUN
cblr-9114	235	9	accountability	accountability	NOUN
cblr-9114	235	10	off	off	ADP
cblr-9114	235	11	.	.	PUNCT
cblr-9114	235	12	,	,	PUNCT
cblr-9114	235	13	gao-07	gao-07	NOUN
cblr-9114	235	14	-	-	SYM
cblr-9114	235	15	765	765	NUM
cblr-9114	235	16	,	,	PUNCT
cblr-9114	235	17	corporate	corporate	ADJ
cblr-9114	235	18	shareholder	shareholder	NOUN
cblr-9114	235	19	meetings	meeting	NOUN
cblr-9114	235	20	:	:	PUNCT
cblr-9114	235	21	issues	issue	NOUN
cblr-9114	235	22	relating	relate	VERB
cblr-9114	235	23	to	to	ADP
cblr-9114	235	24	firms	firm	NOUN
cblr-9114	235	25	that	that	PRON
cblr-9114	235	26	advise	advise	VERB
cblr-9114	235	27	institutional	institutional	ADJ
cblr-9114	235	28	investors	investor	NOUN
cblr-9114	235	29	on	on	ADP
cblr-9114	235	30	proxy	proxy	ADJ
cblr-9114	235	31	voting	vote	VERB
cblr-9114	235	32	9	9	NUM
cblr-9114	235	33	(	(	PUNCT
cblr-9114	235	34	2007	2007	NUM
cblr-9114	235	35	)	)	PUNCT
cblr-9114	235	36	(	(	PUNCT
cblr-9114	235	37	“	"	PUNCT
cblr-9114	235	38	the	the	DET
cblr-9114	235	39	most	most	ADV
cblr-9114	235	40	commonly	commonly	ADV
cblr-9114	235	41	cited	cite	VERB
cblr-9114	235	42	potential	potential	NOUN
cblr-9114	235	43	for	for	ADP
cblr-9114	235	44	conflict	conflict	NOUN
cblr-9114	235	45	involves	involve	VERB
cblr-9114	235	46	iss	iss	PROPN
cblr-9114	235	47	,	,	PUNCT
cblr-9114	235	48	which	which	PRON
cblr-9114	235	49	provides	provide	VERB
cblr-9114	235	50	services	service	NOUN
cblr-9114	235	51	to	to	ADP
cblr-9114	235	52	both	both	PRON
cblr-9114	235	53	institutional	institutional	ADJ
cblr-9114	235	54	investor	investor	NOUN
cblr-9114	235	55	clients	client	NOUN
cblr-9114	235	56	and	and	CCONJ
cblr-9114	235	57	corporate	corporate	ADJ
cblr-9114	235	58	clients	client	NOUN
cblr-9114	235	59	.	.	PUNCT
cblr-9114	235	60	”	"	PUNCT
cblr-9114	235	61	)	)	PUNCT
cblr-9114	235	62	.	.	PUNCT
cblr-9114	236	1	68	68	NUM
cblr-9114	236	2	concept	concept	NOUN
cblr-9114	236	3	release	release	NOUN
cblr-9114	236	4	on	on	ADP
cblr-9114	236	5	the	the	DET
cblr-9114	236	6	u.s	u.s	PROPN
cblr-9114	236	7	.	.	PROPN
cblr-9114	236	8	proxy	proxy	ADJ
cblr-9114	236	9	system	system	NOUN
cblr-9114	236	10	,	,	PUNCT
cblr-9114	236	11	75	75	NUM
cblr-9114	236	12	fed	feed	VERB
cblr-9114	236	13	.	.	PUNCT
cblr-9114	237	1	reg	reg	PROPN
cblr-9114	237	2	.	.	PUNCT
cblr-9114	238	1	at	at	ADP
cblr-9114	238	2	43,011	43,011	NUM
cblr-9114	238	3	;	;	PUNCT
cblr-9114	238	4	see	see	VERB
cblr-9114	238	5	also	also	ADV
cblr-9114	238	6	u.s	u.s	PROPN
cblr-9114	238	7	.	.	PROPN
cblr-9114	238	8	gov’t	gov’t	NUM
cblr-9114	238	9	accountability	accountability	NOUN
cblr-9114	238	10	gao-07	gao-07	NOUN
cblr-9114	238	11	-	-	SYM
cblr-9114	238	12	765	765	NUM
cblr-9114	238	13	,	,	PUNCT
cblr-9114	238	14	corporate	corporate	ADJ
cblr-9114	238	15	shareholder	shareholder	NOUN
cblr-9114	238	16	meetings	meeting	NOUN
cblr-9114	238	17	:	:	PUNCT
cblr-9114	238	18	issues	issue	NOUN
cblr-9114	238	19	relating	relate	VERB
cblr-9114	238	20	to	to	ADP
cblr-9114	238	21	firms	firm	NOUN
cblr-9114	238	22	that	that	PRON
cblr-9114	238	23	advise	advise	VERB
cblr-9114	238	24	institutional	institutional	ADJ
cblr-9114	238	25	investors	investor	NOUN
cblr-9114	238	26	on	on	ADP
cblr-9114	238	27	proxy	proxy	ADJ
cblr-9114	238	28	voting	vote	VERB
cblr-9114	238	29	9	9	NUM
cblr-9114	238	30	(	(	PUNCT
cblr-9114	238	31	2007	2007	NUM
cblr-9114	238	32	)	)	PUNCT
cblr-9114	238	33	(	(	PUNCT
cblr-9114	238	34	discussing	discuss	VERB
cblr-9114	238	35	proxy	proxy	ADJ
cblr-9114	238	36	advisory	advisory	ADJ
cblr-9114	238	37	firms	firm	NOUN
cblr-9114	238	38	’	'	PUNCT
cblr-9114	238	39	conflicts	conflict	NOUN
cblr-9114	238	40	of	of	ADP
cblr-9114	238	41	interest	interest	NOUN
cblr-9114	238	42	)	)	PUNCT
cblr-9114	238	43	.	.	PUNCT
cblr-9114	239	1	69	69	NUM
cblr-9114	239	2	concept	concept	NOUN
cblr-9114	239	3	release	release	NOUN
cblr-9114	239	4	on	on	ADP
cblr-9114	239	5	the	the	DET
cblr-9114	239	6	u.s	u.s	PROPN
cblr-9114	239	7	.	.	PROPN
cblr-9114	239	8	proxy	proxy	ADJ
cblr-9114	239	9	system	system	NOUN
cblr-9114	239	10	,	,	PUNCT
cblr-9114	239	11	75	75	NUM
cblr-9114	239	12	fed	feed	VERB
cblr-9114	239	13	.	.	PUNCT
cblr-9114	240	1	reg	reg	PROPN
cblr-9114	240	2	.	.	PUNCT
cblr-9114	241	1	at	at	ADP
cblr-9114	241	2	43,011	43,011	NUM
cblr-9114	241	3	–	–	PUNCT
cblr-9114	241	4	12	12	NUM
cblr-9114	241	5	.	.	PUNCT
cblr-9114	241	6	no	no	INTJ
cblr-9114	241	7	.	.	PUNCT
cblr-9114	242	1	3:1487	3:1487	NUM
cblr-9114	242	2	]	]	X
cblr-9114	242	3	proxy	proxy	ADJ
cblr-9114	242	4	advisory	advisory	ADJ
cblr-9114	242	5	firms	firm	NOUN
cblr-9114	242	6	’	'	PUNCT
cblr-9114	242	7	conflicts	conflict	NOUN
cblr-9114	242	8	of	of	ADP
cblr-9114	242	9	interest	interest	NOUN
cblr-9114	242	10	1503	1503	NUM
cblr-9114	242	11	to	to	PART
cblr-9114	242	12	wield	wield	VERB
cblr-9114	242	13	its	its	PRON
cblr-9114	242	14	lack	lack	NOUN
cblr-9114	242	15	of	of	ADP
cblr-9114	242	16	consulting	consult	VERB
cblr-9114	242	17	services	service	NOUN
cblr-9114	242	18	as	as	ADP
cblr-9114	242	19	a	a	DET
cblr-9114	242	20	competitive	competitive	ADJ
cblr-9114	242	21	advantage	advantage	NOUN
cblr-9114	242	22	:	:	PUNCT
cblr-9114	242	23	glass	glass	PROPN
cblr-9114	242	24	lewis	lewis	PROPN
cblr-9114	242	25	strongly	strongly	ADV
cblr-9114	242	26	believes	believe	VERB
cblr-9114	242	27	that	that	SCONJ
cblr-9114	242	28	the	the	DET
cblr-9114	242	29	provision	provision	NOUN
cblr-9114	242	30	of	of	ADP
cblr-9114	242	31	consulting	consult	VERB
cblr-9114	242	32	services	service	NOUN
cblr-9114	242	33	to	to	ADP
cblr-9114	242	34	corporate	corporate	ADJ
cblr-9114	242	35	issuers	issuer	NOUN
cblr-9114	242	36	,	,	PUNCT
cblr-9114	242	37	directors	director	NOUN
cblr-9114	242	38	,	,	PUNCT
cblr-9114	242	39	dissident	dissident	ADJ
cblr-9114	242	40	shareholders	shareholder	NOUN
cblr-9114	242	41	and/or	and/or	CCONJ
cblr-9114	242	42	shareholder	shareholder	NOUN
cblr-9114	242	43	proposal	proposal	NOUN
cblr-9114	242	44	proponents	proponent	NOUN
cblr-9114	242	45	,	,	PUNCT
cblr-9114	242	46	creates	create	VERB
cblr-9114	242	47	a	a	DET
cblr-9114	242	48	problematic	problematic	ADJ
cblr-9114	242	49	conflict	conflict	NOUN
cblr-9114	242	50	of	of	ADP
cblr-9114	242	51	interest	interest	NOUN
cblr-9114	242	52	that	that	PRON
cblr-9114	242	53	goes	go	VERB
cblr-9114	242	54	against	against	ADP
cblr-9114	242	55	the	the	DET
cblr-9114	242	56	very	very	ADV
cblr-9114	242	57	governance	governance	NOUN
cblr-9114	242	58	principles	principle	NOUN
cblr-9114	242	59	for	for	ADP
cblr-9114	242	60	which	which	PRON
cblr-9114	242	61	we	we	PRON
cblr-9114	242	62	advocate	advocate	VERB
cblr-9114	242	63	.	.	PUNCT
cblr-9114	243	1	as	as	ADP
cblr-9114	243	2	a	a	DET
cblr-9114	243	3	result	result	NOUN
cblr-9114	243	4	,	,	PUNCT
cblr-9114	243	5	glass	glass	PROPN
cblr-9114	243	6	lewis	lewis	PROPN
cblr-9114	243	7	does	do	AUX
cblr-9114	243	8	not	not	PART
cblr-9114	243	9	have	have	VERB
cblr-9114	243	10	a	a	DET
cblr-9114	243	11	consulting	consulting	NOUN
cblr-9114	243	12	business	business	NOUN
cblr-9114	243	13	.	.	PUNCT
cblr-9114	244	1	this	this	PRON
cblr-9114	244	2	helps	help	VERB
cblr-9114	244	3	ensure	ensure	VERB
cblr-9114	244	4	that	that	SCONJ
cblr-9114	244	5	our	our	PRON
cblr-9114	244	6	voting	voting	NOUN
cblr-9114	244	7	recommendations	recommendation	NOUN
cblr-9114	244	8	and	and	CCONJ
cblr-9114	244	9	analysis	analysis	NOUN
cblr-9114	244	10	are	be	AUX
cblr-9114	244	11	disinterested.70	disinterested.70	NOUN
cblr-9114	244	12	while	while	SCONJ
cblr-9114	244	13	glass	glass	NOUN
cblr-9114	244	14	lewis	lewis	PROPN
cblr-9114	244	15	has	have	AUX
cblr-9114	244	16	been	be	AUX
cblr-9114	244	17	subject	subject	ADJ
cblr-9114	244	18	to	to	ADP
cblr-9114	244	19	its	its	PRON
cblr-9114	244	20	own	own	ADJ
cblr-9114	244	21	potential	potential	ADJ
cblr-9114	244	22	conflicts,71	conflicts,71	NOUN
cblr-9114	244	23	various	various	ADJ
cblr-9114	244	24	indicators	indicator	NOUN
cblr-9114	244	25	suggest	suggest	VERB
cblr-9114	244	26	that	that	SCONJ
cblr-9114	244	27	the	the	DET
cblr-9114	244	28	provision	provision	NOUN
cblr-9114	244	29	of	of	ADP
cblr-9114	244	30	consulting	consulting	NOUN
cblr-9114	244	31	services	service	NOUN
cblr-9114	244	32	by	by	ADP
cblr-9114	244	33	iss	iss	PROPN
cblr-9114	244	34	presents	present	VERB
cblr-9114	244	35	a	a	DET
cblr-9114	244	36	substantial	substantial	ADJ
cblr-9114	244	37	concern	concern	NOUN
cblr-9114	244	38	.	.	PUNCT
cblr-9114	245	1	in	in	ADP
cblr-9114	245	2	their	their	PRON
cblr-9114	245	3	most	most	ADV
cblr-9114	245	4	recent	recent	ADJ
cblr-9114	245	5	annual	annual	ADJ
cblr-9114	245	6	proxy	proxy	NOUN
cblr-9114	245	7	season	season	NOUN
cblr-9114	245	8	survey	survey	NOUN
cblr-9114	245	9	,	,	PUNCT
cblr-9114	245	10	“	"	PUNCT
cblr-9114	245	11	intended	intend	VERB
cblr-9114	245	12	to	to	PART
cblr-9114	245	13	inform	inform	VERB
cblr-9114	245	14	policymakers	policymaker	NOUN
cblr-9114	245	15	and	and	CCONJ
cblr-9114	245	16	the	the	DET
cblr-9114	245	17	general	general	ADJ
cblr-9114	245	18	public	public	NOUN
cblr-9114	245	19	about	about	ADP
cblr-9114	245	20	current	current	ADJ
cblr-9114	245	21	practices	practice	NOUN
cblr-9114	245	22	within	within	ADP
cblr-9114	245	23	the	the	DET
cblr-9114	245	24	proxy	proxy	ADJ
cblr-9114	245	25	advisory	advisory	PROPN
cblr-9114	245	26	industry,”72	industry,”72	PROPN
cblr-9114	245	27	nasdaq	nasdaq	PROPN
cblr-9114	245	28	and	and	CCONJ
cblr-9114	245	29	the	the	DET
cblr-9114	245	30	u.s	u.s	PROPN
cblr-9114	245	31	chamber	chamber	PROPN
cblr-9114	245	32	of	of	ADP
cblr-9114	245	33	commerce	commerce	PROPN
cblr-9114	245	34	’s	’s	PART
cblr-9114	245	35	center	center	PROPN
cblr-9114	245	36	for	for	ADP
cblr-9114	245	37	capital	capital	NOUN
cblr-9114	245	38	markets	market	NOUN
cblr-9114	245	39	competitiveness	competitiveness	NOUN
cblr-9114	245	40	discovered	discover	VERB
cblr-9114	245	41	a	a	DET
cblr-9114	245	42	consistent	consistent	ADJ
cblr-9114	245	43	,	,	PUNCT
cblr-9114	245	44	disconcerting	disconcerting	ADJ
cblr-9114	245	45	trend	trend	NOUN
cblr-9114	245	46	regarding	regard	VERB
cblr-9114	245	47	iss	iss	PROPN
cblr-9114	245	48	’s	’s	PART
cblr-9114	245	49	business	business	NOUN
cblr-9114	245	50	practices	practice	NOUN
cblr-9114	245	51	:	:	PUNCT
cblr-9114	245	52	troublingly	troublingly	ADV
cblr-9114	245	53	,	,	PUNCT
cblr-9114	245	54	and	and	CCONJ
cblr-9114	245	55	consistent	consistent	ADJ
cblr-9114	245	56	with	with	ADP
cblr-9114	245	57	the	the	DET
cblr-9114	245	58	2019	2019	NUM
cblr-9114	245	59	survey	survey	NOUN
cblr-9114	245	60	,	,	PUNCT
cblr-9114	245	61	over	over	ADP
cblr-9114	245	62	half	half	NOUN
cblr-9114	245	63	of	of	ADP
cblr-9114	245	64	the	the	DET
cblr-9114	245	65	companies	company	NOUN
cblr-9114	245	66	report	report	VERB
cblr-9114	245	67	that	that	SCONJ
cblr-9114	245	68	they	they	PRON
cblr-9114	245	69	have	have	AUX
cblr-9114	245	70	been	be	AUX
cblr-9114	245	71	approached	approach	VERB
cblr-9114	245	72	by	by	ADP
cblr-9114	245	73	the	the	DET
cblr-9114	245	74	corporate	corporate	ADJ
cblr-9114	245	75	consulting	consulting	NOUN
cblr-9114	245	76	arm	arm	NOUN
cblr-9114	245	77	of	of	ADP
cblr-9114	245	78	iss	iss	PROPN
cblr-9114	245	79	during	during	ADP
cblr-9114	245	80	the	the	DET
cblr-9114	245	81	same	same	ADJ
cblr-9114	245	82	year	year	NOUN
cblr-9114	245	83	in	in	ADP
cblr-9114	245	84	which	which	PRON
cblr-9114	245	85	they	they	PRON
cblr-9114	245	86	received	receive	VERB
cblr-9114	245	87	a	a	DET
cblr-9114	245	88	negative	negative	ADJ
cblr-9114	245	89	vote	vote	NOUN
cblr-9114	245	90	recommendation	recommendation	NOUN
cblr-9114	245	91	from	from	ADP
cblr-9114	245	92	iss’[s	iss’[s	PROPN
cblr-9114	245	93	]	]	PUNCT
cblr-9114	245	94	proxy	proxy	NOUN
cblr-9114	245	95	70	70	NUM
cblr-9114	245	96	glass	glass	NOUN
cblr-9114	245	97	lewis	lewis	PROPN
cblr-9114	245	98	,	,	PUNCT
cblr-9114	245	99	supra	supra	PROPN
cblr-9114	245	100	note	note	NOUN
cblr-9114	245	101	47	47	NUM
cblr-9114	245	102	.	.	PUNCT
cblr-9114	246	1	71	71	NUM
cblr-9114	246	2	press	press	NOUN
cblr-9114	246	3	release	release	NOUN
cblr-9114	246	4	,	,	PUNCT
cblr-9114	246	5	u.s	u.s	PROPN
cblr-9114	246	6	.	.	PROPN
cblr-9114	246	7	chamber	chamber	PROPN
cblr-9114	246	8	of	of	ADP
cblr-9114	246	9	com	com	PROPN
cblr-9114	246	10	.	.	PROPN
cblr-9114	246	11	,	,	PUNCT
cblr-9114	246	12	u.s	u.s	PROPN
cblr-9114	246	13	.	.	PROPN
cblr-9114	246	14	chamber	chamber	NOUN
cblr-9114	246	15	calls	call	VERB
cblr-9114	246	16	for	for	SCONJ
cblr-9114	246	17	sec	sec	PROPN
cblr-9114	246	18	to	to	PART
cblr-9114	246	19	examine	examine	VERB
cblr-9114	246	20	proxy	proxy	ADJ
cblr-9114	246	21	advisory	advisory	ADJ
cblr-9114	246	22	firm	firm	NOUN
cblr-9114	246	23	(	(	PUNCT
cblr-9114	246	24	may	may	PROPN
cblr-9114	246	25	30	30	NUM
cblr-9114	246	26	,	,	PUNCT
cblr-9114	246	27	2012	2012	NUM
cblr-9114	246	28	)	)	PUNCT
cblr-9114	246	29	https://www.uschamber.com/press-release/us-chamber-calls-sec-examineproxy-advisory-firm	https://www.uschamber.com/press-release/us-chamber-calls-sec-examineproxy-advisory-firm	PROPN
cblr-9114	247	1	[	[	X
cblr-9114	247	2	https://perma.cc/j4l8-zjb6	https://perma.cc/j4l8-zjb6	X
cblr-9114	247	3	]	]	PUNCT
cblr-9114	247	4	(	(	PUNCT
cblr-9114	247	5	“	"	PUNCT
cblr-9114	247	6	ccmc	ccmc	NOUN
cblr-9114	247	7	cites	cite	VERB
cblr-9114	247	8	an	an	DET
cblr-9114	247	9	occurrence	occurrence	NOUN
cblr-9114	247	10	where	where	SCONJ
cblr-9114	247	11	the	the	DET
cblr-9114	247	12	ontario	ontario	PROPN
cblr-9114	247	13	teachers	teachers	PROPN
cblr-9114	247	14	pension	pension	PROPN
cblr-9114	247	15	board	board	PROPN
cblr-9114	247	16	’s	’s	PART
cblr-9114	247	17	opposition	opposition	NOUN
cblr-9114	247	18	to	to	ADP
cblr-9114	247	19	the	the	DET
cblr-9114	247	20	board	board	NOUN
cblr-9114	247	21	of	of	ADP
cblr-9114	247	22	directors	director	NOUN
cblr-9114	247	23	of	of	ADP
cblr-9114	247	24	new	new	PROPN
cblr-9114	247	25	york	york	PROPN
cblr-9114	247	26	stock	stock	PROPN
cblr-9114	247	27	exchange	exchange	PROPN
cblr-9114	247	28	listed	list	VERB
cblr-9114	247	29	canadian	canadian	PROPN
cblr-9114	247	30	pacific	pacific	PROPN
cblr-9114	247	31	railway	railway	PROPN
cblr-9114	247	32	ltd	ltd	PROPN
cblr-9114	247	33	was	be	AUX
cblr-9114	247	34	followed	follow	VERB
cblr-9114	247	35	by	by	ADP
cblr-9114	247	36	the	the	DET
cblr-9114	247	37	ontario	ontario	PROPN
cblr-9114	247	38	teacher	teacher	PROPN
cblr-9114	247	39	pension	pension	PROPN
cblr-9114	247	40	fund	fund	NOUN
cblr-9114	247	41	subsidiary	subsidiary	NOUN
cblr-9114	247	42	glass	glass	PROPN
cblr-9114	247	43	lewis	lewis	PROPN
cblr-9114	247	44	proxy	proxy	PROPN
cblr-9114	247	45	advisory	advisory	PROPN
cblr-9114	247	46	firm	firm	NOUN
cblr-9114	247	47	issuing	issue	VERB
cblr-9114	247	48	a	a	DET
cblr-9114	247	49	vote	vote	NOUN
cblr-9114	247	50	recommendation	recommendation	NOUN
cblr-9114	247	51	in	in	ADP
cblr-9114	247	52	the	the	DET
cblr-9114	247	53	parents	parent	NOUN
cblr-9114	247	54	[	[	X
cblr-9114	247	55	sic	sic	ADJ
cblr-9114	247	56	]	]	PUNCT
cblr-9114	247	57	favor	favor	NOUN
cblr-9114	247	58	[	[	X
cblr-9114	247	59	.	.	X
cblr-9114	247	60	]	]	X
cblr-9114	247	61	”	"	PUNCT
cblr-9114	247	62	)	)	PUNCT
cblr-9114	247	63	.	.	PUNCT
cblr-9114	248	1	72	72	NUM
cblr-9114	248	2	nasdaq	nasdaq	PROPN
cblr-9114	248	3	&	&	CCONJ
cblr-9114	248	4	u.s	u.s	PROPN
cblr-9114	248	5	.	.	PROPN
cblr-9114	248	6	chamber	chamber	PROPN
cblr-9114	248	7	of	of	ADP
cblr-9114	248	8	com	com	PROPN
cblr-9114	248	9	.	.	PUNCT
cblr-9114	248	10	ctr	ctr	PROPN
cblr-9114	248	11	.	.	PUNCT
cblr-9114	249	1	for	for	ADP
cblr-9114	249	2	cap	cap	NOUN
cblr-9114	249	3	.	.	PUNCT
cblr-9114	250	1	mkts	mkts	NOUN
cblr-9114	250	2	.	.	PUNCT
cblr-9114	251	1	competitiveness	competitiveness	NOUN
cblr-9114	251	2	,	,	PUNCT
cblr-9114	251	3	2020	2020	NUM
cblr-9114	251	4	proxy	proxy	NOUN
cblr-9114	251	5	season	season	NOUN
cblr-9114	251	6	survey	survey	NOUN
cblr-9114	251	7	3	3	NUM
cblr-9114	251	8	(	(	PUNCT
cblr-9114	251	9	2020	2020	NUM
cblr-9114	251	10	)	)	PUNCT
cblr-9114	251	11	,	,	PUNCT
cblr-9114	251	12	https://www.centerforcapitalmarkets.com/wpcontent/uploads/2020/10/ccmc_nasdaq_proxyseasonsurvey2020.pdf	https://www.centerforcapitalmarkets.com/wpcontent/uploads/2020/10/ccmc_nasdaq_proxyseasonsurvey2020.pdf	PROPN
cblr-9114	252	1	[	[	X
cblr-9114	252	2	https://perma.cc/jx2c-rlxx	https://perma.cc/jx2c-rlxx	X
cblr-9114	252	3	]	]	PUNCT
cblr-9114	252	4	.	.	PUNCT
cblr-9114	253	1	1504	1504	NUM
cblr-9114	253	2	columbia	columbia	PROPN
cblr-9114	253	3	business	business	NOUN
cblr-9114	253	4	law	law	PROPN
cblr-9114	253	5	review	review	NOUN
cblr-9114	253	6	[	[	X
cblr-9114	253	7	vol	vol	NOUN
cblr-9114	253	8	.	.	NOUN
cblr-9114	253	9	2021	2021	NUM
cblr-9114	253	10	advice	advice	NOUN
cblr-9114	253	11	business	business	NOUN
cblr-9114	253	12	.	.	PUNCT
cblr-9114	254	1	the	the	DET
cblr-9114	254	2	iss	iss	PROPN
cblr-9114	254	3	business	business	PROPN
cblr-9114	254	4	model	model	NOUN
cblr-9114	254	5	—	—	PUNCT
cblr-9114	254	6	in	in	ADP
cblr-9114	254	7	which	which	PRON
cblr-9114	254	8	it	it	PRON
cblr-9114	254	9	provides	provide	VERB
cblr-9114	254	10	corporate	corporate	ADJ
cblr-9114	254	11	governance	governance	NOUN
cblr-9114	254	12	consulting	consulting	NOUN
cblr-9114	254	13	to	to	ADP
cblr-9114	254	14	the	the	DET
cblr-9114	254	15	very	very	ADJ
cblr-9114	254	16	issuers	issuer	NOUN
cblr-9114	254	17	for	for	ADP
cblr-9114	254	18	which	which	PRON
cblr-9114	254	19	it	it	PRON
cblr-9114	254	20	issues	issue	VERB
cblr-9114	254	21	vote	vote	VERB
cblr-9114	254	22	recommendations	recommendation	NOUN
cblr-9114	254	23	—	—	PUNCT
cblr-9114	254	24	is	be	AUX
cblr-9114	254	25	inherently	inherently	ADV
cblr-9114	254	26	conflicted	conflict	VERB
cblr-9114	254	27	and	and	CCONJ
cblr-9114	254	28	creates	create	VERB
cblr-9114	254	29	potential	potential	ADJ
cblr-9114	254	30	biased	biased	ADJ
cblr-9114	254	31	voting	voting	NOUN
cblr-9114	254	32	advice.73	advice.73	ADV
cblr-9114	254	33	this	this	DET
cblr-9114	254	34	practice	practice	NOUN
cblr-9114	254	35	highlights	highlight	VERB
cblr-9114	254	36	the	the	DET
cblr-9114	254	37	disquieting	disquieting	ADJ
cblr-9114	254	38	incentive	incentive	NOUN
cblr-9114	254	39	structure	structure	NOUN
cblr-9114	254	40	for	for	ADP
cblr-9114	254	41	iss	iss	PROPN
cblr-9114	254	42	’s	’s	PART
cblr-9114	254	43	recommendations	recommendation	NOUN
cblr-9114	254	44	.	.	PUNCT
cblr-9114	255	1	ics	ic	NOUN
cblr-9114	255	2	markets	market	VERB
cblr-9114	255	3	its	its	PRON
cblr-9114	255	4	consulting	consulting	NOUN
cblr-9114	255	5	services	service	NOUN
cblr-9114	255	6	based	base	VERB
cblr-9114	255	7	on	on	ADP
cblr-9114	255	8	iss	iss	PROPN
cblr-9114	255	9	voting	voting	NOUN
cblr-9114	255	10	recommendations	recommendation	NOUN
cblr-9114	255	11	,	,	PUNCT
cblr-9114	255	12	allowing	allow	VERB
cblr-9114	255	13	the	the	DET
cblr-9114	255	14	firm	firm	NOUN
cblr-9114	255	15	to	to	PART
cblr-9114	255	16	increase	increase	VERB
cblr-9114	255	17	profits	profit	NOUN
cblr-9114	255	18	by	by	ADP
cblr-9114	255	19	issuing	issue	VERB
cblr-9114	255	20	negative	negative	ADJ
cblr-9114	255	21	recommendations	recommendation	NOUN
cblr-9114	255	22	for	for	ADP
cblr-9114	255	23	certain	certain	ADJ
cblr-9114	255	24	issuers.74	issuers.74	ADJ
cblr-9114	255	25	one	one	NUM
cblr-9114	255	26	commentator	commentator	NOUN
cblr-9114	255	27	compared	compare	VERB
cblr-9114	255	28	this	this	PRON
cblr-9114	255	29	to	to	ADP
cblr-9114	255	30	the	the	DET
cblr-9114	255	31	rules	rule	NOUN
cblr-9114	255	32	“	"	PUNCT
cblr-9114	255	33	banning	ban	VERB
cblr-9114	255	34	accounting	accounting	NOUN
cblr-9114	255	35	firms	firm	NOUN
cblr-9114	255	36	from	from	ADP
cblr-9114	255	37	selling	sell	VERB
cblr-9114	255	38	consulting	consulting	NOUN
cblr-9114	255	39	services	service	NOUN
cblr-9114	255	40	to	to	ADP
cblr-9114	255	41	companies	company	NOUN
cblr-9114	255	42	they	they	PRON
cblr-9114	255	43	are	be	AUX
cblr-9114	255	44	auditing	audit	VERB
cblr-9114	255	45	”	"	PUNCT
cblr-9114	255	46	and	and	CCONJ
cblr-9114	255	47	called	call	VERB
cblr-9114	255	48	on	on	ADP
cblr-9114	255	49	the	the	DET
cblr-9114	255	50	commission	commission	NOUN
cblr-9114	255	51	to	to	ADP
cblr-9114	255	52	“	"	PUNCT
cblr-9114	255	53	[	[	X
cblr-9114	255	54	p]rohibit	p]rohibit	ADP
cblr-9114	255	55	proxy	proxy	ADJ
cblr-9114	255	56	advisory	advisory	ADJ
cblr-9114	255	57	firms	firm	NOUN
cblr-9114	255	58	from	from	ADP
cblr-9114	255	59	consulting	consult	VERB
cblr-9114	255	60	with	with	ADP
cblr-9114	255	61	companies	company	NOUN
cblr-9114	255	62	when	when	SCONJ
cblr-9114	255	63	they	they	PRON
cblr-9114	255	64	also	also	ADV
cblr-9114	255	65	make	make	VERB
cblr-9114	255	66	recommendations	recommendation	NOUN
cblr-9114	255	67	on	on	ADP
cblr-9114	255	68	voting	vote	VERB
cblr-9114	255	69	issues	issue	NOUN
cblr-9114	255	70	for	for	ADP
cblr-9114	255	71	that	that	DET
cblr-9114	255	72	company	company	NOUN
cblr-9114	255	73	.	.	PUNCT
cblr-9114	256	1	”75	”75	PROPN
cblr-9114	256	2	b.	b.	PROPN
cblr-9114	256	3	provision	provision	NOUN
cblr-9114	256	4	of	of	ADP
cblr-9114	256	5	both	both	DET
cblr-9114	256	6	consulting	consult	VERB
cblr-9114	256	7	services	service	NOUN
cblr-9114	256	8	and	and	CCONJ
cblr-9114	256	9	governance	governance	NOUN
cblr-9114	256	10	ratings	rating	NOUN
cblr-9114	256	11	another	another	DET
cblr-9114	256	12	substantial	substantial	ADJ
cblr-9114	256	13	conflict	conflict	NOUN
cblr-9114	256	14	identified	identify	VERB
cblr-9114	256	15	in	in	ADP
cblr-9114	256	16	the	the	DET
cblr-9114	256	17	concept	concept	NOUN
cblr-9114	256	18	release	release	NOUN
cblr-9114	256	19	is	be	AUX
cblr-9114	256	20	“	"	PUNCT
cblr-9114	256	21	when	when	SCONJ
cblr-9114	256	22	a	a	DET
cblr-9114	256	23	proxy	proxy	ADJ
cblr-9114	256	24	advisory	advisory	ADJ
cblr-9114	256	25	firm	firm	NOUN
cblr-9114	256	26	provides	provide	VERB
cblr-9114	256	27	corporate	corporate	ADJ
cblr-9114	256	28	governance	governance	NOUN
cblr-9114	256	29	ratings	rating	NOUN
cblr-9114	256	30	on	on	ADP
cblr-9114	256	31	issuers	issuer	NOUN
cblr-9114	256	32	to	to	ADP
cblr-9114	256	33	institutional	institutional	ADJ
cblr-9114	256	34	clients	client	NOUN
cblr-9114	256	35	,	,	PUNCT
cblr-9114	256	36	while	while	SCONJ
cblr-9114	256	37	also	also	ADV
cblr-9114	256	38	offering	offer	VERB
cblr-9114	256	39	consulting	consulting	NOUN
cblr-9114	256	40	services	service	NOUN
cblr-9114	256	41	to	to	ADP
cblr-9114	256	42	corporate	corporate	ADJ
cblr-9114	256	43	clients	client	NOUN
cblr-9114	256	44	so	so	SCONJ
cblr-9114	256	45	that	that	SCONJ
cblr-9114	256	46	those	those	DET
cblr-9114	256	47	issuers	issuer	NOUN
cblr-9114	256	48	can	can	AUX
cblr-9114	256	49	improve	improve	VERB
cblr-9114	256	50	their	their	PRON
cblr-9114	256	51	corporate	corporate	ADJ
cblr-9114	256	52	governance	governance	NOUN
cblr-9114	256	53	ranking	ranking	NOUN
cblr-9114	256	54	.	.	PUNCT
cblr-9114	256	55	”76	”76	PROPN
cblr-9114	256	56	through	through	ADP
cblr-9114	256	57	its	its	PRON
cblr-9114	256	58	esg	esg	PROPN
cblr-9114	256	59	gqs	gqs	NOUN
cblr-9114	256	60	,	,	PUNCT
cblr-9114	256	61	iss	iss	PROPN
cblr-9114	256	62	rates	rate	NOUN
cblr-9114	256	63	“	"	PUNCT
cblr-9114	256	64	approximately	approximately	ADV
cblr-9114	256	65	73	73	NUM
cblr-9114	257	1	i	i	PRON
cblr-9114	257	2	d.	d.	PROPN
cblr-9114	257	3	at	at	ADP
cblr-9114	257	4	6	6	NUM
cblr-9114	257	5	.	.	X
cblr-9114	257	6	74	74	NUM
cblr-9114	257	7	see	see	VERB
cblr-9114	257	8	i	i	PRON
cblr-9114	257	9	d.	d.	PROPN
cblr-9114	257	10	;	;	PUNCT
cblr-9114	257	11	see	see	VERB
cblr-9114	257	12	also	also	ADV
cblr-9114	257	13	cynthia	cynthia	PROPN
cblr-9114	257	14	e.	e.	PROPN
cblr-9114	257	15	clark	clark	PROPN
cblr-9114	257	16	&	&	CCONJ
cblr-9114	257	17	harry	harry	PROPN
cblr-9114	257	18	j.	j.	PROPN
cblr-9114	257	19	van	van	PROPN
cblr-9114	257	20	buren	buren	PROPN
cblr-9114	257	21	iii	iii	PROPN
cblr-9114	257	22	,	,	PUNCT
cblr-9114	257	23	compound	compound	NOUN
cblr-9114	257	24	conflicts	conflict	NOUN
cblr-9114	257	25	of	of	ADP
cblr-9114	257	26	interest	interest	NOUN
cblr-9114	257	27	in	in	ADP
cblr-9114	257	28	the	the	DET
cblr-9114	257	29	us	us	PROPN
cblr-9114	257	30	proxy	proxy	NOUN
cblr-9114	257	31	system	system	NOUN
cblr-9114	257	32	,	,	PUNCT
cblr-9114	257	33	116	116	NUM
cblr-9114	257	34	j.	j.	PROPN
cblr-9114	257	35	bus	bus	PROPN
cblr-9114	257	36	.	.	PUNCT
cblr-9114	258	1	ethics	ethic	NOUN
cblr-9114	258	2	355	355	NUM
cblr-9114	258	3	,	,	PUNCT
cblr-9114	258	4	366	366	NUM
cblr-9114	258	5	(	(	PUNCT
cblr-9114	258	6	2013	2013	NUM
cblr-9114	258	7	)	)	PUNCT
cblr-9114	258	8	(	(	PUNCT
cblr-9114	258	9	“	"	PUNCT
cblr-9114	258	10	iss	iss	PROPN
cblr-9114	258	11	continues	continue	VERB
cblr-9114	258	12	to	to	PART
cblr-9114	258	13	place	place	VERB
cblr-9114	258	14	the	the	DET
cblr-9114	258	15	governance	governance	NOUN
cblr-9114	258	16	score	score	NOUN
cblr-9114	258	17	on	on	ADP
cblr-9114	258	18	the	the	DET
cblr-9114	258	19	proxy	proxy	ADJ
cblr-9114	258	20	research	research	NOUN
cblr-9114	258	21	report	report	VERB
cblr-9114	258	22	its	its	PRON
cblr-9114	258	23	clients	client	NOUN
cblr-9114	258	24	pay	pay	VERB
cblr-9114	258	25	for	for	ADP
cblr-9114	258	26	,	,	PUNCT
cblr-9114	258	27	presumably	presumably	ADV
cblr-9114	258	28	in	in	ADP
cblr-9114	258	29	an	an	DET
cblr-9114	258	30	attempt	attempt	NOUN
cblr-9114	258	31	to	to	PART
cblr-9114	258	32	either	either	CCONJ
cblr-9114	258	33	remind	remind	VERB
cblr-9114	258	34	proxy	proxy	ADJ
cblr-9114	258	35	clients	client	NOUN
cblr-9114	258	36	of	of	ADP
cblr-9114	258	37	its	its	PRON
cblr-9114	258	38	governance	governance	NOUN
cblr-9114	258	39	business	business	NOUN
cblr-9114	258	40	or	or	CCONJ
cblr-9114	258	41	to	to	PART
cblr-9114	258	42	underscore	underscore	VERB
cblr-9114	258	43	the	the	DET
cblr-9114	258	44	connection	connection	NOUN
cblr-9114	258	45	between	between	ADP
cblr-9114	258	46	a	a	DET
cblr-9114	258	47	standardized	standardized	ADJ
cblr-9114	258	48	governance	governance	NOUN
cblr-9114	258	49	score	score	NOUN
cblr-9114	258	50	and	and	CCONJ
cblr-9114	258	51	an	an	DET
cblr-9114	258	52	individual	individual	ADJ
cblr-9114	258	53	proxy	proxy	NOUN
cblr-9114	258	54	recommendation	recommendation	NOUN
cblr-9114	258	55	.	.	PUNCT
cblr-9114	258	56	”	"	PUNCT
cblr-9114	258	57	)	)	PUNCT
cblr-9114	258	58	.	.	PUNCT
cblr-9114	259	1	75	75	NUM
cblr-9114	259	2	jonathan	jonathan	PROPN
cblr-9114	259	3	a.	a.	PROPN
cblr-9114	259	4	chanis	chanis	PROPN
cblr-9114	259	5	,	,	PUNCT
cblr-9114	259	6	comment	comment	NOUN
cblr-9114	259	7	letter	letter	NOUN
cblr-9114	259	8	on	on	ADP
cblr-9114	259	9	amendments	amendment	NOUN
cblr-9114	259	10	to	to	ADP
cblr-9114	259	11	exemptions	exemption	NOUN
cblr-9114	259	12	from	from	ADP
cblr-9114	259	13	the	the	DET
cblr-9114	259	14	proxy	proxy	NOUN
cblr-9114	259	15	rules	rule	NOUN
cblr-9114	259	16	for	for	ADP
cblr-9114	259	17	proxy	proxy	ADJ
cblr-9114	259	18	voting	voting	NOUN
cblr-9114	259	19	advice	advice	NOUN
cblr-9114	259	20	(	(	PUNCT
cblr-9114	259	21	jan	jan	PROPN
cblr-9114	259	22	.	.	PROPN
cblr-9114	259	23	30	30	NUM
cblr-9114	259	24	,	,	PUNCT
cblr-9114	259	25	2020	2020	NUM
cblr-9114	259	26	)	)	PUNCT
cblr-9114	259	27	,	,	PUNCT
cblr-9114	259	28	https://www.sec.gov/comments/s7-22-19/s72219-6728459-207302.pdf	https://www.sec.gov/comments/s7-22-19/s72219-6728459-207302.pdf	PROPN
cblr-9114	260	1	[	[	X
cblr-9114	260	2	https://perma.cc/q583-yx8k	https://perma.cc/q583-yx8k	NOUN
cblr-9114	260	3	]	]	X
cblr-9114	260	4	.	.	PUNCT
cblr-9114	261	1	76	76	NUM
cblr-9114	261	2	concept	concept	NOUN
cblr-9114	261	3	release	release	NOUN
cblr-9114	261	4	on	on	ADP
cblr-9114	261	5	the	the	DET
cblr-9114	261	6	u.s	u.s	PROPN
cblr-9114	261	7	.	.	PROPN
cblr-9114	261	8	proxy	proxy	ADJ
cblr-9114	261	9	system	system	NOUN
cblr-9114	261	10	,	,	PUNCT
cblr-9114	261	11	exchange	exchange	NOUN
cblr-9114	261	12	act	act	NOUN
cblr-9114	261	13	release	release	VERB
cblr-9114	261	14	no	no	NOUN
cblr-9114	261	15	.	.	NOUN
cblr-9114	262	1	62,495	62,495	NUM
cblr-9114	262	2	,	,	PUNCT
cblr-9114	262	3	investment	investment	NOUN
cblr-9114	262	4	company	company	NOUN
cblr-9114	262	5	act	act	VERB
cblr-9114	262	6	release	release	VERB
cblr-9114	262	7	no	no	DET
cblr-9114	262	8	.	.	NOUN
cblr-9114	262	9	29,340	29,340	NUM
cblr-9114	262	10	,	,	PUNCT
cblr-9114	262	11	75	75	NUM
cblr-9114	262	12	fed	feed	VERB
cblr-9114	262	13	.	.	PUNCT
cblr-9114	263	1	reg	reg	PROPN
cblr-9114	263	2	.	.	PROPN
cblr-9114	263	3	42,982	42,982	NUM
cblr-9114	263	4	,	,	PUNCT
cblr-9114	263	5	43,012	43,012	NUM
cblr-9114	263	6	(	(	PUNCT
cblr-9114	263	7	proposed	propose	VERB
cblr-9114	263	8	july	july	PROPN
cblr-9114	263	9	22	22	NUM
cblr-9114	263	10	,	,	PUNCT
cblr-9114	263	11	2010	2010	NUM
cblr-9114	263	12	)	)	PUNCT
cblr-9114	263	13	.	.	PUNCT
cblr-9114	264	1	(	(	PUNCT
cblr-9114	264	2	to	to	PART
cblr-9114	264	3	be	be	AUX
cblr-9114	264	4	codified	codify	VERB
cblr-9114	264	5	at	at	ADP
cblr-9114	264	6	17	17	NUM
cblr-9114	264	7	c.f.r	c.f.r	NOUN
cblr-9114	264	8	.	.	PUNCT
cblr-9114	265	1	pts	pts	PROPN
cblr-9114	265	2	.	.	PROPN
cblr-9114	265	3	240	240	NUM
cblr-9114	265	4	,	,	PUNCT
cblr-9114	265	5	270	270	NUM
cblr-9114	265	6	,	,	PUNCT
cblr-9114	265	7	274	274	NUM
cblr-9114	265	8	,	,	PUNCT
cblr-9114	265	9	275	275	NUM
cblr-9114	265	10	)	)	PUNCT
cblr-9114	265	11	.	.	PUNCT
cblr-9114	266	1	no	no	INTJ
cblr-9114	266	2	.	.	PUNCT
cblr-9114	267	1	3:1487	3:1487	NUM
cblr-9114	267	2	]	]	X
cblr-9114	267	3	proxy	proxy	ADJ
cblr-9114	267	4	advisory	advisory	ADJ
cblr-9114	267	5	firms	firm	NOUN
cblr-9114	267	6	’	'	PUNCT
cblr-9114	267	7	conflicts	conflict	NOUN
cblr-9114	267	8	of	of	ADP
cblr-9114	267	9	interest	interest	NOUN
cblr-9114	267	10	1505	1505	NUM
cblr-9114	267	11	5,800	5,800	NUM
cblr-9114	267	12	publicly	publicly	ADV
cblr-9114	267	13	-	-	PUNCT
cblr-9114	267	14	traded	trade	VERB
cblr-9114	267	15	companies	company	NOUN
cblr-9114	267	16	in	in	ADP
cblr-9114	267	17	30	30	NUM
cblr-9114	267	18	markets	market	NOUN
cblr-9114	267	19	.	.	PUNCT
cblr-9114	268	1	”77	”77	VERB
cblr-9114	268	2	other	other	ADJ
cblr-9114	268	3	companies	company	NOUN
cblr-9114	268	4	,	,	PUNCT
cblr-9114	268	5	such	such	ADJ
cblr-9114	268	6	as	as	ADP
cblr-9114	268	7	the	the	DET
cblr-9114	268	8	dow	dow	PROPN
cblr-9114	268	9	jones	jones	PROPN
cblr-9114	268	10	sustainability	sustainability	NOUN
cblr-9114	268	11	indices	index	NOUN
cblr-9114	268	12	,	,	PUNCT
cblr-9114	268	13	ecovadis	ecovadi	NOUN
cblr-9114	268	14	,	,	PUNCT
cblr-9114	268	15	sustainalytics	sustainalytic	NOUN
cblr-9114	268	16	,	,	PUNCT
cblr-9114	268	17	and	and	CCONJ
cblr-9114	268	18	msci	msci	PROPN
cblr-9114	268	19	,	,	PUNCT
cblr-9114	268	20	provide	provide	VERB
cblr-9114	268	21	similar	similar	ADJ
cblr-9114	268	22	services.78	services.78	NOUN
cblr-9114	268	23	due	due	ADP
cblr-9114	268	24	to	to	ADP
cblr-9114	268	25	iss	iss	PROPN
cblr-9114	268	26	’s	’s	PART
cblr-9114	268	27	provision	provision	NOUN
cblr-9114	268	28	of	of	ADP
cblr-9114	268	29	both	both	DET
cblr-9114	268	30	esg	esg	NOUN
cblr-9114	268	31	ratings	rating	NOUN
cblr-9114	268	32	and	and	CCONJ
cblr-9114	268	33	corporate	corporate	ADJ
cblr-9114	268	34	governance	governance	NOUN
cblr-9114	268	35	consulting	consulting	NOUN
cblr-9114	268	36	services	service	NOUN
cblr-9114	268	37	,	,	PUNCT
cblr-9114	268	38	commentators	commentator	NOUN
cblr-9114	268	39	fear	fear	VERB
cblr-9114	268	40	that	that	SCONJ
cblr-9114	268	41	the	the	DET
cblr-9114	268	42	advisory	advisory	ADJ
cblr-9114	268	43	firm	firm	NOUN
cblr-9114	268	44	uses	use	VERB
cblr-9114	268	45	its	its	PRON
cblr-9114	268	46	rankings	ranking	NOUN
cblr-9114	268	47	to	to	PART
cblr-9114	268	48	punish	punish	VERB
cblr-9114	268	49	companies	company	NOUN
cblr-9114	268	50	that	that	PRON
cblr-9114	268	51	have	have	AUX
cblr-9114	268	52	not	not	PART
cblr-9114	268	53	purchased	purchase	VERB
cblr-9114	268	54	its	its	PRON
cblr-9114	268	55	consulting	consulting	NOUN
cblr-9114	268	56	services	service	NOUN
cblr-9114	268	57	while	while	SCONJ
cblr-9114	268	58	simultaneously	simultaneously	ADV
cblr-9114	268	59	rewarding	reward	VERB
cblr-9114	268	60	those	those	PRON
cblr-9114	268	61	that	that	PRON
cblr-9114	268	62	have	have	VERB
cblr-9114	268	63	.	.	PUNCT
cblr-9114	269	1	this	this	DET
cblr-9114	269	2	fear	fear	NOUN
cblr-9114	269	3	is	be	AUX
cblr-9114	269	4	compounded	compound	VERB
cblr-9114	269	5	by	by	ADP
cblr-9114	269	6	the	the	DET
cblr-9114	269	7	often	often	ADV
cblr-9114	269	8	undisclosed	undisclosed	ADJ
cblr-9114	269	9	and	and	CCONJ
cblr-9114	269	10	inconsistent	inconsistent	ADJ
cblr-9114	269	11	methodologies	methodology	NOUN
cblr-9114	269	12	used	use	VERB
cblr-9114	269	13	for	for	ADP
cblr-9114	269	14	calculating	calculate	VERB
cblr-9114	269	15	the	the	DET
cblr-9114	269	16	esg	esg	NOUN
cblr-9114	269	17	ratings	rating	NOUN
cblr-9114	269	18	.	.	PUNCT
cblr-9114	270	1	chris	chris	PROPN
cblr-9114	270	2	netram	netram	PROPN
cblr-9114	270	3	,	,	PUNCT
cblr-9114	270	4	vice	vice	NOUN
cblr-9114	270	5	president	president	NOUN
cblr-9114	270	6	,	,	PUNCT
cblr-9114	270	7	tax	tax	NOUN
cblr-9114	270	8	&	&	CCONJ
cblr-9114	270	9	domestic	domestic	ADJ
cblr-9114	270	10	economic	economic	ADJ
cblr-9114	270	11	policy	policy	NOUN
cblr-9114	270	12	at	at	ADP
cblr-9114	270	13	the	the	DET
cblr-9114	270	14	national	national	PROPN
cblr-9114	270	15	association	association	PROPN
cblr-9114	270	16	of	of	ADP
cblr-9114	270	17	manufacturers	manufacturer	NOUN
cblr-9114	270	18	,	,	PUNCT
cblr-9114	270	19	describes	describe	VERB
cblr-9114	270	20	the	the	DET
cblr-9114	270	21	methodology	methodology	NOUN
cblr-9114	270	22	as	as	ADP
cblr-9114	270	23	a	a	DET
cblr-9114	270	24	“	"	PUNCT
cblr-9114	270	25	black	black	ADJ
cblr-9114	270	26	box	box	NOUN
cblr-9114	270	27	.	.	PUNCT
cblr-9114	271	1	”79	”79	PROPN
cblr-9114	271	2	as	as	SCONJ
cblr-9114	271	3	explained	explain	VERB
cblr-9114	271	4	by	by	ADP
cblr-9114	271	5	greg	greg	PROPN
cblr-9114	271	6	medcraft	medcraft	PROPN
cblr-9114	271	7	,	,	PUNCT
cblr-9114	271	8	oecd	oecd	PROPN
cblr-9114	271	9	director	director	NOUN
cblr-9114	271	10	for	for	ADP
cblr-9114	271	11	financial	financial	ADJ
cblr-9114	271	12	and	and	CCONJ
cblr-9114	271	13	enterprise	enterprise	NOUN
cblr-9114	271	14	affairs	affair	NOUN
cblr-9114	271	15	,	,	PUNCT
cblr-9114	271	16	“	"	PUNCT
cblr-9114	271	17	[	[	X
cblr-9114	271	18	w]hile	w]hile	ADP
cblr-9114	271	19	there	there	PRON
cblr-9114	271	20	is	be	VERB
cblr-9114	271	21	a	a	DET
cblr-9114	271	22	wealth	wealth	NOUN
cblr-9114	271	23	of	of	ADP
cblr-9114	271	24	esg	esg	PROPN
cblr-9114	271	25	data	datum	NOUN
cblr-9114	271	26	out	out	ADV
cblr-9114	271	27	there	there	ADV
cblr-9114	271	28	,	,	PUNCT
cblr-9114	271	29	it	it	PRON
cblr-9114	271	30	is	be	AUX
cblr-9114	271	31	not	not	PART
cblr-9114	271	32	consistently	consistently	ADV
cblr-9114	271	33	comparable	comparable	ADJ
cblr-9114	271	34	or	or	CCONJ
cblr-9114	271	35	easily	easily	ADV
cblr-9114	271	36	verifiable	verifiable	ADJ
cblr-9114	271	37	,	,	PUNCT
cblr-9114	271	38	”	"	PUNCT
cblr-9114	271	39	because	because	SCONJ
cblr-9114	271	40	there	there	PRON
cblr-9114	271	41	are	be	VERB
cblr-9114	271	42	different	different	ADJ
cblr-9114	271	43	methodologies	methodology	NOUN
cblr-9114	271	44	,	,	PUNCT
cblr-9114	271	45	metrics	metric	NOUN
cblr-9114	271	46	,	,	PUNCT
cblr-9114	271	47	weightings	weighting	NOUN
cblr-9114	271	48	and	and	CCONJ
cblr-9114	271	49	subjective	subjective	ADJ
cblr-9114	271	50	judgement	judgement	NOUN
cblr-9114	271	51	in	in	ADP
cblr-9114	271	52	esg	esg	PROPN
cblr-9114	272	1	ratings.80	ratings.80	PROPN
cblr-9114	272	2	the	the	DET
cblr-9114	272	3	lack	lack	NOUN
cblr-9114	272	4	of	of	ADP
cblr-9114	272	5	transparency	transparency	NOUN
cblr-9114	272	6	in	in	ADP
cblr-9114	272	7	iss	iss	PROPN
cblr-9114	272	8	’s	’s	PART
cblr-9114	272	9	esg	esg	PROPN
cblr-9114	272	10	ratings	rating	NOUN
cblr-9114	272	11	,	,	PUNCT
cblr-9114	272	12	77	77	NUM
cblr-9114	272	13	at	at	ADP
cblr-9114	272	14	a	a	DET
cblr-9114	272	15	glance	glance	NOUN
cblr-9114	272	16	:	:	PUNCT
cblr-9114	272	17	iss	iss	PROPN
cblr-9114	272	18	esg	esg	PROPN
cblr-9114	272	19	governance	governance	NOUN
cblr-9114	272	20	qualityscore	qualityscore	ADV
cblr-9114	272	21	datafeed	datafeed	NOUN
cblr-9114	272	22	,	,	PUNCT
cblr-9114	272	23	factset	factset	NOUN
cblr-9114	272	24	,	,	PUNCT
cblr-9114	272	25	https://insight.factset.com/resources/iss-gqs-datafeed-at-a-glance	https://insight.factset.com/resources/iss-gqs-datafeed-at-a-glance	ADP
cblr-9114	272	26	[	[	X
cblr-9114	272	27	https://perma.cc/k5yx-phug	https://perma.cc/k5yx-phug	X
cblr-9114	272	28	]	]	X
cblr-9114	272	29	(	(	PUNCT
cblr-9114	272	30	last	last	ADV
cblr-9114	272	31	visited	visit	VERB
cblr-9114	272	32	nov	nov	PROPN
cblr-9114	272	33	.	.	PROPN
cblr-9114	272	34	20	20	NUM
cblr-9114	272	35	,	,	PUNCT
cblr-9114	272	36	2021	2021	NUM
cblr-9114	272	37	)	)	PUNCT
cblr-9114	272	38	(	(	PUNCT
cblr-9114	272	39	describing	describe	VERB
cblr-9114	272	40	widespread	widespread	ADJ
cblr-9114	272	41	use	use	NOUN
cblr-9114	272	42	of	of	ADP
cblr-9114	272	43	gqs	gqs	NOUN
cblr-9114	272	44	and	and	CCONJ
cblr-9114	272	45	providing	provide	VERB
cblr-9114	272	46	a	a	DET
cblr-9114	272	47	high	high	ADJ
cblr-9114	272	48	-	-	PUNCT
cblr-9114	272	49	level	level	NOUN
cblr-9114	272	50	explanation	explanation	NOUN
cblr-9114	272	51	of	of	ADP
cblr-9114	272	52	its	its	PRON
cblr-9114	272	53	general	general	ADJ
cblr-9114	272	54	methodology	methodology	NOUN
cblr-9114	272	55	)	)	PUNCT
cblr-9114	272	56	.	.	PUNCT
cblr-9114	273	1	78	78	NUM
cblr-9114	273	2	jasmin	jasmin	PROPN
cblr-9114	273	3	malik	malik	PROPN
cblr-9114	273	4	chua	chua	PROPN
cblr-9114	273	5	,	,	PUNCT
cblr-9114	273	6	the	the	DET
cblr-9114	273	7	rise	rise	NOUN
cblr-9114	273	8	in	in	ADP
cblr-9114	273	9	esg	esg	PROPN
cblr-9114	273	10	ratings	rating	NOUN
cblr-9114	273	11	:	:	PUNCT
cblr-9114	273	12	what	what	PRON
cblr-9114	273	13	’s	’	VERB
cblr-9114	273	14	the	the	DET
cblr-9114	273	15	score	score	NOUN
cblr-9114	273	16	?	?	PUNCT
cblr-9114	273	17	,	,	PUNCT
cblr-9114	273	18	vogue	vogue	NOUN
cblr-9114	273	19	bus	bus	NOUN
cblr-9114	273	20	.	.	PUNCT
cblr-9114	274	1	(	(	PUNCT
cblr-9114	274	2	oct	oct	PROPN
cblr-9114	274	3	.	.	PROPN
cblr-9114	274	4	28	28	NUM
cblr-9114	274	5	,	,	PUNCT
cblr-9114	274	6	2020	2020	NUM
cblr-9114	274	7	)	)	PUNCT
cblr-9114	274	8	,	,	PUNCT
cblr-9114	274	9	https://www.voguebusiness.com/sustainability/the-rise-in-esg-ratingswhats-the-score	https://www.voguebusiness.com/sustainability/the-rise-in-esg-ratingswhats-the-score	PROPN
cblr-9114	274	10	[	[	X
cblr-9114	274	11	https://perma.cc/akx5-hkmg	https://perma.cc/akx5-hkmg	X
cblr-9114	274	12	]	]	X
cblr-9114	274	13	(	(	PUNCT
cblr-9114	274	14	“	"	PUNCT
cblr-9114	274	15	[	[	X
cblr-9114	274	16	h]undreds	h]undred	NOUN
cblr-9114	274	17	of	of	ADP
cblr-9114	274	18	rating	rating	NOUN
cblr-9114	274	19	and	and	CCONJ
cblr-9114	274	20	ranking	ranking	NOUN
cblr-9114	274	21	platforms	platform	NOUN
cblr-9114	274	22	,	,	PUNCT
cblr-9114	274	23	including	include	VERB
cblr-9114	274	24	the	the	DET
cblr-9114	274	25	dow	dow	PROPN
cblr-9114	274	26	jones	jones	PROPN
cblr-9114	274	27	sustainability	sustainability	PROPN
cblr-9114	274	28	indices	index	NOUN
cblr-9114	274	29	(	(	PUNCT
cblr-9114	274	30	djsi	djsi	NUM
cblr-9114	274	31	)	)	PUNCT
cblr-9114	274	32	,	,	PUNCT
cblr-9114	274	33	ecovadis	ecovadi	NOUN
cblr-9114	274	34	,	,	PUNCT
cblr-9114	274	35	sustainalytics	sustainalytic	NOUN
cblr-9114	274	36	and	and	CCONJ
cblr-9114	274	37	msci	msci	PROPN
cblr-9114	274	38	,	,	PUNCT
cblr-9114	274	39	have	have	AUX
cblr-9114	274	40	sprung	spring	VERB
cblr-9114	274	41	up	up	ADP
cblr-9114	274	42	to	to	PART
cblr-9114	274	43	help	help	VERB
cblr-9114	274	44	asset	asset	NOUN
cblr-9114	274	45	managers	manager	NOUN
cblr-9114	274	46	,	,	PUNCT
cblr-9114	274	47	institutional	institutional	ADJ
cblr-9114	274	48	investors	investor	NOUN
cblr-9114	274	49	,	,	PUNCT
cblr-9114	274	50	would	would	AUX
cblr-9114	274	51	-	-	PUNCT
cblr-9114	274	52	be	be	AUX
cblr-9114	274	53	employees	employee	NOUN
cblr-9114	274	54	,	,	PUNCT
cblr-9114	274	55	consumers	consumer	NOUN
cblr-9114	274	56	and	and	CCONJ
cblr-9114	274	57	other	other	ADJ
cblr-9114	274	58	stakeholders	stakeholder	NOUN
cblr-9114	274	59	assess	assess	VERB
cblr-9114	274	60	,	,	PUNCT
cblr-9114	274	61	measure	measure	NOUN
cblr-9114	274	62	and	and	CCONJ
cblr-9114	274	63	benchmark	benchmark	NOUN
cblr-9114	274	64	a	a	DET
cblr-9114	274	65	company	company	NOUN
cblr-9114	274	66	’s	’s	PART
cblr-9114	274	67	esg	esg	NOUN
cblr-9114	274	68	performance	performance	NOUN
cblr-9114	274	69	.	.	PUNCT
cblr-9114	274	70	”	"	PUNCT
cblr-9114	274	71	)	)	PUNCT
cblr-9114	274	72	.	.	PUNCT
cblr-9114	275	1	79	79	NUM
cblr-9114	275	2	chris	chris	PROPN
cblr-9114	275	3	netram	netram	NOUN
cblr-9114	275	4	,	,	PUNCT
cblr-9114	275	5	comment	comment	NOUN
cblr-9114	275	6	letter	letter	NOUN
cblr-9114	275	7	on	on	ADP
cblr-9114	275	8	amendments	amendment	NOUN
cblr-9114	275	9	to	to	ADP
cblr-9114	275	10	exceptions	exception	NOUN
cblr-9114	275	11	from	from	ADP
cblr-9114	275	12	the	the	DET
cblr-9114	275	13	proxy	proxy	NOUN
cblr-9114	275	14	rules	rule	NOUN
cblr-9114	275	15	for	for	ADP
cblr-9114	275	16	proxy	proxy	ADJ
cblr-9114	275	17	voting	voting	NOUN
cblr-9114	275	18	advice	advice	NOUN
cblr-9114	275	19	,	,	PUNCT
cblr-9114	275	20	at	at	ADP
cblr-9114	275	21	7	7	NUM
cblr-9114	275	22	(	(	PUNCT
cblr-9114	275	23	feb	feb	X
cblr-9114	275	24	.	.	PROPN
cblr-9114	275	25	3	3	NUM
cblr-9114	275	26	,	,	PUNCT
cblr-9114	275	27	2020	2020	NUM
cblr-9114	275	28	)	)	PUNCT
cblr-9114	275	29	,	,	PUNCT
cblr-9114	275	30	https://www.sec.gov/comments/s7-22-19/s72219-6735396-207626.pdf	https://www.sec.gov/comments/s7-22-19/s72219-6735396-207626.pdf	PROPN
cblr-9114	275	31	[	[	X
cblr-9114	275	32	https://perma.cc/5x4w-c64	https://perma.cc/5x4w-c64	X
cblr-9114	275	33	m	m	PRON
cblr-9114	275	34	]	]	X
cblr-9114	275	35	.	.	PUNCT
cblr-9114	276	1	80	80	NUM
cblr-9114	276	2	jennifer	jennifer	PROPN
cblr-9114	276	3	laidlaw	laidlaw	PROPN
cblr-9114	276	4	,	,	PUNCT
cblr-9114	276	5	lack	lack	NOUN
cblr-9114	276	6	of	of	ADP
cblr-9114	276	7	standardized	standardized	ADJ
cblr-9114	276	8	esg	esg	PROPN
cblr-9114	276	9	data	datum	NOUN
cblr-9114	276	10	may	may	AUX
cblr-9114	276	11	hide	hide	VERB
cblr-9114	276	12	material	material	NOUN
cblr-9114	276	13	risks	risk	NOUN
cblr-9114	276	14	,	,	PUNCT
cblr-9114	276	15	oecd	oecd	PROPN
cblr-9114	276	16	says	say	VERB
cblr-9114	276	17	,	,	PUNCT
cblr-9114	276	18	s&p	s&p	PROPN
cblr-9114	276	19	glob	glob	NOUN
cblr-9114	276	20	.	.	PUNCT
cblr-9114	277	1	mkt	mkt	PROPN
cblr-9114	277	2	.	.	PUNCT
cblr-9114	277	3	intell	intell	PROPN
cblr-9114	277	4	.	.	PUNCT
cblr-9114	278	1	(	(	PUNCT
cblr-9114	278	2	oct	oct	PROPN
cblr-9114	278	3	.	.	PROPN
cblr-9114	278	4	2	2	NUM
cblr-9114	278	5	,	,	PUNCT
cblr-9114	278	6	2020	2020	NUM
cblr-9114	278	7	)	)	PUNCT
cblr-9114	278	8	,	,	PUNCT
cblr-9114	278	9	https://www.spglobal.com/marketintelligence/en/news-insights/latest	https://www.spglobal.com/marketintelligence/en/news-insights/lat	ADJ
cblr-9114	278	10	1506	1506	NUM
cblr-9114	278	11	columbia	columbia	PROPN
cblr-9114	278	12	business	business	PROPN
cblr-9114	278	13	law	law	PROPN
cblr-9114	278	14	review	review	NOUN
cblr-9114	279	1	[	[	X
cblr-9114	279	2	vol	vol	NOUN
cblr-9114	279	3	.	.	PUNCT
cblr-9114	279	4	2021	2021	NUM
cblr-9114	279	5	coupled	couple	VERB
cblr-9114	279	6	with	with	ADP
cblr-9114	279	7	the	the	DET
cblr-9114	279	8	inconsistent	inconsistent	ADJ
cblr-9114	279	9	methodologies	methodology	NOUN
cblr-9114	279	10	used	use	VERB
cblr-9114	279	11	by	by	ADP
cblr-9114	279	12	its	its	PRON
cblr-9114	279	13	competitors	competitor	NOUN
cblr-9114	279	14	,	,	PUNCT
cblr-9114	279	15	may	may	AUX
cblr-9114	279	16	allow	allow	VERB
cblr-9114	279	17	iss	iss	PROPN
cblr-9114	279	18	to	to	PART
cblr-9114	279	19	insert	insert	VERB
cblr-9114	279	20	biases	bias	NOUN
cblr-9114	279	21	into	into	ADP
cblr-9114	279	22	its	its	PRON
cblr-9114	279	23	ratings	rating	NOUN
cblr-9114	279	24	with	with	ADP
cblr-9114	279	25	relatively	relatively	ADV
cblr-9114	279	26	little	little	ADJ
cblr-9114	279	27	risk	risk	NOUN
cblr-9114	279	28	of	of	ADP
cblr-9114	279	29	discovery	discovery	NOUN
cblr-9114	279	30	.	.	PUNCT
cblr-9114	280	1	while	while	SCONJ
cblr-9114	280	2	a	a	DET
cblr-9114	280	3	divergent	divergent	ADJ
cblr-9114	280	4	voting	voting	NOUN
cblr-9114	280	5	recommendation	recommendation	NOUN
cblr-9114	280	6	from	from	ADP
cblr-9114	280	7	a	a	DET
cblr-9114	280	8	competitor	competitor	NOUN
cblr-9114	280	9	may	may	AUX
cblr-9114	280	10	raise	raise	VERB
cblr-9114	280	11	red	red	ADJ
cblr-9114	280	12	flags	flag	NOUN
cblr-9114	280	13	,	,	PUNCT
cblr-9114	280	14	market	market	NOUN
cblr-9114	280	15	participants	participant	NOUN
cblr-9114	280	16	are	be	AUX
cblr-9114	280	17	aware	aware	ADJ
cblr-9114	280	18	of	of	ADP
cblr-9114	280	19	the	the	DET
cblr-9114	280	20	widespread	widespread	ADJ
cblr-9114	280	21	inconsistencies	inconsistency	NOUN
cblr-9114	280	22	in	in	ADP
cblr-9114	280	23	esg	esg	NOUN
cblr-9114	280	24	ratings	rating	NOUN
cblr-9114	280	25	,	,	PUNCT
cblr-9114	280	26	and	and	CCONJ
cblr-9114	280	27	such	such	ADJ
cblr-9114	280	28	discrepancies	discrepancy	NOUN
cblr-9114	280	29	are	be	AUX
cblr-9114	280	30	thus	thus	ADV
cblr-9114	280	31	unlikely	unlikely	ADJ
cblr-9114	280	32	to	to	PART
cblr-9114	280	33	result	result	VERB
cblr-9114	280	34	in	in	ADP
cblr-9114	280	35	substantial	substantial	ADJ
cblr-9114	280	36	scrutiny.81	scrutiny.81	NOUN
cblr-9114	280	37	in	in	ADP
cblr-9114	280	38	a	a	DET
cblr-9114	280	39	comment	comment	NOUN
cblr-9114	280	40	letter	letter	NOUN
cblr-9114	280	41	to	to	ADP
cblr-9114	280	42	the	the	DET
cblr-9114	280	43	sec	sec	PROPN
cblr-9114	280	44	’s	’s	PART
cblr-9114	280	45	2019	2019	NUM
cblr-9114	280	46	amendments	amendment	NOUN
cblr-9114	280	47	to	to	ADP
cblr-9114	280	48	exemptions	exemption	NOUN
cblr-9114	280	49	from	from	ADP
cblr-9114	280	50	the	the	DET
cblr-9114	280	51	proxy	proxy	NOUN
cblr-9114	280	52	rules	rule	NOUN
cblr-9114	280	53	for	for	ADP
cblr-9114	280	54	proxy	proxy	ADJ
cblr-9114	280	55	voting	voting	NOUN
cblr-9114	280	56	advice	advice	NOUN
cblr-9114	280	57	,	,	PUNCT
cblr-9114	280	58	clifton	clifton	PROPN
cblr-9114	280	59	a.	a.	PROPN
cblr-9114	280	60	pemble	pemble	PROPN
cblr-9114	280	61	,	,	PUNCT
cblr-9114	280	62	president	president	NOUN
cblr-9114	280	63	and	and	CCONJ
cblr-9114	280	64	ceo	ceo	NOUN
cblr-9114	280	65	of	of	ADP
cblr-9114	280	66	gps	gps	PROPN
cblr-9114	280	67	navigation	navigation	NOUN
cblr-9114	280	68	and	and	CCONJ
cblr-9114	280	69	wireless	wireless	ADJ
cblr-9114	280	70	device	device	NOUN
cblr-9114	280	71	and	and	CCONJ
cblr-9114	280	72	applications	application	NOUN
cblr-9114	280	73	company	company	NOUN
cblr-9114	280	74	garmin	garmin	PROPN
cblr-9114	280	75	ltd	ltd	PROPN
cblr-9114	280	76	.	.	PROPN
cblr-9114	280	77	,	,	PUNCT
cblr-9114	280	78	discussed	discuss	VERB
cblr-9114	280	79	garmin	garmin	PROPN
cblr-9114	280	80	’s	’s	PART
cblr-9114	280	81	concerns	concern	NOUN
cblr-9114	280	82	with	with	ADP
cblr-9114	280	83	conflicts	conflict	NOUN
cblr-9114	280	84	of	of	ADP
cblr-9114	280	85	interest	interest	NOUN
cblr-9114	280	86	in	in	ADP
cblr-9114	280	87	the	the	DET
cblr-9114	280	88	proxy	proxy	ADJ
cblr-9114	280	89	advisory	advisory	ADJ
cblr-9114	280	90	firm	firm	NOUN
cblr-9114	280	91	market.82	market.82	PROPN
cblr-9114	280	92	pemble	pemble	PROPN
cblr-9114	280	93	’s	’s	PART
cblr-9114	280	94	comment	comment	NOUN
cblr-9114	280	95	letter	letter	NOUN
cblr-9114	280	96	homed	home	VERB
cblr-9114	280	97	in	in	ADP
cblr-9114	280	98	on	on	ADP
cblr-9114	280	99	the	the	DET
cblr-9114	280	100	provision	provision	NOUN
cblr-9114	280	101	of	of	ADP
cblr-9114	280	102	both	both	DET
cblr-9114	280	103	consulting	consult	VERB
cblr-9114	280	104	services	service	NOUN
cblr-9114	280	105	and	and	CCONJ
cblr-9114	280	106	ratings	rating	NOUN
cblr-9114	280	107	/	/	SYM
cblr-9114	280	108	rankings	ranking	NOUN
cblr-9114	280	109	:	:	PUNCT
cblr-9114	280	110	we	we	PRON
cblr-9114	280	111	have	have	AUX
cblr-9114	280	112	noticed	notice	VERB
cblr-9114	280	113	that	that	SCONJ
cblr-9114	280	114	in	in	ADP
cblr-9114	280	115	some	some	DET
cblr-9114	280	116	instances	instance	NOUN
cblr-9114	280	117	the	the	DET
cblr-9114	280	118	consulting	consult	VERB
cblr-9114	280	119	side	side	NOUN
cblr-9114	280	120	of	of	ADP
cblr-9114	280	121	a	a	DET
cblr-9114	280	122	firm	firm	NOUN
cblr-9114	280	123	’s	’s	PART
cblr-9114	280	124	business	business	NOUN
cblr-9114	280	125	rated	rate	VERB
cblr-9114	280	126	us	we	PRON
cblr-9114	280	127	poorly	poorly	ADV
cblr-9114	280	128	on	on	ADP
cblr-9114	280	129	governance	governance	NOUN
cblr-9114	280	130	and	and	CCONJ
cblr-9114	280	131	compensation	compensation	NOUN
cblr-9114	280	132	practices	practice	NOUN
cblr-9114	280	133	(	(	PUNCT
cblr-9114	280	134	much	much	ADJ
cblr-9114	280	135	to	to	ADP
cblr-9114	280	136	our	our	PRON
cblr-9114	280	137	surprise	surprise	NOUN
cblr-9114	280	138	and	and	CCONJ
cblr-9114	280	139	contrary	contrary	ADJ
cblr-9114	280	140	to	to	ADP
cblr-9114	280	141	all	all	DET
cblr-9114	280	142	available	available	ADJ
cblr-9114	280	143	evidence	evidence	NOUN
cblr-9114	280	144	,	,	PUNCT
cblr-9114	280	145	and	and	CCONJ
cblr-9114	280	146	for	for	ADP
cblr-9114	280	147	reasons	reason	NOUN
cblr-9114	280	148	they	they	PRON
cblr-9114	280	149	would	would	AUX
cblr-9114	280	150	n’t	not	PART
cblr-9114	280	151	divulge	divulge	VERB
cblr-9114	280	152	unless	unless	SCONJ
cblr-9114	280	153	we	we	PRON
cblr-9114	280	154	agreed	agree	VERB
cblr-9114	280	155	to	to	PART
cblr-9114	280	156	pay	pay	VERB
cblr-9114	280	157	them	they	PRON
cblr-9114	280	158	a	a	DET
cblr-9114	280	159	large	large	ADJ
cblr-9114	280	160	fee	fee	NOUN
cblr-9114	280	161	)	)	PUNCT
cblr-9114	280	162	,	,	PUNCT
cblr-9114	280	163	while	while	SCONJ
cblr-9114	280	164	at	at	ADP
cblr-9114	280	165	the	the	DET
cblr-9114	280	166	same	same	ADJ
cblr-9114	280	167	time	time	NOUN
cblr-9114	280	168	the	the	DET
cblr-9114	280	169	proxy	proxy	ADJ
cblr-9114	280	170	advisory	advisory	ADJ
cblr-9114	280	171	side	side	NOUN
cblr-9114	280	172	of	of	ADP
cblr-9114	280	173	the	the	DET
cblr-9114	280	174	business	business	NOUN
cblr-9114	280	175	recommended	recommend	VERB
cblr-9114	280	176	that	that	SCONJ
cblr-9114	280	177	shareholders	shareholder	NOUN
cblr-9114	280	178	vote	vote	NOUN
cblr-9114	280	179	for	for	ADP
cblr-9114	280	180	all	all	PRON
cblr-9114	280	181	of	of	ADP
cblr-9114	280	182	our	our	PRON
cblr-9114	280	183	governance	governance	NOUN
cblr-9114	280	184	and	and	CCONJ
cblr-9114	280	185	compensation	compensation	NOUN
cblr-9114	280	186	related	relate	VERB
cblr-9114	280	187	proposals	proposal	NOUN
cblr-9114	280	188	.	.	PUNCT
cblr-9114	281	1	if	if	SCONJ
cblr-9114	281	2	there	there	PRON
cblr-9114	281	3	is	be	VERB
cblr-9114	281	4	no	no	DET
cblr-9114	281	5	correlation	correlation	NOUN
cblr-9114	281	6	at	at	ADV
cblr-9114	281	7	all	all	ADV
cblr-9114	281	8	between	between	ADP
cblr-9114	281	9	a	a	DET
cblr-9114	281	10	firm	firm	NOUN
cblr-9114	281	11	’s	’s	PART
cblr-9114	281	12	ratings	rating	NOUN
cblr-9114	281	13	and	and	CCONJ
cblr-9114	281	14	their	their	PRON
cblr-9114	281	15	voting	voting	NOUN
cblr-9114	281	16	recommendations	recommendation	NOUN
cblr-9114	281	17	,	,	PUNCT
cblr-9114	281	18	as	as	SCONJ
cblr-9114	281	19	seems	seem	VERB
cblr-9114	281	20	to	to	PART
cblr-9114	281	21	be	be	AUX
cblr-9114	281	22	the	the	DET
cblr-9114	281	23	case	case	NOUN
cblr-9114	281	24	for	for	ADP
cblr-9114	281	25	garmin	garmin	PROPN
cblr-9114	281	26	,	,	PUNCT
cblr-9114	281	27	then	then	ADV
cblr-9114	281	28	what	what	PRON
cblr-9114	281	29	does	do	AUX
cblr-9114	281	30	that	that	PRON
cblr-9114	281	31	say	say	VERB
cblr-9114	281	32	about	about	ADP
cblr-9114	281	33	the	the	DET
cblr-9114	281	34	reliability	reliability	NOUN
cblr-9114	281	35	or	or	CCONJ
cblr-9114	281	36	sincerity	sincerity	NOUN
cblr-9114	281	37	of	of	ADP
cblr-9114	281	38	the	the	DET
cblr-9114	281	39	ratings	rating	NOUN
cblr-9114	281	40	and/or	and/or	CCONJ
cblr-9114	281	41	the	the	DET
cblr-9114	281	42	voting	voting	NOUN
cblr-9114	281	43	recommendations?83	recommendations?83	PROPN
cblr-9114	281	44	news	news	NOUN
cblr-9114	281	45	-	-	PUNCT
cblr-9114	281	46	headlines	headline	NOUN
cblr-9114	281	47	/	/	SYM
cblr-9114	281	48	lack	lack	NOUN
cblr-9114	281	49	-	-	PUNCT
cblr-9114	281	50	of	of	ADP
cblr-9114	281	51	-	-	PUNCT
cblr-9114	281	52	standardized	standardize	VERB
cblr-9114	281	53	-	-	PUNCT
cblr-9114	281	54	esg	esg	NOUN
cblr-9114	281	55	-	-	PUNCT
cblr-9114	281	56	data	data	NOUN
cblr-9114	281	57	-	-	PUNCT
cblr-9114	281	58	may	may	AUX
cblr-9114	281	59	-	-	PUNCT
cblr-9114	281	60	hide	hide	VERB
cblr-9114	281	61	-	-	PUNCT
cblr-9114	281	62	material	material	NOUN
cblr-9114	281	63	-	-	PUNCT
cblr-9114	281	64	risksoecd	risksoecd	NOUN
cblr-9114	281	65	-	-	PUNCT
cblr-9114	281	66	says-60541261	says-60541261	NOUN
cblr-9114	281	67	[	[	X
cblr-9114	281	68	https://perma.cc/6pv3-7lcu	https://perma.cc/6pv3-7lcu	X
cblr-9114	281	69	]	]	X
cblr-9114	281	70	.	.	PUNCT
cblr-9114	282	1	81	81	NUM
cblr-9114	282	2	see	see	VERB
cblr-9114	282	3	r.	r.	PROPN
cblr-9114	282	4	boffo	boffo	PROPN
cblr-9114	282	5	and	and	CCONJ
cblr-9114	282	6	r.	r.	PROPN
cblr-9114	282	7	patalano	patalano	PROPN
cblr-9114	282	8	,	,	PUNCT
cblr-9114	282	9	esg	esg	PROPN
cblr-9114	282	10	investing	investing	NOUN
cblr-9114	282	11	:	:	PUNCT
cblr-9114	282	12	practices	practice	NOUN
cblr-9114	282	13	,	,	PUNCT
cblr-9114	282	14	progress	progress	NOUN
cblr-9114	282	15	,	,	PUNCT
cblr-9114	282	16	and	and	CCONJ
cblr-9114	282	17	challenges	challenge	NOUN
cblr-9114	282	18	,	,	PUNCT
cblr-9114	282	19	oecd	oecd	PROPN
cblr-9114	282	20	7	7	NUM
cblr-9114	282	21	(	(	PUNCT
cblr-9114	282	22	2020	2020	NUM
cblr-9114	282	23	)	)	PUNCT
cblr-9114	282	24	.	.	PUNCT
cblr-9114	283	1	82	82	NUM
cblr-9114	283	2	garmin	garmin	PROPN
cblr-9114	283	3	ltd	ltd	PROPN
cblr-9114	283	4	.	.	PROPN
cblr-9114	283	5	,	,	PUNCT
cblr-9114	283	6	comment	comment	NOUN
cblr-9114	283	7	letter	letter	NOUN
cblr-9114	283	8	on	on	ADP
cblr-9114	283	9	amendments	amendment	NOUN
cblr-9114	283	10	to	to	ADP
cblr-9114	283	11	exemptions	exemption	NOUN
cblr-9114	283	12	from	from	ADP
cblr-9114	283	13	the	the	DET
cblr-9114	283	14	proxy	proxy	NOUN
cblr-9114	283	15	rules	rule	NOUN
cblr-9114	283	16	for	for	ADP
cblr-9114	283	17	proxy	proxy	ADJ
cblr-9114	283	18	voting	voting	NOUN
cblr-9114	283	19	advice	advice	NOUN
cblr-9114	283	20	(	(	PUNCT
cblr-9114	283	21	jan	jan	PROPN
cblr-9114	283	22	.	.	PROPN
cblr-9114	283	23	27	27	NUM
cblr-9114	283	24	,	,	PUNCT
cblr-9114	283	25	2020	2020	NUM
cblr-9114	283	26	)	)	PUNCT
cblr-9114	283	27	,	,	PUNCT
cblr-9114	283	28	https://www.sec.gov/comments/s7-22-19/s72219-6703085-206073.pdf	https://www.sec.gov/comments/s7-22-19/s72219-6703085-206073.pdf	PROPN
cblr-9114	284	1	[	[	X
cblr-9114	284	2	https://perma.cc/w552-z84s	https://perma.cc/w552-z84s	X
cblr-9114	284	3	]	]	X
cblr-9114	284	4	.	.	PUNCT
cblr-9114	285	1	83	83	NUM
cblr-9114	286	1	i	i	PRON
cblr-9114	286	2	d.	d.	PROPN
cblr-9114	286	3	no	no	INTJ
cblr-9114	286	4	.	.	PUNCT
cblr-9114	287	1	3:1487	3:1487	NUM
cblr-9114	287	2	]	]	X
cblr-9114	287	3	proxy	proxy	ADJ
cblr-9114	287	4	advisory	advisory	ADJ
cblr-9114	287	5	firms	firm	NOUN
cblr-9114	287	6	’	'	PUNCT
cblr-9114	287	7	conflicts	conflict	NOUN
cblr-9114	287	8	of	of	ADP
cblr-9114	287	9	interest	interest	NOUN
cblr-9114	287	10	1507	1507	NUM
cblr-9114	287	11	a	a	DET
cblr-9114	287	12	proxy	proxy	ADJ
cblr-9114	287	13	advisory	advisory	ADJ
cblr-9114	287	14	firm	firm	NOUN
cblr-9114	287	15	supporting	support	VERB
cblr-9114	287	16	an	an	DET
cblr-9114	287	17	issuer	issuer	NOUN
cblr-9114	287	18	’s	’s	PART
cblr-9114	287	19	governance	governance	NOUN
cblr-9114	287	20	proposals	proposal	NOUN
cblr-9114	287	21	while	while	SCONJ
cblr-9114	287	22	simultaneously	simultaneously	ADV
cblr-9114	287	23	issuing	issue	VERB
cblr-9114	287	24	them	they	PRON
cblr-9114	287	25	a	a	DET
cblr-9114	287	26	poor	poor	ADJ
cblr-9114	287	27	esg	esg	NOUN
cblr-9114	287	28	rating	rating	NOUN
cblr-9114	287	29	lends	lend	VERB
cblr-9114	287	30	credence	credence	NOUN
cblr-9114	287	31	to	to	ADP
cblr-9114	287	32	the	the	DET
cblr-9114	287	33	claim	claim	NOUN
cblr-9114	287	34	that	that	SCONJ
cblr-9114	287	35	proxy	proxy	ADJ
cblr-9114	287	36	advisory	advisory	ADJ
cblr-9114	287	37	firms	firm	NOUN
cblr-9114	287	38	use	use	VERB
cblr-9114	287	39	esg	esg	NOUN
cblr-9114	287	40	ratings	rating	NOUN
cblr-9114	287	41	in	in	ADP
cblr-9114	287	42	order	order	NOUN
cblr-9114	287	43	to	to	PART
cblr-9114	287	44	lure	lure	VERB
cblr-9114	287	45	issuers	issuer	NOUN
cblr-9114	287	46	into	into	ADP
cblr-9114	287	47	paying	pay	VERB
cblr-9114	287	48	for	for	ADP
cblr-9114	287	49	consulting	consulting	NOUN
cblr-9114	287	50	services	service	NOUN
cblr-9114	287	51	.	.	PUNCT
cblr-9114	288	1	this	this	PRON
cblr-9114	288	2	also	also	ADV
cblr-9114	288	3	raises	raise	VERB
cblr-9114	288	4	additional	additional	ADJ
cblr-9114	288	5	concerns	concern	NOUN
cblr-9114	288	6	regarding	regard	VERB
cblr-9114	288	7	the	the	DET
cblr-9114	288	8	efficacy	efficacy	NOUN
cblr-9114	288	9	of	of	ADP
cblr-9114	288	10	the	the	DET
cblr-9114	288	11	firewall	firewall	NOUN
cblr-9114	288	12	erected	erect	VERB
cblr-9114	288	13	between	between	ADP
cblr-9114	288	14	iss	iss	PROPN
cblr-9114	288	15	and	and	CCONJ
cblr-9114	288	16	ics	ics	PROPN
cblr-9114	288	17	.	.	PUNCT
cblr-9114	289	1	iss	iss	PROPN
cblr-9114	289	2	,	,	PUNCT
cblr-9114	289	3	nonetheless	nonetheless	ADV
cblr-9114	289	4	,	,	PUNCT
cblr-9114	289	5	would	would	AUX
cblr-9114	289	6	likely	likely	ADV
cblr-9114	289	7	point	point	VERB
cblr-9114	289	8	to	to	ADP
cblr-9114	289	9	the	the	DET
cblr-9114	289	10	inconsistency	inconsistency	NOUN
cblr-9114	289	11	between	between	ADP
cblr-9114	289	12	its	its	PRON
cblr-9114	289	13	voting	voting	NOUN
cblr-9114	289	14	advice	advice	NOUN
cblr-9114	289	15	and	and	CCONJ
cblr-9114	289	16	esg	esg	NOUN
cblr-9114	289	17	ratings	rating	NOUN
cblr-9114	289	18	as	as	ADP
cblr-9114	289	19	evidence	evidence	NOUN
cblr-9114	289	20	of	of	ADP
cblr-9114	289	21	the	the	DET
cblr-9114	289	22	two	two	NUM
cblr-9114	289	23	business	business	NOUN
cblr-9114	289	24	’	'	PUNCT
cblr-9114	289	25	independence	independence	NOUN
cblr-9114	289	26	.	.	PUNCT
cblr-9114	290	1	c.	c.	NOUN
cblr-9114	290	2	the	the	DET
cblr-9114	290	3	firewall	firewall	NOUN
cblr-9114	290	4	between	between	ADP
cblr-9114	290	5	iss	iss	PROPN
cblr-9114	290	6	and	and	CCONJ
cblr-9114	290	7	ics	ics	PROPN
cblr-9114	290	8	iss	iss	PROPN
cblr-9114	290	9	had	have	AUX
cblr-9114	290	10	previously	previously	ADV
cblr-9114	290	11	responded	respond	VERB
cblr-9114	290	12	to	to	ADP
cblr-9114	290	13	these	these	DET
cblr-9114	290	14	lines	line	NOUN
cblr-9114	290	15	of	of	ADP
cblr-9114	290	16	criticism	criticism	NOUN
cblr-9114	290	17	by	by	ADP
cblr-9114	290	18	touting	tout	VERB
cblr-9114	290	19	measures	measure	NOUN
cblr-9114	290	20	that	that	PRON
cblr-9114	290	21	allegedly	allegedly	ADV
cblr-9114	290	22	manage	manage	VERB
cblr-9114	290	23	“	"	PUNCT
cblr-9114	290	24	the	the	DET
cblr-9114	290	25	potential	potential	NOUN
cblr-9114	290	26	of	of	ADP
cblr-9114	290	27	this	this	DET
cblr-9114	290	28	conflict	conflict	NOUN
cblr-9114	290	29	extremely	extremely	ADV
cblr-9114	290	30	well	well	ADV
cblr-9114	290	31	.	.	PUNCT
cblr-9114	291	1	”84	”84	NOUN
cblr-9114	291	2	according	accord	VERB
cblr-9114	291	3	to	to	ADP
cblr-9114	291	4	iss	iss	PROPN
cblr-9114	291	5	,	,	PUNCT
cblr-9114	291	6	[	[	X
cblr-9114	291	7	t]he	t]he	ADV
cblr-9114	291	8	primary	primary	ADJ
cblr-9114	291	9	control	control	NOUN
cblr-9114	291	10	for	for	ADP
cblr-9114	291	11	this	this	DET
cblr-9114	291	12	risk	risk	NOUN
cblr-9114	291	13	is	be	AUX
cblr-9114	291	14	the	the	DET
cblr-9114	291	15	firewall	firewall	PROPN
cblr-9114	291	16	iss	iss	PROPN
cblr-9114	291	17	maintains	maintain	VERB
cblr-9114	291	18	between	between	ADP
cblr-9114	291	19	the	the	DET
cblr-9114	291	20	core	core	ADJ
cblr-9114	291	21	institutional	institutional	ADJ
cblr-9114	291	22	business	business	NOUN
cblr-9114	291	23	and	and	CCONJ
cblr-9114	291	24	the	the	DET
cblr-9114	291	25	ics	ics	NOUN
cblr-9114	291	26	business	business	NOUN
cblr-9114	291	27	.	.	PUNCT
cblr-9114	292	1	this	this	DET
cblr-9114	292	2	firewall	firewall	NOUN
cblr-9114	292	3	includes	include	VERB
cblr-9114	292	4	the	the	DET
cblr-9114	292	5	physical	physical	ADJ
cblr-9114	292	6	and	and	CCONJ
cblr-9114	292	7	functional	functional	ADJ
cblr-9114	292	8	separation	separation	NOUN
cblr-9114	292	9	between	between	ADP
cblr-9114	292	10	ics	ics	PROPN
cblr-9114	292	11	and	and	CCONJ
cblr-9114	292	12	iss	iss	PROPN
cblr-9114	292	13	,	,	PUNCT
cblr-9114	292	14	with	with	ADP
cblr-9114	292	15	a	a	DET
cblr-9114	292	16	particular	particular	ADJ
cblr-9114	292	17	focus	focus	NOUN
cblr-9114	292	18	on	on	ADP
cblr-9114	292	19	the	the	DET
cblr-9114	292	20	separation	separation	NOUN
cblr-9114	292	21	of	of	ADP
cblr-9114	292	22	ics	ics	PROPN
cblr-9114	292	23	from	from	ADP
cblr-9114	292	24	the	the	DET
cblr-9114	292	25	iss	iss	PROPN
cblr-9114	292	26	global	global	PROPN
cblr-9114	292	27	research	research	PROPN
cblr-9114	292	28	team.85	team.85	NOUN
cblr-9114	292	29	with	with	ADP
cblr-9114	292	30	this	this	DET
cblr-9114	292	31	proclamation	proclamation	NOUN
cblr-9114	292	32	,	,	PUNCT
cblr-9114	292	33	iss	iss	PROPN
cblr-9114	292	34	paradoxically	paradoxically	ADV
cblr-9114	292	35	acknowledges	acknowledge	VERB
cblr-9114	292	36	the	the	DET
cblr-9114	292	37	importance	importance	NOUN
cblr-9114	292	38	of	of	ADP
cblr-9114	292	39	separating	separate	VERB
cblr-9114	292	40	the	the	DET
cblr-9114	292	41	consulting	consulting	NOUN
cblr-9114	292	42	and	and	CCONJ
cblr-9114	292	43	voting	voting	NOUN
cblr-9114	292	44	advice	advice	NOUN
cblr-9114	292	45	businesses	business	NOUN
cblr-9114	292	46	while	while	SCONJ
cblr-9114	292	47	arguing	argue	VERB
cblr-9114	292	48	that	that	SCONJ
cblr-9114	292	49	its	its	PRON
cblr-9114	292	50	“	"	PUNCT
cblr-9114	292	51	functional	functional	ADJ
cblr-9114	292	52	separation	separation	NOUN
cblr-9114	292	53	”	"	PUNCT
cblr-9114	292	54	of	of	ADP
cblr-9114	292	55	the	the	DET
cblr-9114	292	56	two	two	NUM
cblr-9114	292	57	should	should	AUX
cblr-9114	292	58	be	be	AUX
cblr-9114	292	59	deemed	deem	VERB
cblr-9114	292	60	equivalent	equivalent	ADJ
cblr-9114	292	61	to	to	ADP
cblr-9114	292	62	an	an	DET
cblr-9114	292	63	actual	actual	ADJ
cblr-9114	292	64	separation.86	separation.86	NOUN
cblr-9114	292	65	iss	iss	PROPN
cblr-9114	292	66	also	also	ADV
cblr-9114	292	67	points	point	VERB
cblr-9114	292	68	to	to	ADP
cblr-9114	292	69	its	its	PRON
cblr-9114	292	70	disclosures	disclosure	NOUN
cblr-9114	292	71	of	of	ADP
cblr-9114	292	72	conflicts	conflict	NOUN
cblr-9114	292	73	of	of	ADP
cblr-9114	292	74	interest	interest	NOUN
cblr-9114	292	75	,	,	PUNCT
cblr-9114	292	76	claiming	claim	VERB
cblr-9114	292	77	that	that	SCONJ
cblr-9114	292	78	they	they	PRON
cblr-9114	292	79	ensure	ensure	VERB
cblr-9114	292	80	its	its	PRON
cblr-9114	292	81	clients	client	NOUN
cblr-9114	292	82	are	be	AUX
cblr-9114	292	83	“	"	PUNCT
cblr-9114	292	84	fully	fully	ADV
cblr-9114	292	85	informed	inform	VERB
cblr-9114	292	86	”	"	PUNCT
cblr-9114	292	87	and	and	CCONJ
cblr-9114	292	88	“	"	PUNCT
cblr-9114	292	89	are	be	AUX
cblr-9114	292	90	also	also	ADV
cblr-9114	292	91	provided	provide	VERB
cblr-9114	292	92	with	with	ADP
cblr-9114	292	93	details	detail	NOUN
cblr-9114	292	94	about	about	ADP
cblr-9114	292	95	the	the	DET
cblr-9114	292	96	amount	amount	NOUN
cblr-9114	292	97	that	that	PRON
cblr-9114	292	98	each	each	DET
cblr-9114	292	99	ics	ics	NOUN
cblr-9114	292	100	client	client	NOUN
cblr-9114	292	101	has	have	AUX
cblr-9114	292	102	paid	pay	VERB
cblr-9114	292	103	ics	ics	NOUN
cblr-9114	292	104	and	and	CCONJ
cblr-9114	292	105	the	the	DET
cblr-9114	292	106	particular	particular	ADJ
cblr-9114	292	107	products	product	NOUN
cblr-9114	292	108	/	/	SYM
cblr-9114	292	109	services	service	NOUN
cblr-9114	292	110	they	they	PRON
cblr-9114	292	111	purchased	purchase	VERB
cblr-9114	292	112	.	.	PUNCT
cblr-9114	293	1	”87	”87	PROPN
cblr-9114	293	2	nevertheless	nevertheless	ADV
cblr-9114	293	3	,	,	PUNCT
cblr-9114	293	4	iss	iss	PROPN
cblr-9114	293	5	refuses	refuse	VERB
cblr-9114	293	6	to	to	PART
cblr-9114	293	7	explicitly	explicitly	ADV
cblr-9114	293	8	identify	identify	VERB
cblr-9114	293	9	ics	ics	NOUN
cblr-9114	293	10	relationships	relationship	NOUN
cblr-9114	293	11	on	on	ADP
cblr-9114	293	12	the	the	DET
cblr-9114	293	13	face	face	NOUN
cblr-9114	293	14	of	of	ADP
cblr-9114	293	15	a	a	DET
cblr-9114	293	16	proxy	proxy	NOUN
cblr-9114	293	17	analysis	analysis	NOUN
cblr-9114	293	18	,	,	PUNCT
cblr-9114	293	19	which	which	PRON
cblr-9114	293	20	would	would	AUX
cblr-9114	293	21	greatly	greatly	ADV
cblr-9114	293	22	increase	increase	VERB
cblr-9114	293	23	institutional	institutional	ADJ
cblr-9114	293	24	investor	investor	NOUN
cblr-9114	293	25	and	and	CCONJ
cblr-9114	293	26	investment	investment	NOUN
cblr-9114	293	27	advisors	advisor	NOUN
cblr-9114	293	28	’	'	PUNCT
cblr-9114	293	29	capacity	capacity	NOUN
cblr-9114	293	30	to	to	PART
cblr-9114	293	31	view	view	VERB
cblr-9114	293	32	and	and	CCONJ
cblr-9114	293	33	digest	digest	VERB
cblr-9114	293	34	these	these	DET
cblr-9114	293	35	conflicts.88	conflicts.88	NUM
cblr-9114	293	36	84	84	NUM
cblr-9114	293	37	institutional	institutional	ADJ
cblr-9114	293	38	s’holder	s’holder	NOUN
cblr-9114	293	39	serv	serv	PROPN
cblr-9114	293	40	.	.	PROPN
cblr-9114	293	41	,	,	PUNCT
cblr-9114	293	42	supra	supra	PROPN
cblr-9114	293	43	note	note	PROPN
cblr-9114	293	44	23	23	NUM
cblr-9114	293	45	,	,	PUNCT
cblr-9114	293	46	at	at	ADP
cblr-9114	293	47	13	13	NUM
cblr-9114	293	48	.	.	NOUN
cblr-9114	293	49	85	85	NUM
cblr-9114	294	1	i	i	PRON
cblr-9114	294	2	d.	d.	PROPN
cblr-9114	294	3	86	86	NUM
cblr-9114	295	1	i	i	PRON
cblr-9114	295	2	d.	d.	PROPN
cblr-9114	295	3	87	87	NUM
cblr-9114	296	1	i	i	PRON
cblr-9114	296	2	d.	d.	PROPN
cblr-9114	296	3	at	at	ADP
cblr-9114	296	4	14	14	NUM
cblr-9114	296	5	.	.	PUNCT
cblr-9114	296	6	88	88	NUM
cblr-9114	297	1	i	i	PRON
cblr-9114	297	2	d.	d.	PROPN
cblr-9114	297	3	1508	1508	PROPN
cblr-9114	297	4	columbia	columbia	PROPN
cblr-9114	297	5	business	business	PROPN
cblr-9114	297	6	law	law	PROPN
cblr-9114	297	7	review	review	NOUN
cblr-9114	297	8	[	[	X
cblr-9114	297	9	vol	vol	NOUN
cblr-9114	297	10	.	.	PUNCT
cblr-9114	297	11	2021	2021	NUM
cblr-9114	297	12	despite	despite	SCONJ
cblr-9114	297	13	its	its	PRON
cblr-9114	297	14	assurances	assurance	NOUN
cblr-9114	297	15	to	to	ADP
cblr-9114	297	16	the	the	DET
cblr-9114	297	17	contrary	contrary	NOUN
cblr-9114	297	18	,	,	PUNCT
cblr-9114	297	19	iss	iss	PROPN
cblr-9114	297	20	’s	’s	PART
cblr-9114	297	21	exposure	exposure	NOUN
cblr-9114	297	22	to	to	ADP
cblr-9114	297	23	conflicts	conflict	NOUN
cblr-9114	297	24	of	of	ADP
cblr-9114	297	25	interest	interest	NOUN
cblr-9114	297	26	remains	remain	VERB
cblr-9114	297	27	worrying	worry	VERB
cblr-9114	297	28	.	.	PUNCT
cblr-9114	298	1	according	accord	VERB
cblr-9114	298	2	to	to	ADP
cblr-9114	298	3	iss	iss	PROPN
cblr-9114	298	4	itself	itself	PRON
cblr-9114	298	5	,	,	PUNCT
cblr-9114	298	6	“	"	PUNCT
cblr-9114	298	7	[	[	X
cblr-9114	298	8	w]ere	w]ere	AUX
cblr-9114	298	9	the	the	DET
cblr-9114	298	10	ics	ics	NOUN
cblr-9114	298	11	relationship	relationship	NOUN
cblr-9114	298	12	explicitly	explicitly	ADV
cblr-9114	298	13	identified	identify	VERB
cblr-9114	298	14	on	on	ADP
cblr-9114	298	15	the	the	DET
cblr-9114	298	16	face	face	NOUN
cblr-9114	298	17	of	of	ADP
cblr-9114	298	18	,	,	PUNCT
cblr-9114	298	19	or	or	CCONJ
cblr-9114	298	20	within	within	ADV
cblr-9114	298	21	,	,	PUNCT
cblr-9114	298	22	a	a	DET
cblr-9114	298	23	proxy	proxy	NOUN
cblr-9114	298	24	analysis	analysis	NOUN
cblr-9114	298	25	or	or	CCONJ
cblr-9114	298	26	report	report	NOUN
cblr-9114	298	27	,	,	PUNCT
cblr-9114	298	28	this	this	DET
cblr-9114	298	29	critical	critical	ADJ
cblr-9114	298	30	information	information	NOUN
cblr-9114	298	31	barrier	barrier	NOUN
cblr-9114	298	32	would	would	AUX
cblr-9114	298	33	be	be	AUX
cblr-9114	298	34	destroyed	destroy	VERB
cblr-9114	298	35	.	.	PUNCT
cblr-9114	299	1	”89	”89	PROPN
cblr-9114	300	1	this	this	PRON
cblr-9114	300	2	remains	remain	VERB
cblr-9114	300	3	a	a	DET
cblr-9114	300	4	valid	valid	ADJ
cblr-9114	300	5	concern	concern	NOUN
cblr-9114	300	6	—	—	PUNCT
cblr-9114	300	7	one	one	NOUN
cblr-9114	300	8	that	that	PRON
cblr-9114	300	9	would	would	AUX
cblr-9114	300	10	be	be	AUX
cblr-9114	300	11	moot	moot	ADJ
cblr-9114	300	12	if	if	SCONJ
cblr-9114	300	13	regulators	regulator	NOUN
cblr-9114	300	14	required	require	VERB
cblr-9114	300	15	the	the	DET
cblr-9114	300	16	separation	separation	NOUN
cblr-9114	300	17	of	of	ADP
cblr-9114	300	18	the	the	DET
cblr-9114	300	19	voting	voting	NOUN
cblr-9114	300	20	advice	advice	NOUN
cblr-9114	300	21	and	and	CCONJ
cblr-9114	300	22	consulting	consulting	NOUN
cblr-9114	300	23	businesses	business	NOUN
cblr-9114	300	24	.	.	PUNCT
cblr-9114	301	1	moreover	moreover	ADV
cblr-9114	301	2	,	,	PUNCT
cblr-9114	301	3	in	in	ADP
cblr-9114	301	4	a	a	DET
cblr-9114	301	5	2019	2019	NUM
cblr-9114	301	6	proposed	propose	VERB
cblr-9114	301	7	rule	rule	NOUN
cblr-9114	301	8	,	,	PUNCT
cblr-9114	301	9	the	the	DET
cblr-9114	301	10	commission	commission	NOUN
cblr-9114	301	11	disputed	dispute	VERB
cblr-9114	301	12	the	the	DET
cblr-9114	301	13	adequacy	adequacy	NOUN
cblr-9114	301	14	of	of	ADP
cblr-9114	301	15	iss	iss	PROPN
cblr-9114	301	16	’s	’s	PART
cblr-9114	301	17	disclosures	disclosure	NOUN
cblr-9114	301	18	,	,	PUNCT
cblr-9114	301	19	stating	state	VERB
cblr-9114	301	20	that	that	SCONJ
cblr-9114	301	21	“	"	PUNCT
cblr-9114	301	22	concerns	concern	NOUN
cblr-9114	301	23	remain	remain	VERB
cblr-9114	301	24	about	about	ADP
cblr-9114	301	25	the	the	DET
cblr-9114	301	26	adequacy	adequacy	NOUN
cblr-9114	301	27	of	of	ADP
cblr-9114	301	28	these	these	DET
cblr-9114	301	29	firms	firm	NOUN
cblr-9114	301	30	’	'	PUNCT
cblr-9114	301	31	conflicts	conflict	NOUN
cblr-9114	301	32	of	of	ADP
cblr-9114	301	33	interest	interest	NOUN
cblr-9114	301	34	disclosures	disclosure	NOUN
cblr-9114	301	35	”	"	PUNCT
cblr-9114	301	36	and	and	CCONJ
cblr-9114	301	37	that	that	SCONJ
cblr-9114	301	38	the	the	DET
cblr-9114	301	39	lack	lack	NOUN
cblr-9114	301	40	of	of	ADP
cblr-9114	301	41	uniform	uniform	ADJ
cblr-9114	301	42	standards	standard	NOUN
cblr-9114	301	43	for	for	ADP
cblr-9114	301	44	conflicts	conflict	NOUN
cblr-9114	301	45	of	of	ADP
cblr-9114	301	46	interest	interest	NOUN
cblr-9114	301	47	disclosures	disclosure	NOUN
cblr-9114	301	48	“	"	PUNCT
cblr-9114	301	49	can	can	AUX
cblr-9114	301	50	lead	lead	VERB
cblr-9114	301	51	to	to	ADP
cblr-9114	301	52	inconsistent	inconsistent	ADJ
cblr-9114	301	53	and	and	CCONJ
cblr-9114	301	54	inadequate	inadequate	ADJ
cblr-9114	301	55	disclosures	disclosure	NOUN
cblr-9114	301	56	and	and	CCONJ
cblr-9114	301	57	mitigation	mitigation	NOUN
cblr-9114	301	58	measures	measure	NOUN
cblr-9114	301	59	.	.	PUNCT
cblr-9114	302	1	”90	”90	PROPN
cblr-9114	302	2	d.	d.	PROPN
cblr-9114	302	3	conflicts	conflict	NOUN
cblr-9114	302	4	have	have	VERB
cblr-9114	302	5	consequences	consequence	NOUN
cblr-9114	302	6	outcomes	outcome	NOUN
cblr-9114	302	7	of	of	ADP
cblr-9114	302	8	shareholder	shareholder	NOUN
cblr-9114	302	9	voting	vote	VERB
cblr-9114	302	10	dramatically	dramatically	ADV
cblr-9114	302	11	impact	impact	VERB
cblr-9114	302	12	shareholder	shareholder	NOUN
cblr-9114	302	13	value	value	NOUN
cblr-9114	302	14	,	,	PUNCT
cblr-9114	302	15	permitting	permit	VERB
cblr-9114	302	16	shareholders	shareholder	NOUN
cblr-9114	302	17	to	to	PART
cblr-9114	302	18	,	,	PUNCT
cblr-9114	302	19	inter	inter	PROPN
cblr-9114	302	20	alia	alia	NOUN
cblr-9114	302	21	,	,	PUNCT
cblr-9114	302	22	select	select	ADJ
cblr-9114	302	23	members	member	NOUN
cblr-9114	302	24	of	of	ADP
cblr-9114	302	25	the	the	DET
cblr-9114	302	26	board	board	NOUN
cblr-9114	302	27	,	,	PUNCT
cblr-9114	302	28	vote	vote	NOUN
cblr-9114	302	29	on	on	ADP
cblr-9114	302	30	management	management	NOUN
cblr-9114	302	31	’s	’s	PART
cblr-9114	302	32	proposals	proposal	NOUN
cblr-9114	302	33	and	and	CCONJ
cblr-9114	302	34	bring	bring	VERB
cblr-9114	302	35	shareholder	shareholder	NOUN
cblr-9114	302	36	proposals	proposal	NOUN
cblr-9114	302	37	pursuant	pursuant	ADJ
cblr-9114	302	38	to	to	PART
cblr-9114	302	39	rule	rule	VERB
cblr-9114	302	40	14a-8.91	14a-8.91	PROPN
cblr-9114	302	41	as	as	SCONJ
cblr-9114	302	42	stated	state	VERB
cblr-9114	302	43	by	by	ADP
cblr-9114	302	44	the	the	DET
cblr-9114	302	45	delaware	delaware	PROPN
cblr-9114	302	46	chancery	chancery	PROPN
cblr-9114	302	47	court	court	PROPN
cblr-9114	302	48	in	in	ADP
cblr-9114	302	49	its	its	PRON
cblr-9114	302	50	seminal	seminal	ADJ
cblr-9114	302	51	1988	1988	NUM
cblr-9114	302	52	holding	holding	NOUN
cblr-9114	302	53	to	to	ADP
cblr-9114	302	54	blasius	blasius	PROPN
cblr-9114	302	55	indus	indus	PROPN
cblr-9114	302	56	.	.	PROPN
cblr-9114	302	57	,	,	PUNCT
cblr-9114	302	58	inc	inc	PROPN
cblr-9114	302	59	.	.	PROPN
cblr-9114	302	60	v.	v.	PROPN
cblr-9114	302	61	atlas	atlas	PROPN
cblr-9114	302	62	corp	corp	PROPN
cblr-9114	302	63	.	.	PROPN
cblr-9114	302	64	,	,	PUNCT
cblr-9114	302	65	“	"	PUNCT
cblr-9114	302	66	delaware	delaware	PROPN
cblr-9114	302	67	courts	court	NOUN
cblr-9114	302	68	have	have	AUX
cblr-9114	302	69	long	long	ADV
cblr-9114	302	70	exercised	exercise	VERB
cblr-9114	302	71	a	a	DET
cblr-9114	302	72	most	most	ADV
cblr-9114	302	73	sensitive	sensitive	ADJ
cblr-9114	302	74	and	and	CCONJ
cblr-9114	302	75	protective	protective	ADJ
cblr-9114	302	76	regard	regard	NOUN
cblr-9114	302	77	for	for	ADP
cblr-9114	302	78	the	the	DET
cblr-9114	302	79	free	free	ADJ
cblr-9114	302	80	and	and	CCONJ
cblr-9114	302	81	effective	effective	ADJ
cblr-9114	302	82	exercise	exercise	NOUN
cblr-9114	302	83	of	of	ADP
cblr-9114	302	84	voting	voting	NOUN
cblr-9114	302	85	rights	right	NOUN
cblr-9114	302	86	.	.	PUNCT
cblr-9114	303	1	”92	”92	ADJ
cblr-9114	303	2	while	while	SCONJ
cblr-9114	303	3	blasius	blasius	PROPN
cblr-9114	303	4	pertained	pertain	VERB
cblr-9114	303	5	to	to	ADP
cblr-9114	303	6	an	an	DET
cblr-9114	303	7	attempt	attempt	NOUN
cblr-9114	303	8	by	by	ADP
cblr-9114	303	9	a	a	DET
cblr-9114	303	10	corporation	corporation	NOUN
cblr-9114	303	11	’s	’s	PART
cblr-9114	303	12	board	board	NOUN
cblr-9114	303	13	of	of	ADP
cblr-9114	303	14	directors	director	NOUN
cblr-9114	303	15	to	to	PART
cblr-9114	303	16	curtail	curtail	VERB
cblr-9114	303	17	shareholder	shareholder	NOUN
cblr-9114	303	18	voting,93	voting,93	NOUN
cblr-9114	303	19	the	the	DET
cblr-9114	303	20	court	court	NOUN
cblr-9114	303	21	’s	’s	PART
cblr-9114	303	22	pronouncement	pronouncement	NOUN
cblr-9114	303	23	illustrates	illustrate	VERB
cblr-9114	303	24	the	the	DET
cblr-9114	303	25	immense	immense	ADJ
cblr-9114	303	26	importance	importance	NOUN
cblr-9114	303	27	of	of	ADP
cblr-9114	303	28	shareholder	shareholder	NOUN
cblr-9114	303	29	voting	vote	VERB
cblr-9114	303	30	to	to	ADP
cblr-9114	303	31	the	the	DET
cblr-9114	303	32	proper	proper	ADJ
cblr-9114	303	33	functioning	functioning	NOUN
cblr-9114	303	34	of	of	ADP
cblr-9114	303	35	a	a	DET
cblr-9114	303	36	corporation	corporation	NOUN
cblr-9114	303	37	.	.	PUNCT
cblr-9114	304	1	in	in	ADP
cblr-9114	304	2	a	a	DET
cblr-9114	304	3	2018	2018	NUM
cblr-9114	304	4	study,94	study,94	NOUN
cblr-9114	304	5	professor	professor	NOUN
cblr-9114	304	6	tao	tao	PROPN
cblr-9114	304	7	li	li	PROPN
cblr-9114	304	8	analyzes	analyzes	PROPN
cblr-9114	304	9	iss	iss	PROPN
cblr-9114	304	10	’s	’s	PART
cblr-9114	304	11	voting	vote	VERB
cblr-9114	304	12	recommendations	recommendation	NOUN
cblr-9114	304	13	to	to	PART
cblr-9114	304	14	show	show	VERB
cblr-9114	304	15	the	the	DET
cblr-9114	304	16	concrete	concrete	ADJ
cblr-9114	304	17	impact	impact	NOUN
cblr-9114	304	18	of	of	ADP
cblr-9114	304	19	its	its	PRON
cblr-9114	304	20	conflicts	conflict	NOUN
cblr-9114	304	21	89	89	NUM
cblr-9114	304	22	i	i	PRON
cblr-9114	304	23	d.	d.	PROPN
cblr-9114	304	24	90	90	NUM
cblr-9114	304	25	amendments	amendment	NOUN
cblr-9114	304	26	to	to	ADP
cblr-9114	304	27	exemptions	exemption	NOUN
cblr-9114	304	28	from	from	ADP
cblr-9114	304	29	the	the	DET
cblr-9114	304	30	proxy	proxy	NOUN
cblr-9114	304	31	rules	rule	NOUN
cblr-9114	304	32	for	for	ADP
cblr-9114	304	33	proxy	proxy	ADJ
cblr-9114	304	34	voting	voting	NOUN
cblr-9114	304	35	advice	advice	NOUN
cblr-9114	304	36	,	,	PUNCT
cblr-9114	304	37	exchange	exchange	NOUN
cblr-9114	304	38	act	act	NOUN
cblr-9114	304	39	release	release	VERB
cblr-9114	304	40	no	no	PRON
cblr-9114	304	41	.	.	NOUN
cblr-9114	304	42	87,457	87,457	NUM
cblr-9114	304	43	,	,	PUNCT
cblr-9114	304	44	84	84	NUM
cblr-9114	304	45	fed	feed	VERB
cblr-9114	304	46	.	.	PUNCT
cblr-9114	305	1	reg	reg	PROPN
cblr-9114	305	2	.	.	PROPN
cblr-9114	306	1	66,518	66,518	NUM
cblr-9114	306	2	,	,	PUNCT
cblr-9114	306	3	66,526	66,526	NUM
cblr-9114	306	4	n.76	n.76	PROPN
cblr-9114	306	5	(	(	PUNCT
cblr-9114	306	6	proposed	propose	VERB
cblr-9114	306	7	dec	dec	PROPN
cblr-9114	306	8	.	.	PROPN
cblr-9114	306	9	4	4	NUM
cblr-9114	306	10	,	,	PUNCT
cblr-9114	306	11	2019	2019	NUM
cblr-9114	306	12	)	)	PUNCT
cblr-9114	306	13	(	(	PUNCT
cblr-9114	306	14	to	to	PART
cblr-9114	306	15	be	be	AUX
cblr-9114	306	16	codified	codify	VERB
cblr-9114	306	17	at	at	ADP
cblr-9114	306	18	17	17	NUM
cblr-9114	306	19	c.f.r	c.f.r	NOUN
cblr-9114	306	20	.	.	PUNCT
cblr-9114	307	1	pt	pt	PROPN
cblr-9114	307	2	.	.	PROPN
cblr-9114	307	3	240	240	NUM
cblr-9114	307	4	)	)	PUNCT
cblr-9114	307	5	.	.	PUNCT
cblr-9114	308	1	91	91	NUM
cblr-9114	308	2	see	see	VERB
cblr-9114	308	3	shareholder	shareholder	NOUN
cblr-9114	308	4	proposals	proposal	NOUN
cblr-9114	308	5	,	,	PUNCT
cblr-9114	308	6	17	17	NUM
cblr-9114	308	7	c.f.r	c.f.r	NOUN
cblr-9114	308	8	.	.	PUNCT
cblr-9114	309	1	§	§	PROPN
cblr-9114	309	2	240.14a-8	240.14a-8	NOUN
cblr-9114	309	3	(	(	PUNCT
cblr-9114	309	4	2021	2021	NUM
cblr-9114	309	5	)	)	PUNCT
cblr-9114	309	6	.	.	PUNCT
cblr-9114	310	1	92	92	NUM
cblr-9114	310	2	blasius	blasius	ADJ
cblr-9114	310	3	indus	indus	NOUN
cblr-9114	310	4	.	.	PUNCT
cblr-9114	311	1	v.	v.	PROPN
cblr-9114	311	2	atlas	atlas	PROPN
cblr-9114	311	3	corp	corp	PROPN
cblr-9114	311	4	.	.	PROPN
cblr-9114	311	5	,	,	PUNCT
cblr-9114	311	6	564	564	NUM
cblr-9114	311	7	a.2d	a.2d	NUM
cblr-9114	311	8	651	651	NUM
cblr-9114	311	9	,	,	PUNCT
cblr-9114	311	10	659	659	NUM
cblr-9114	311	11	n.2	n.2	NOUN
cblr-9114	311	12	(	(	PUNCT
cblr-9114	311	13	del	del	PROPN
cblr-9114	311	14	.	.	PROPN
cblr-9114	311	15	ch	ch	PROPN
cblr-9114	311	16	.	.	PROPN
cblr-9114	311	17	1988	1988	NUM
cblr-9114	311	18	)	)	PUNCT
cblr-9114	311	19	.	.	PUNCT
cblr-9114	312	1	93	93	NUM
cblr-9114	313	1	i	i	PRON
cblr-9114	313	2	d.	d.	PROPN
cblr-9114	313	3	94	94	NUM
cblr-9114	313	4	tao	tao	PROPN
cblr-9114	313	5	li	li	PROPN
cblr-9114	313	6	,	,	PUNCT
cblr-9114	313	7	outsourcing	outsource	VERB
cblr-9114	313	8	corporate	corporate	ADJ
cblr-9114	313	9	governance	governance	NOUN
cblr-9114	313	10	:	:	PUNCT
cblr-9114	313	11	conflicts	conflict	NOUN
cblr-9114	313	12	of	of	ADP
cblr-9114	313	13	interest	interest	NOUN
cblr-9114	313	14	within	within	ADP
cblr-9114	313	15	the	the	DET
cblr-9114	313	16	proxy	proxy	ADJ
cblr-9114	313	17	advisory	advisory	ADJ
cblr-9114	313	18	industry	industry	NOUN
cblr-9114	313	19	,	,	PUNCT
cblr-9114	313	20	64	64	NUM
cblr-9114	313	21	mgmt	mgmt	NOUN
cblr-9114	313	22	.	.	PUNCT
cblr-9114	314	1	sci	sci	PROPN
cblr-9114	314	2	.	.	PUNCT
cblr-9114	315	1	2951	2951	NUM
cblr-9114	315	2	(	(	PUNCT
cblr-9114	315	3	2018	2018	NUM
cblr-9114	315	4	)	)	PUNCT
cblr-9114	315	5	.	.	PUNCT
cblr-9114	316	1	no	no	INTJ
cblr-9114	316	2	.	.	PUNCT
cblr-9114	317	1	3:1487	3:1487	NUM
cblr-9114	317	2	]	]	X
cblr-9114	317	3	proxy	proxy	ADJ
cblr-9114	317	4	advisory	advisory	ADJ
cblr-9114	317	5	firms	firm	NOUN
cblr-9114	317	6	’	'	PUNCT
cblr-9114	317	7	conflicts	conflict	NOUN
cblr-9114	317	8	of	of	ADP
cblr-9114	317	9	interest	interest	NOUN
cblr-9114	317	10	1509	1509	NUM
cblr-9114	317	11	of	of	ADP
cblr-9114	317	12	interest	interest	NOUN
cblr-9114	317	13	.	.	PUNCT
cblr-9114	318	1	professor	professor	NOUN
cblr-9114	318	2	li	li	PROPN
cblr-9114	318	3	analyzes	analyze	VERB
cblr-9114	318	4	the	the	DET
cblr-9114	318	5	changes	change	NOUN
cblr-9114	318	6	in	in	ADP
cblr-9114	318	7	iss	iss	PROPN
cblr-9114	318	8	’s	’s	PART
cblr-9114	318	9	voting	voting	NOUN
cblr-9114	318	10	recommendations	recommendation	NOUN
cblr-9114	318	11	subsequent	subsequent	ADJ
cblr-9114	318	12	to	to	ADP
cblr-9114	318	13	glass	glass	PROPN
cblr-9114	318	14	lewis	lewis	PROPN
cblr-9114	318	15	’s	’s	PART
cblr-9114	318	16	2003	2003	NUM
cblr-9114	318	17	entry	entry	NOUN
cblr-9114	318	18	into	into	ADP
cblr-9114	318	19	the	the	DET
cblr-9114	318	20	proxy	proxy	ADJ
cblr-9114	318	21	advisory	advisory	ADJ
cblr-9114	318	22	firm	firm	NOUN
cblr-9114	318	23	market	market	NOUN
cblr-9114	318	24	,	,	PUNCT
cblr-9114	318	25	the	the	DET
cblr-9114	318	26	first	first	ADJ
cblr-9114	318	27	time	time	NOUN
cblr-9114	318	28	iss	iss	PROPN
cblr-9114	318	29	faced	face	VERB
cblr-9114	318	30	a	a	DET
cblr-9114	318	31	credible	credible	ADJ
cblr-9114	318	32	rival,95	rival,95	NOUN
cblr-9114	318	33	“	"	PUNCT
cblr-9114	318	34	to	to	PART
cblr-9114	318	35	show	show	VERB
cblr-9114	318	36	empirically	empirically	ADV
cblr-9114	318	37	that	that	SCONJ
cblr-9114	318	38	increased	increase	VERB
cblr-9114	318	39	competition	competition	NOUN
cblr-9114	318	40	brought	bring	VERB
cblr-9114	318	41	by	by	ADP
cblr-9114	318	42	glass	glass	PROPN
cblr-9114	318	43	lewis	lewis	PROPN
cblr-9114	318	44	’s	’s	PART
cblr-9114	318	45	entry	entry	NOUN
cblr-9114	318	46	into	into	ADP
cblr-9114	318	47	the	the	DET
cblr-9114	318	48	proxy	proxy	ADJ
cblr-9114	318	49	advisory	advisory	ADJ
cblr-9114	318	50	market	market	NOUN
cblr-9114	318	51	has	have	AUX
cblr-9114	318	52	reduced	reduce	VERB
cblr-9114	318	53	iss	iss	PROPN
cblr-9114	318	54	’s	’s	PART
cblr-9114	318	55	favoritism	favoritism	NOUN
cblr-9114	318	56	to	to	ADP
cblr-9114	318	57	corporate	corporate	ADJ
cblr-9114	318	58	managers	manager	NOUN
cblr-9114	318	59	.	.	PUNCT
cblr-9114	319	1	”96	”96	ADV
cblr-9114	319	2	since	since	SCONJ
cblr-9114	319	3	iss	iss	PROPN
cblr-9114	319	4	does	do	AUX
cblr-9114	319	5	not	not	PART
cblr-9114	319	6	disclose	disclose	VERB
cblr-9114	319	7	its	its	PRON
cblr-9114	319	8	client	client	NOUN
cblr-9114	319	9	list	list	NOUN
cblr-9114	319	10	,	,	PUNCT
cblr-9114	319	11	professor	professor	PROPN
cblr-9114	319	12	li	li	PROPN
cblr-9114	319	13	uses	use	VERB
cblr-9114	319	14	the	the	DET
cblr-9114	319	15	thousand	thousand	NUM
cblr-9114	319	16	largest	large	ADJ
cblr-9114	319	17	firms	firm	NOUN
cblr-9114	319	18	in	in	ADP
cblr-9114	319	19	the	the	DET
cblr-9114	319	20	united	united	PROPN
cblr-9114	319	21	states	states	PROPN
cblr-9114	319	22	as	as	ADP
cblr-9114	319	23	a	a	DET
cblr-9114	319	24	proxy	proxy	NOUN
cblr-9114	319	25	for	for	ADP
cblr-9114	319	26	iss	iss	PROPN
cblr-9114	319	27	’s	’s	PART
cblr-9114	319	28	corporate	corporate	ADJ
cblr-9114	319	29	clients	client	NOUN
cblr-9114	319	30	and	and	CCONJ
cblr-9114	319	31	determines	determine	VERB
cblr-9114	319	32	“	"	PUNCT
cblr-9114	319	33	whether	whether	SCONJ
cblr-9114	319	34	iss	iss	PROPN
cblr-9114	319	35	adjusts	adjust	VERB
cblr-9114	319	36	its	its	PRON
cblr-9114	319	37	recommendations	recommendation	NOUN
cblr-9114	319	38	for	for	ADP
cblr-9114	319	39	a	a	DET
cblr-9114	319	40	corporate	corporate	ADJ
cblr-9114	319	41	client	client	NOUN
cblr-9114	319	42	after	after	SCONJ
cblr-9114	319	43	glass	glass	PROPN
cblr-9114	319	44	lewis	lewis	PROPN
cblr-9114	319	45	begins	begin	VERB
cblr-9114	319	46	to	to	PART
cblr-9114	319	47	cover	cover	VERB
cblr-9114	319	48	that	that	DET
cblr-9114	319	49	firm	firm	NOUN
cblr-9114	319	50	for	for	ADP
cblr-9114	319	51	the	the	DET
cblr-9114	319	52	first	first	ADJ
cblr-9114	319	53	time	time	NOUN
cblr-9114	319	54	.	.	PUNCT
cblr-9114	320	1	”97	”97	NOUN
cblr-9114	320	2	using	use	VERB
cblr-9114	320	3	data	datum	NOUN
cblr-9114	320	4	for	for	ADP
cblr-9114	320	5	shareholder	shareholder	NOUN
cblr-9114	320	6	meetings	meeting	NOUN
cblr-9114	320	7	between	between	ADP
cblr-9114	320	8	2004	2004	NUM
cblr-9114	320	9	and	and	CCONJ
cblr-9114	320	10	2011	2011	NUM
cblr-9114	320	11	,	,	PUNCT
cblr-9114	320	12	professor	professor	NOUN
cblr-9114	320	13	li	li	PROPN
cblr-9114	320	14	finds	find	VERB
cblr-9114	320	15	that	that	SCONJ
cblr-9114	320	16	“	"	PUNCT
cblr-9114	320	17	after	after	ADP
cblr-9114	320	18	glass	glass	PROPN
cblr-9114	320	19	lewis	lewis	PROPN
cblr-9114	320	20	’s	’s	PART
cblr-9114	320	21	initial	initial	ADJ
cblr-9114	320	22	coverage	coverage	NOUN
cblr-9114	320	23	,	,	PUNCT
cblr-9114	320	24	iss	iss	PROPN
cblr-9114	320	25	’s	’s	PART
cblr-9114	320	26	average	average	ADJ
cblr-9114	320	27	‘	'	PUNCT
cblr-9114	320	28	for	for	ADP
cblr-9114	320	29	’	'	PUNCT
cblr-9114	320	30	recommendation	recommendation	NOUN
cblr-9114	320	31	for	for	ADP
cblr-9114	320	32	shareholder	shareholder	NOUN
cblr-9114	320	33	proposals	proposal	NOUN
cblr-9114	320	34	at	at	ADP
cblr-9114	320	35	large	large	ADJ
cblr-9114	320	36	firms	firm	NOUN
cblr-9114	320	37	,	,	PUNCT
cblr-9114	320	38	a	a	DET
cblr-9114	320	39	proxy	proxy	NOUN
cblr-9114	320	40	for	for	ADP
cblr-9114	320	41	its	its	PRON
cblr-9114	320	42	clients	client	NOUN
cblr-9114	320	43	,	,	PUNCT
cblr-9114	320	44	increases	increase	NOUN
cblr-9114	320	45	by	by	ADP
cblr-9114	320	46	11.9	11.9	NUM
cblr-9114	320	47	percentage	percentage	NOUN
cblr-9114	320	48	points	point	NOUN
cblr-9114	320	49	compared	compare	VERB
cblr-9114	320	50	with	with	ADP
cblr-9114	320	51	control	control	NOUN
cblr-9114	320	52	companies	company	NOUN
cblr-9114	320	53	.	.	PUNCT
cblr-9114	321	1	”98	”98	PROPN
cblr-9114	321	2	similarly	similarly	ADV
cblr-9114	321	3	,	,	PUNCT
cblr-9114	321	4	iss	iss	PROPN
cblr-9114	321	5	’s	’s	PART
cblr-9114	321	6	negative	negative	ADJ
cblr-9114	321	7	recommendations	recommendation	NOUN
cblr-9114	321	8	for	for	ADP
cblr-9114	321	9	governance	governance	NOUN
cblr-9114	321	10	proposals	proposal	NOUN
cblr-9114	321	11	supported	support	VERB
cblr-9114	321	12	by	by	ADP
cblr-9114	321	13	management	management	NOUN
cblr-9114	321	14	increased	increase	VERB
cblr-9114	321	15	by	by	ADP
cblr-9114	321	16	an	an	DET
cblr-9114	321	17	average	average	NOUN
cblr-9114	321	18	of	of	ADP
cblr-9114	321	19	2.7	2.7	NUM
cblr-9114	321	20	%	%	NOUN
cblr-9114	321	21	after	after	ADP
cblr-9114	321	22	glass	glass	PROPN
cblr-9114	321	23	lewis	lewis	PROPN
cblr-9114	321	24	’s	’s	PART
cblr-9114	321	25	initial	initial	ADJ
cblr-9114	321	26	coverage.99	coverage.99	NOUN
cblr-9114	321	27	to	to	PART
cblr-9114	321	28	appease	appease	VERB
cblr-9114	321	29	lucrative	lucrative	ADJ
cblr-9114	321	30	corporate	corporate	ADJ
cblr-9114	321	31	consulting	consulting	NOUN
cblr-9114	321	32	clients	client	NOUN
cblr-9114	321	33	,	,	PUNCT
cblr-9114	321	34	iss	iss	PROPN
cblr-9114	321	35	may	may	AUX
cblr-9114	321	36	prefer	prefer	VERB
cblr-9114	321	37	to	to	PART
cblr-9114	321	38	vote	vote	VERB
cblr-9114	321	39	in	in	ADP
cblr-9114	321	40	line	line	NOUN
cblr-9114	321	41	with	with	ADP
cblr-9114	321	42	boards	board	NOUN
cblr-9114	321	43	that	that	PRON
cblr-9114	321	44	employ	employ	VERB
cblr-9114	321	45	its	its	PRON
cblr-9114	321	46	services	service	NOUN
cblr-9114	321	47	as	as	ADV
cblr-9114	321	48	often	often	ADV
cblr-9114	321	49	as	as	ADP
cblr-9114	321	50	possible	possible	ADJ
cblr-9114	321	51	.	.	PUNCT
cblr-9114	322	1	nonetheless	nonetheless	ADV
cblr-9114	322	2	,	,	PUNCT
cblr-9114	322	3	too	too	ADV
cblr-9114	322	4	blatant	blatant	ADJ
cblr-9114	322	5	a	a	DET
cblr-9114	322	6	bias	bias	NOUN
cblr-9114	322	7	would	would	AUX
cblr-9114	322	8	harm	harm	VERB
cblr-9114	322	9	its	its	PRON
cblr-9114	322	10	voting	voting	NOUN
cblr-9114	322	11	recommendation	recommendation	NOUN
cblr-9114	322	12	business	business	NOUN
cblr-9114	322	13	.	.	PUNCT
cblr-9114	323	1	these	these	DET
cblr-9114	323	2	data	datum	NOUN
cblr-9114	323	3	suggest	suggest	VERB
cblr-9114	323	4	that	that	SCONJ
cblr-9114	323	5	divergent	divergent	ADJ
cblr-9114	323	6	recommendations	recommendation	NOUN
cblr-9114	323	7	by	by	ADP
cblr-9114	323	8	glass	glass	PROPN
cblr-9114	323	9	lewis	lewis	PROPN
cblr-9114	323	10	resulted	result	VERB
cblr-9114	323	11	in	in	ADP
cblr-9114	323	12	increased	increase	VERB
cblr-9114	323	13	scrutiny	scrutiny	NOUN
cblr-9114	323	14	of	of	ADP
cblr-9114	323	15	iss	iss	PROPN
cblr-9114	323	16	’s	’s	PART
cblr-9114	323	17	guidance	guidance	NOUN
cblr-9114	323	18	,	,	PUNCT
cblr-9114	323	19	forcing	force	VERB
cblr-9114	323	20	it	it	PRON
cblr-9114	323	21	to	to	PART
cblr-9114	323	22	reduce	reduce	VERB
cblr-9114	323	23	the	the	DET
cblr-9114	323	24	bias	bias	NOUN
cblr-9114	323	25	in	in	ADP
cblr-9114	323	26	its	its	PRON
cblr-9114	323	27	recommendations	recommendation	NOUN
cblr-9114	323	28	.	.	PUNCT
cblr-9114	324	1	iss	iss	PROPN
cblr-9114	324	2	implemented	implement	VERB
cblr-9114	324	3	the	the	DET
cblr-9114	324	4	firewall	firewall	NOUN
cblr-9114	324	5	between	between	ADP
cblr-9114	324	6	iss	iss	PROPN
cblr-9114	324	7	and	and	CCONJ
cblr-9114	324	8	ics	ics	PROPN
cblr-9114	324	9	,	,	PUNCT
cblr-9114	324	10	its	its	PRON
cblr-9114	324	11	“	"	PUNCT
cblr-9114	324	12	primary	primary	ADJ
cblr-9114	324	13	control”100	control”100	NOUN
cblr-9114	324	14	mechanism	mechanism	NOUN
cblr-9114	324	15	for	for	ADP
cblr-9114	324	16	managing	manage	VERB
cblr-9114	324	17	this	this	DET
cblr-9114	324	18	conflict	conflict	NOUN
cblr-9114	324	19	of	of	ADP
cblr-9114	324	20	interest	interest	NOUN
cblr-9114	324	21	,	,	PUNCT
cblr-9114	324	22	in	in	ADP
cblr-9114	324	23	the	the	DET
cblr-9114	324	24	early	early	ADJ
cblr-9114	324	25	1990s.101	1990s.101	PROPN
cblr-9114	324	26	it	it	PRON
cblr-9114	324	27	has	have	AUX
cblr-9114	324	28	had	have	VERB
cblr-9114	324	29	decades	decade	NOUN
cblr-9114	324	30	since	since	SCONJ
cblr-9114	324	31	then	then	ADV
cblr-9114	324	32	to	to	PART
cblr-9114	324	33	implement	implement	VERB
cblr-9114	324	34	the	the	DET
cblr-9114	324	35	proper	proper	ADJ
cblr-9114	324	36	governance	governance	NOUN
cblr-9114	324	37	procedures	procedure	NOUN
cblr-9114	324	38	to	to	PART
cblr-9114	324	39	fully	fully	ADV
cblr-9114	324	40	separate	separate	VERB
cblr-9114	324	41	these	these	DET
cblr-9114	324	42	two	two	NUM
cblr-9114	324	43	businesses	business	NOUN
cblr-9114	324	44	,	,	PUNCT
cblr-9114	324	45	yet	yet	CCONJ
cblr-9114	324	46	professor	professor	PROPN
cblr-9114	324	47	li	li	PROPN
cblr-9114	324	48	’s	’s	PART
cblr-9114	324	49	empirical	empirical	ADJ
cblr-9114	324	50	analysis	analysis	NOUN
cblr-9114	324	51	suggests	suggest	VERB
cblr-9114	324	52	that	that	SCONJ
cblr-9114	324	53	the	the	DET
cblr-9114	324	54	firm	firm	NOUN
cblr-9114	324	55	has	have	VERB
cblr-9114	324	56	95	95	NUM
cblr-9114	324	57	i	i	PRON
cblr-9114	324	58	d.	d.	NOUN
cblr-9114	324	59	at	at	ADP
cblr-9114	324	60	2951–52	2951–52	NUM
cblr-9114	324	61	;	;	PUNCT
cblr-9114	324	62	see	see	VERB
cblr-9114	324	63	supra	supra	PROPN
cblr-9114	324	64	notes	note	NOUN
cblr-9114	324	65	16–18	16–18	NUM
cblr-9114	324	66	and	and	CCONJ
cblr-9114	324	67	accompanying	accompany	VERB
cblr-9114	324	68	text	text	NOUN
cblr-9114	324	69	(	(	PUNCT
cblr-9114	324	70	discussing	discuss	VERB
cblr-9114	324	71	the	the	DET
cblr-9114	324	72	history	history	NOUN
cblr-9114	324	73	of	of	ADP
cblr-9114	324	74	the	the	DET
cblr-9114	324	75	proxy	proxy	ADJ
cblr-9114	324	76	advisory	advisory	ADJ
cblr-9114	324	77	firm	firm	ADJ
cblr-9114	324	78	market	market	NOUN
cblr-9114	324	79	)	)	PUNCT
cblr-9114	324	80	.	.	PUNCT
cblr-9114	325	1	96	96	NUM
cblr-9114	325	2	li	li	PROPN
cblr-9114	325	3	,	,	PUNCT
cblr-9114	325	4	supra	supra	PROPN
cblr-9114	325	5	note	note	PROPN
cblr-9114	325	6	94	94	NUM
cblr-9114	325	7	,	,	PUNCT
cblr-9114	325	8	at	at	ADP
cblr-9114	325	9	2952	2952	NUM
cblr-9114	325	10	.	.	PUNCT
cblr-9114	326	1	97	97	NUM
cblr-9114	327	1	i	i	PRON
cblr-9114	327	2	d.	d.	PROPN
cblr-9114	327	3	at	at	ADP
cblr-9114	327	4	2960	2960	NUM
cblr-9114	327	5	.	.	PUNCT
cblr-9114	328	1	98	98	NUM
cblr-9114	329	1	i	i	PRON
cblr-9114	329	2	d.	d.	PROPN
cblr-9114	329	3	at	at	ADP
cblr-9114	329	4	2961–62	2961–62	NUM
cblr-9114	329	5	.	.	PUNCT
cblr-9114	330	1	99	99	NUM
cblr-9114	331	1	i	i	NOUN
cblr-9114	331	2	d.	d.	PROPN
cblr-9114	331	3	at	at	ADP
cblr-9114	331	4	2962	2962	NUM
cblr-9114	331	5	.	.	PUNCT
cblr-9114	332	1	100	100	NUM
cblr-9114	332	2	institutional	institutional	ADJ
cblr-9114	332	3	s’holder	s’holder	PROPN
cblr-9114	332	4	serv	serv	PROPN
cblr-9114	332	5	.	.	PROPN
cblr-9114	332	6	,	,	PUNCT
cblr-9114	332	7	supra	supra	PROPN
cblr-9114	332	8	note	note	PROPN
cblr-9114	332	9	23	23	NUM
cblr-9114	332	10	,	,	PUNCT
cblr-9114	332	11	at	at	ADP
cblr-9114	332	12	13	13	NUM
cblr-9114	332	13	.	.	PUNCT
cblr-9114	333	1	101	101	NUM
cblr-9114	333	2	li	li	PROPN
cblr-9114	333	3	,	,	PUNCT
cblr-9114	333	4	supra	supra	PROPN
cblr-9114	333	5	note	note	PROPN
cblr-9114	333	6	94	94	NUM
cblr-9114	333	7	,	,	PUNCT
cblr-9114	333	8	at	at	ADP
cblr-9114	333	9	2955	2955	NUM
cblr-9114	333	10	.	.	PUNCT
cblr-9114	334	1	1510	1510	NUM
cblr-9114	334	2	columbia	columbia	PROPN
cblr-9114	334	3	business	business	NOUN
cblr-9114	334	4	law	law	PROPN
cblr-9114	334	5	review	review	NOUN
cblr-9114	334	6	[	[	X
cblr-9114	334	7	vol	vol	NOUN
cblr-9114	334	8	.	.	PUNCT
cblr-9114	334	9	2021	2021	NUM
cblr-9114	334	10	failed	fail	VERB
cblr-9114	334	11	to	to	PART
cblr-9114	334	12	do	do	VERB
cblr-9114	334	13	so	so	ADV
cblr-9114	334	14	.	.	PUNCT
cblr-9114	335	1	whether	whether	SCONJ
cblr-9114	335	2	this	this	DET
cblr-9114	335	3	failure	failure	NOUN
cblr-9114	335	4	stems	stem	VERB
cblr-9114	335	5	from	from	ADP
cblr-9114	335	6	a	a	DET
cblr-9114	335	7	lack	lack	NOUN
cblr-9114	335	8	of	of	ADP
cblr-9114	335	9	effort	effort	NOUN
cblr-9114	335	10	or	or	CCONJ
cblr-9114	335	11	feasibility	feasibility	NOUN
cblr-9114	335	12	remains	remain	VERB
cblr-9114	335	13	irrelevant	irrelevant	ADJ
cblr-9114	335	14	—	—	PUNCT
cblr-9114	335	15	professor	professor	NOUN
cblr-9114	335	16	li	li	PROPN
cblr-9114	335	17	’s	’s	PART
cblr-9114	335	18	analysis	analysis	NOUN
cblr-9114	335	19	suggests	suggest	VERB
cblr-9114	335	20	that	that	SCONJ
cblr-9114	335	21	iss	iss	PROPN
cblr-9114	335	22	’s	’s	PART
cblr-9114	335	23	ability	ability	NOUN
cblr-9114	335	24	to	to	PART
cblr-9114	335	25	provide	provide	VERB
cblr-9114	335	26	both	both	DET
cblr-9114	335	27	voting	voting	NOUN
cblr-9114	335	28	recommendation	recommendation	NOUN
cblr-9114	335	29	and	and	CCONJ
cblr-9114	335	30	issuer	issuer	NOUN
cblr-9114	335	31	consulting	consulting	NOUN
cblr-9114	335	32	services	service	NOUN
cblr-9114	335	33	has	have	AUX
cblr-9114	335	34	resulted	result	VERB
cblr-9114	335	35	in	in	ADP
cblr-9114	335	36	consistently	consistently	ADV
cblr-9114	335	37	biased	biased	ADJ
cblr-9114	335	38	recommendations	recommendation	NOUN
cblr-9114	335	39	that	that	PRON
cblr-9114	335	40	do	do	AUX
cblr-9114	335	41	not	not	PART
cblr-9114	335	42	maximize	maximize	VERB
cblr-9114	335	43	shareholder	shareholder	NOUN
cblr-9114	335	44	value	value	NOUN
cblr-9114	335	45	.	.	PUNCT
cblr-9114	336	1	considering	consider	VERB
cblr-9114	336	2	the	the	DET
cblr-9114	336	3	fact	fact	NOUN
cblr-9114	336	4	that	that	SCONJ
cblr-9114	336	5	proxy	proxy	ADJ
cblr-9114	336	6	advisory	advisory	ADJ
cblr-9114	336	7	firms	firm	NOUN
cblr-9114	336	8	emerged	emerge	VERB
cblr-9114	336	9	from	from	ADP
cblr-9114	336	10	regulations	regulation	NOUN
cblr-9114	336	11	designed	design	VERB
cblr-9114	336	12	to	to	PART
cblr-9114	336	13	ensure	ensure	VERB
cblr-9114	336	14	shareholder	shareholder	NOUN
cblr-9114	336	15	value	value	NOUN
cblr-9114	336	16	maximization	maximization	NOUN
cblr-9114	336	17	through	through	ADP
cblr-9114	336	18	proxy	proxy	ADJ
cblr-9114	336	19	voting	voting	NOUN
cblr-9114	336	20	,	,	PUNCT
cblr-9114	336	21	these	these	DET
cblr-9114	336	22	revelations	revelation	NOUN
cblr-9114	336	23	should	should	AUX
cblr-9114	336	24	raise	raise	VERB
cblr-9114	336	25	significant	significant	ADJ
cblr-9114	336	26	concerns	concern	NOUN
cblr-9114	336	27	for	for	ADP
cblr-9114	336	28	regulators	regulator	NOUN
cblr-9114	336	29	and	and	CCONJ
cblr-9114	336	30	indicate	indicate	VERB
cblr-9114	336	31	the	the	DET
cblr-9114	336	32	need	need	NOUN
cblr-9114	336	33	for	for	ADP
cblr-9114	336	34	reform	reform	NOUN
cblr-9114	336	35	.	.	PUNCT
cblr-9114	337	1	professor	professor	NOUN
cblr-9114	337	2	george	george	PROPN
cblr-9114	337	3	w.	w.	PROPN
cblr-9114	337	4	dent	dent	PROPN
cblr-9114	337	5	acknowledges	acknowledge	VERB
cblr-9114	337	6	professor	professor	PROPN
cblr-9114	337	7	li	li	PROPN
cblr-9114	337	8	’s	’s	PART
cblr-9114	337	9	findings	finding	NOUN
cblr-9114	337	10	,	,	PUNCT
cblr-9114	337	11	agreeing	agree	VERB
cblr-9114	337	12	that	that	SCONJ
cblr-9114	337	13	“	"	PUNCT
cblr-9114	337	14	iss	iss	PROPN
cblr-9114	337	15	’s	’s	PART
cblr-9114	337	16	consulting	consulting	NOUN
cblr-9114	337	17	services	service	NOUN
cblr-9114	337	18	may	may	AUX
cblr-9114	337	19	enable	enable	VERB
cblr-9114	337	20	issuers	issuer	NOUN
cblr-9114	337	21	to	to	PART
cblr-9114	337	22	bribe	bribe	VERB
cblr-9114	337	23	iss	iss	PROPN
cblr-9114	337	24	to	to	PART
cblr-9114	337	25	get	get	VERB
cblr-9114	337	26	better	well	ADJ
cblr-9114	337	27	recommendations	recommendation	NOUN
cblr-9114	337	28	than	than	SCONJ
cblr-9114	337	29	they	they	PRON
cblr-9114	337	30	deserve	deserve	VERB
cblr-9114	337	31	.	.	PUNCT
cblr-9114	338	1	”102	”102	PROPN
cblr-9114	339	1	nonetheless	nonetheless	ADV
cblr-9114	339	2	,	,	PUNCT
cblr-9114	339	3	professor	professor	NOUN
cblr-9114	339	4	dent	dent	NOUN
cblr-9114	339	5	argues	argue	VERB
cblr-9114	339	6	that	that	SCONJ
cblr-9114	339	7	“	"	PUNCT
cblr-9114	339	8	[	[	X
cblr-9114	339	9	c]oncerns	c]oncern	NOUN
cblr-9114	339	10	about	about	ADP
cblr-9114	339	11	conflicts	conflict	NOUN
cblr-9114	339	12	of	of	ADP
cblr-9114	339	13	interest	interest	NOUN
cblr-9114	339	14	are	be	AUX
cblr-9114	339	15	overblown	overblown	ADJ
cblr-9114	339	16	and	and	CCONJ
cblr-9114	339	17	somewhat	somewhat	ADV
cblr-9114	339	18	anomalous	anomalous	ADJ
cblr-9114	339	19	.	.	PUNCT
cblr-9114	339	20	”103	”103	PUNCT
cblr-9114	340	1	professor	professor	NOUN
cblr-9114	340	2	dent	dent	NOUN
cblr-9114	340	3	’s	’s	PART
cblr-9114	340	4	article	article	NOUN
cblr-9114	340	5	,	,	PUNCT
cblr-9114	340	6	which	which	PRON
cblr-9114	340	7	has	have	AUX
cblr-9114	340	8	been	be	AUX
cblr-9114	340	9	critiqued	critique	VERB
cblr-9114	340	10	on	on	ADP
cblr-9114	340	11	additional	additional	ADJ
cblr-9114	340	12	grounds,104	grounds,104	NOUN
cblr-9114	340	13	dismisses	dismiss	VERB
cblr-9114	340	14	concerns	concern	NOUN
cblr-9114	340	15	over	over	ADP
cblr-9114	340	16	proxy	proxy	ADJ
cblr-9114	340	17	advisory	advisory	ADJ
cblr-9114	340	18	firms	firm	NOUN
cblr-9114	340	19	’	'	PUNCT
cblr-9114	340	20	ability	ability	NOUN
cblr-9114	340	21	to	to	PART
cblr-9114	340	22	both	both	PRON
cblr-9114	340	23	issue	issue	VERB
cblr-9114	340	24	proxy	proxy	ADJ
cblr-9114	340	25	voting	voting	NOUN
cblr-9114	340	26	advice	advice	NOUN
cblr-9114	340	27	to	to	ADP
cblr-9114	340	28	institutional	institutional	ADJ
cblr-9114	340	29	investors	investor	NOUN
cblr-9114	340	30	and	and	CCONJ
cblr-9114	340	31	provide	provide	VERB
cblr-9114	340	32	corporate	corporate	ADJ
cblr-9114	340	33	governance	governance	NOUN
cblr-9114	340	34	consulting	consulting	NOUN
cblr-9114	340	35	services	service	NOUN
cblr-9114	340	36	to	to	ADP
cblr-9114	340	37	issuers	issuer	NOUN
cblr-9114	340	38	,	,	PUNCT
cblr-9114	340	39	stating	state	VERB
cblr-9114	340	40	that	that	SCONJ
cblr-9114	340	41	“	"	PUNCT
cblr-9114	340	42	iss	iss	PROPN
cblr-9114	340	43	’s	’s	PART
cblr-9114	340	44	ratings	rating	NOUN
cblr-9114	340	45	are	be	AUX
cblr-9114	340	46	worth	worth	ADJ
cblr-9114	340	47	only	only	ADV
cblr-9114	340	48	what	what	PRON
cblr-9114	340	49	respect	respect	NOUN
cblr-9114	340	50	they	they	PRON
cblr-9114	340	51	command	command	VERB
cblr-9114	340	52	among	among	ADP
cblr-9114	340	53	investors	investor	NOUN
cblr-9114	340	54	.	.	PUNCT
cblr-9114	341	1	if	if	SCONJ
cblr-9114	341	2	issuers	issuer	NOUN
cblr-9114	341	3	believe	believe	VERB
cblr-9114	341	4	that	that	SCONJ
cblr-9114	341	5	some	some	DET
cblr-9114	341	6	ratings	rating	NOUN
cblr-9114	341	7	are	be	AUX
cblr-9114	341	8	punishment	punishment	NOUN
cblr-9114	341	9	for	for	ADP
cblr-9114	341	10	rejecting	reject	VERB
cblr-9114	341	11	iss	iss	PROPN
cblr-9114	341	12	’s	’s	PART
cblr-9114	341	13	corporate	corporate	ADJ
cblr-9114	341	14	governance	governance	NOUN
cblr-9114	341	15	services	service	NOUN
cblr-9114	341	16	,	,	PUNCT
cblr-9114	341	17	they	they	PRON
cblr-9114	341	18	can	can	AUX
cblr-9114	341	19	say	say	VERB
cblr-9114	341	20	so	so	ADV
cblr-9114	341	21	individually	individually	ADV
cblr-9114	341	22	and	and	CCONJ
cblr-9114	341	23	collectively[.]”105	collectively[.]”105	ADJ
cblr-9114	341	24	while	while	SCONJ
cblr-9114	341	25	it	it	PRON
cblr-9114	341	26	is	be	AUX
cblr-9114	341	27	true	true	ADJ
cblr-9114	341	28	that	that	SCONJ
cblr-9114	341	29	“	"	PUNCT
cblr-9114	341	30	[	[	X
cblr-9114	341	31	i]nvestors	i]nvestor	NOUN
cblr-9114	341	32	can	can	AUX
cblr-9114	341	33	decide	decide	VERB
cblr-9114	341	34	whom	whom	PRON
cblr-9114	341	35	to	to	PART
cblr-9114	341	36	believe,”106	believe,”106	VERB
cblr-9114	341	37	the	the	DET
cblr-9114	341	38	decreased	decrease	VERB
cblr-9114	341	39	costs	cost	NOUN
cblr-9114	341	40	and	and	CCONJ
cblr-9114	341	41	brand	brand	NOUN
cblr-9114	341	42	recognition	recognition	NOUN
cblr-9114	341	43	that	that	PRON
cblr-9114	341	44	come	come	VERB
cblr-9114	341	45	with	with	ADP
cblr-9114	341	46	doing	do	VERB
cblr-9114	341	47	so	so	ADV
cblr-9114	341	48	may	may	AUX
cblr-9114	341	49	hinder	hinder	VERB
cblr-9114	341	50	potential	potential	ADJ
cblr-9114	341	51	competitive	competitive	ADJ
cblr-9114	341	52	advantages	advantage	NOUN
cblr-9114	341	53	available	available	ADJ
cblr-9114	341	54	to	to	ADP
cblr-9114	341	55	glass	glass	PROPN
cblr-9114	341	56	lewis	lewis	PROPN
cblr-9114	341	57	and	and	CCONJ
cblr-9114	341	58	other	other	ADJ
cblr-9114	341	59	iss	iss	PROPN
cblr-9114	341	60	competitors	competitor	NOUN
cblr-9114	341	61	.	.	PUNCT
cblr-9114	342	1	as	as	ADP
cblr-9114	342	2	a	a	DET
cblr-9114	342	3	result	result	NOUN
cblr-9114	342	4	of	of	ADP
cblr-9114	342	5	this	this	DET
cblr-9114	342	6	collective	collective	ADJ
cblr-9114	342	7	action	action	NOUN
cblr-9114	342	8	problem	problem	NOUN
cblr-9114	342	9	,	,	PUNCT
cblr-9114	342	10	many	many	ADJ
cblr-9114	342	11	institutional	institutional	ADJ
cblr-9114	342	12	investors	investor	NOUN
cblr-9114	342	13	,	,	PUNCT
cblr-9114	342	14	particularly	particularly	ADV
cblr-9114	342	15	passive	passive	ADJ
cblr-9114	342	16	index	index	NOUN
cblr-9114	342	17	funds	fund	NOUN
cblr-9114	342	18	competing	compete	VERB
cblr-9114	342	19	on	on	ADP
cblr-9114	342	20	fees	fee	NOUN
cblr-9114	342	21	,	,	PUNCT
cblr-9114	342	22	do	do	AUX
cblr-9114	342	23	not	not	PART
cblr-9114	342	24	prioritize	prioritize	VERB
cblr-9114	342	25	diligent	diligent	ADJ
cblr-9114	342	26	proxy	proxy	NOUN
cblr-9114	342	27	voting	voting	NOUN
cblr-9114	342	28	and	and	CCONJ
cblr-9114	342	29	102	102	NUM
cblr-9114	342	30	dent	dent	NOUN
cblr-9114	342	31	,	,	PUNCT
cblr-9114	342	32	supra	supra	PROPN
cblr-9114	342	33	note	note	NOUN
cblr-9114	342	34	46	46	NUM
cblr-9114	342	35	,	,	PUNCT
cblr-9114	342	36	at	at	ADP
cblr-9114	342	37	1324	1324	NUM
cblr-9114	342	38	.	.	PUNCT
cblr-9114	343	1	103	103	NUM
cblr-9114	344	1	i	i	PRON
cblr-9114	344	2	d.	d.	PROPN
cblr-9114	344	3	104	104	NUM
cblr-9114	344	4	see	see	VERB
cblr-9114	344	5	fagan	fagan	NOUN
cblr-9114	344	6	,	,	PUNCT
cblr-9114	344	7	supra	supra	PROPN
cblr-9114	344	8	note	note	PROPN
cblr-9114	344	9	43	43	NUM
cblr-9114	344	10	,	,	PUNCT
cblr-9114	344	11	at	at	ADP
cblr-9114	344	12	633–35	633–35	NUM
cblr-9114	344	13	.	.	PUNCT
cblr-9114	345	1	105	105	NUM
cblr-9114	345	2	dent	dent	NOUN
cblr-9114	345	3	,	,	PUNCT
cblr-9114	345	4	supra	supra	PROPN
cblr-9114	345	5	note	note	NOUN
cblr-9114	345	6	46	46	NUM
cblr-9114	345	7	,	,	PUNCT
cblr-9114	345	8	at	at	ADP
cblr-9114	345	9	1324–25	1324–25	NUM
cblr-9114	345	10	.	.	PUNCT
cblr-9114	346	1	106	106	NUM
cblr-9114	347	1	i	i	PRON
cblr-9114	347	2	d.	d.	PROPN
cblr-9114	347	3	at	at	ADP
cblr-9114	347	4	1325	1325	NUM
cblr-9114	347	5	.	.	PUNCT
cblr-9114	348	1	no	no	INTJ
cblr-9114	348	2	.	.	PUNCT
cblr-9114	349	1	3:1487	3:1487	NUM
cblr-9114	349	2	]	]	X
cblr-9114	349	3	proxy	proxy	ADJ
cblr-9114	349	4	advisory	advisory	ADJ
cblr-9114	349	5	firms	firm	NOUN
cblr-9114	349	6	’	'	PUNCT
cblr-9114	349	7	conflicts	conflict	NOUN
cblr-9114	349	8	of	of	ADP
cblr-9114	349	9	interest	interest	NOUN
cblr-9114	349	10	1511	1511	NUM
cblr-9114	349	11	tend	tend	VERB
cblr-9114	349	12	to	to	PART
cblr-9114	349	13	prefer	prefer	VERB
cblr-9114	349	14	any	any	DET
cblr-9114	349	15	option	option	NOUN
cblr-9114	349	16	that	that	PRON
cblr-9114	349	17	permits	permit	VERB
cblr-9114	349	18	them	they	PRON
cblr-9114	349	19	to	to	PART
cblr-9114	349	20	minimize	minimize	VERB
cblr-9114	349	21	costs	cost	NOUN
cblr-9114	349	22	while	while	SCONJ
cblr-9114	349	23	fulfilling	fulfil	VERB
cblr-9114	349	24	their	their	PRON
cblr-9114	349	25	fiduciary	fiduciary	ADJ
cblr-9114	349	26	duties.107	duties.107	NOUN
cblr-9114	349	27	professor	professor	NOUN
cblr-9114	349	28	dent	dent	NOUN
cblr-9114	349	29	emphasizes	emphasize	VERB
cblr-9114	349	30	the	the	DET
cblr-9114	349	31	potential	potential	ADJ
cblr-9114	349	32	competitive	competitive	ADJ
cblr-9114	349	33	advantage	advantage	NOUN
cblr-9114	349	34	iss	iss	PROPN
cblr-9114	349	35	’s	’s	PART
cblr-9114	349	36	conflicts	conflict	NOUN
cblr-9114	349	37	create	create	VERB
cblr-9114	349	38	for	for	ADP
cblr-9114	349	39	firms	firm	NOUN
cblr-9114	349	40	such	such	ADJ
cblr-9114	349	41	as	as	ADP
cblr-9114	349	42	glass	glass	NOUN
cblr-9114	349	43	lewis	lewis	PROPN
cblr-9114	349	44	,	,	PUNCT
cblr-9114	349	45	which	which	PRON
cblr-9114	349	46	can	can	AUX
cblr-9114	349	47	differentiate	differentiate	VERB
cblr-9114	349	48	themselves	themselves	PRON
cblr-9114	349	49	by	by	ADP
cblr-9114	349	50	emphasizing	emphasize	VERB
cblr-9114	349	51	that	that	SCONJ
cblr-9114	349	52	they	they	PRON
cblr-9114	349	53	do	do	AUX
cblr-9114	349	54	not	not	PART
cblr-9114	349	55	provide	provide	VERB
cblr-9114	349	56	consulting	consulting	NOUN
cblr-9114	349	57	services,108	services,108	PROPN
cblr-9114	349	58	and	and	CCONJ
cblr-9114	349	59	brushes	brush	VERB
cblr-9114	349	60	off	off	ADP
cblr-9114	349	61	concerns	concern	NOUN
cblr-9114	349	62	that	that	SCONJ
cblr-9114	349	63	“	"	PUNCT
cblr-9114	349	64	iss	iss	PROPN
cblr-9114	349	65	’s	’s	PART
cblr-9114	349	66	consulting	consulting	NOUN
cblr-9114	349	67	services	service	NOUN
cblr-9114	349	68	may	may	AUX
cblr-9114	349	69	subsidize	subsidize	VERB
cblr-9114	349	70	its	its	PRON
cblr-9114	349	71	advisory	advisory	ADJ
cblr-9114	349	72	business	business	NOUN
cblr-9114	349	73	.	.	PUNCT
cblr-9114	350	1	”109	”109	VERB
cblr-9114	350	2	yet	yet	ADV
cblr-9114	350	3	,	,	PUNCT
cblr-9114	350	4	the	the	DET
cblr-9114	350	5	consequences	consequence	NOUN
cblr-9114	350	6	of	of	ADP
cblr-9114	350	7	permitting	permit	VERB
cblr-9114	350	8	iss	iss	PROPN
cblr-9114	350	9	to	to	PART
cblr-9114	350	10	maintain	maintain	VERB
cblr-9114	350	11	this	this	DET
cblr-9114	350	12	conflict	conflict	NOUN
cblr-9114	350	13	largely	largely	ADV
cblr-9114	350	14	eliminate	eliminate	VERB
cblr-9114	350	15	glass	glass	NOUN
cblr-9114	350	16	lewis	lewis	PROPN
cblr-9114	350	17	’s	’s	PART
cblr-9114	350	18	potential	potential	NOUN
cblr-9114	350	19	for	for	ADP
cblr-9114	350	20	further	far	ADV
cblr-9114	350	21	cutting	cut	VERB
cblr-9114	350	22	into	into	ADP
cblr-9114	350	23	its	its	PRON
cblr-9114	350	24	market	market	NOUN
cblr-9114	350	25	share	share	NOUN
cblr-9114	350	26	or	or	CCONJ
cblr-9114	350	27	unseating	unseat	VERB
cblr-9114	350	28	it	it	PRON
cblr-9114	350	29	as	as	ADP
cblr-9114	350	30	the	the	DET
cblr-9114	350	31	dominant	dominant	ADJ
cblr-9114	350	32	proxy	proxy	ADJ
cblr-9114	350	33	advisory	advisory	ADJ
cblr-9114	350	34	firm	firm	NOUN
cblr-9114	350	35	.	.	PUNCT
cblr-9114	351	1	regardless	regardless	ADV
cblr-9114	351	2	of	of	ADP
cblr-9114	351	3	whether	whether	SCONJ
cblr-9114	351	4	the	the	DET
cblr-9114	351	5	conflict	conflict	NOUN
cblr-9114	351	6	truly	truly	ADV
cblr-9114	351	7	exists	exist	VERB
cblr-9114	351	8	,	,	PUNCT
cblr-9114	351	9	issuers	issuer	NOUN
cblr-9114	351	10	will	will	AUX
cblr-9114	351	11	continue	continue	VERB
cblr-9114	351	12	flocking	flock	VERB
cblr-9114	351	13	to	to	ADP
cblr-9114	351	14	iss	iss	PROPN
cblr-9114	351	15	’s	’s	PART
cblr-9114	351	16	consulting	consulting	NOUN
cblr-9114	351	17	services	service	NOUN
cblr-9114	351	18	as	as	ADP
cblr-9114	351	19	a	a	DET
cblr-9114	351	20	result	result	NOUN
cblr-9114	351	21	of	of	ADP
cblr-9114	351	22	their	their	PRON
cblr-9114	351	23	perception	perception	NOUN
cblr-9114	351	24	of	of	ADP
cblr-9114	351	25	the	the	DET
cblr-9114	351	26	conflict	conflict	NOUN
cblr-9114	351	27	.	.	PUNCT
cblr-9114	352	1	some	some	DET
cblr-9114	352	2	issuers	issuer	NOUN
cblr-9114	352	3	who	who	PRON
cblr-9114	352	4	received	receive	VERB
cblr-9114	352	5	a	a	DET
cblr-9114	352	6	negative	negative	ADJ
cblr-9114	352	7	voting	voting	NOUN
cblr-9114	352	8	recommendation	recommendation	NOUN
cblr-9114	352	9	will	will	AUX
cblr-9114	352	10	be	be	AUX
cblr-9114	352	11	amenable	amenable	ADJ
cblr-9114	352	12	to	to	ADP
cblr-9114	352	13	ics	ics	NOUN
cblr-9114	352	14	’s	’s	PART
cblr-9114	352	15	approaches	approach	NOUN
cblr-9114	352	16	and	and	CCONJ
cblr-9114	352	17	will	will	AUX
cblr-9114	352	18	pay	pay	VERB
cblr-9114	352	19	for	for	ADP
cblr-9114	352	20	the	the	DET
cblr-9114	352	21	consulting	consulting	NOUN
cblr-9114	352	22	services	service	NOUN
cblr-9114	352	23	.	.	PUNCT
cblr-9114	353	1	issuers	issuer	NOUN
cblr-9114	353	2	who	who	PRON
cblr-9114	353	3	receive	receive	VERB
cblr-9114	353	4	poor	poor	ADJ
cblr-9114	353	5	esg	esg	NOUN
cblr-9114	353	6	ratings	rating	NOUN
cblr-9114	353	7	may	may	AUX
cblr-9114	353	8	also	also	ADV
cblr-9114	353	9	be	be	AUX
cblr-9114	353	10	lured	lure	VERB
cblr-9114	353	11	into	into	ADP
cblr-9114	353	12	paying	pay	VERB
cblr-9114	353	13	the	the	DET
cblr-9114	353	14	consulting	consulting	NOUN
cblr-9114	353	15	fees	fee	NOUN
cblr-9114	353	16	.	.	PUNCT
cblr-9114	354	1	the	the	DET
cblr-9114	354	2	revenue	revenue	NOUN
cblr-9114	354	3	from	from	ADP
cblr-9114	354	4	the	the	DET
cblr-9114	354	5	consulting	consulting	NOUN
cblr-9114	354	6	services	service	NOUN
cblr-9114	354	7	,	,	PUNCT
cblr-9114	354	8	as	as	SCONJ
cblr-9114	354	9	professor	professor	NOUN
cblr-9114	354	10	dent	dent	NOUN
cblr-9114	354	11	acknowledges	acknowledge	VERB
cblr-9114	354	12	,	,	PUNCT
cblr-9114	354	13	permits	permit	VERB
cblr-9114	354	14	iss	iss	PROPN
cblr-9114	354	15	to	to	PART
cblr-9114	354	16	maintain	maintain	VERB
cblr-9114	354	17	lower	low	ADJ
cblr-9114	354	18	prices.110	prices.110	NOUN
cblr-9114	354	19	these	these	DET
cblr-9114	354	20	resulting	result	VERB
cblr-9114	354	21	lower	low	ADJ
cblr-9114	354	22	prices	price	NOUN
cblr-9114	354	23	are	be	AUX
cblr-9114	354	24	crucial	crucial	ADJ
cblr-9114	354	25	for	for	ADP
cblr-9114	354	26	cost	cost	NOUN
cblr-9114	354	27	-	-	PUNCT
cblr-9114	354	28	conscious	conscious	ADJ
cblr-9114	354	29	customers	customer	NOUN
cblr-9114	354	30	such	such	ADJ
cblr-9114	354	31	as	as	ADP
cblr-9114	354	32	the	the	DET
cblr-9114	354	33	growing	grow	VERB
cblr-9114	354	34	market	market	NOUN
cblr-9114	354	35	of	of	ADP
cblr-9114	354	36	passive	passive	ADJ
cblr-9114	354	37	funds	fund	NOUN
cblr-9114	354	38	and	and	CCONJ
cblr-9114	354	39	smaller	small	ADJ
cblr-9114	354	40	institutional	institutional	ADJ
cblr-9114	354	41	investors	investor	NOUN
cblr-9114	354	42	.	.	PUNCT
cblr-9114	355	1	even	even	ADV
cblr-9114	355	2	putting	put	VERB
cblr-9114	355	3	cost	cost	NOUN
cblr-9114	355	4	concerns	concern	NOUN
cblr-9114	355	5	aside	aside	ADV
cblr-9114	355	6	,	,	PUNCT
cblr-9114	355	7	many	many	ADJ
cblr-9114	355	8	institutional	institutional	ADJ
cblr-9114	355	9	investors	investor	NOUN
cblr-9114	355	10	may	may	AUX
cblr-9114	355	11	continue	continue	VERB
cblr-9114	355	12	using	use	VERB
cblr-9114	355	13	iss	iss	PROPN
cblr-9114	355	14	when	when	SCONJ
cblr-9114	355	15	they	they	PRON
cblr-9114	355	16	believe	believe	VERB
cblr-9114	355	17	glass	glass	PROPN
cblr-9114	355	18	lewis	lewis	PROPN
cblr-9114	355	19	or	or	CCONJ
cblr-9114	355	20	another	another	DET
cblr-9114	355	21	competitor	competitor	NOUN
cblr-9114	355	22	will	will	AUX
cblr-9114	355	23	provide	provide	VERB
cblr-9114	355	24	them	they	PRON
cblr-9114	355	25	with	with	ADP
cblr-9114	355	26	superior	superior	ADJ
cblr-9114	355	27	recommendations	recommendation	NOUN
cblr-9114	355	28	.	.	PUNCT
cblr-9114	356	1	as	as	SCONJ
cblr-9114	356	2	professor	professor	PROPN
cblr-9114	356	3	li	li	PROPN
cblr-9114	356	4	explained	explain	VERB
cblr-9114	356	5	,	,	PUNCT
cblr-9114	356	6	“	"	PUNCT
cblr-9114	356	7	[	[	X
cblr-9114	356	8	b]ecause	b]ecause	ADP
cblr-9114	356	9	investment	investment	NOUN
cblr-9114	356	10	advisers	adviser	NOUN
cblr-9114	356	11	are	be	AUX
cblr-9114	356	12	required	require	VERB
cblr-9114	356	13	to	to	PART
cblr-9114	356	14	vote	vote	VERB
cblr-9114	356	15	in	in	ADP
cblr-9114	356	16	the	the	DET
cblr-9114	356	17	best	good	ADJ
cblr-9114	356	18	interests	interest	NOUN
cblr-9114	356	19	of	of	ADP
cblr-9114	356	20	clients	client	NOUN
cblr-9114	356	21	(	(	PUNCT
cblr-9114	356	22	a	a	DET
cblr-9114	356	23	fiduciary	fiduciary	ADJ
cblr-9114	356	24	duty	duty	NOUN
cblr-9114	356	25	)	)	PUNCT
cblr-9114	356	26	,	,	PUNCT
cblr-9114	356	27	some	some	DET
cblr-9114	356	28	institutions	institution	NOUN
cblr-9114	356	29	may	may	AUX
cblr-9114	356	30	find	find	VERB
cblr-9114	356	31	it	it	PRON
cblr-9114	356	32	safer	safe	ADJ
cblr-9114	356	33	to	to	PART
cblr-9114	356	34	buy	buy	VERB
cblr-9114	356	35	iss	iss	PROPN
cblr-9114	356	36	’s	’s	PART
cblr-9114	356	37	services	service	NOUN
cblr-9114	356	38	even	even	ADV
cblr-9114	356	39	if	if	SCONJ
cblr-9114	356	40	they	they	PRON
cblr-9114	356	41	prefer	prefer	VERB
cblr-9114	356	42	the	the	DET
cblr-9114	356	43	competitor’s	competitor’s	NOUN
cblr-9114	356	44	.	.	PUNCT
cblr-9114	357	1	”111	”111	PROPN
cblr-9114	357	2	professor	professor	PROPN
cblr-9114	357	3	tamara	tamara	PROPN
cblr-9114	357	4	c.	c.	PROPN
cblr-9114	357	5	belinfanti	belinfanti	PROPN
cblr-9114	357	6	expands	expand	VERB
cblr-9114	357	7	on	on	ADP
cblr-9114	357	8	this	this	DET
cblr-9114	357	9	notion	notion	NOUN
cblr-9114	357	10	,	,	PUNCT
cblr-9114	357	11	explaining	explain	VERB
cblr-9114	357	12	that	that	SCONJ
cblr-9114	357	13	iss	iss	PROPN
cblr-9114	357	14	possesses	possess	VERB
cblr-9114	357	15	a	a	DET
cblr-9114	357	16	“	"	PUNCT
cblr-9114	357	17	first	first	ADJ
cblr-9114	357	18	mover	mover	NOUN
cblr-9114	357	19	”	"	PUNCT
cblr-9114	357	20	advantage	advantage	NOUN
cblr-9114	357	21	in	in	ADP
cblr-9114	357	22	the	the	DET
cblr-9114	357	23	107	107	NUM
cblr-9114	357	24	see	see	NOUN
cblr-9114	357	25	infra	infra	NOUN
cblr-9114	357	26	part	part	NOUN
cblr-9114	357	27	iii.e	iii.e	NOUN
cblr-9114	357	28	for	for	ADP
cblr-9114	357	29	concerns	concern	NOUN
cblr-9114	357	30	regarding	regard	VERB
cblr-9114	357	31	automated	automate	VERB
cblr-9114	357	32	voting	voting	NOUN
cblr-9114	357	33	and	and	CCONJ
cblr-9114	357	34	cost	cost	NOUN
cblr-9114	357	35	-	-	PUNCT
cblr-9114	357	36	conscious	conscious	ADJ
cblr-9114	357	37	passive	passive	ADJ
cblr-9114	357	38	funds	fund	NOUN
cblr-9114	357	39	.	.	PUNCT
cblr-9114	358	1	108	108	NUM
cblr-9114	358	2	dent	dent	NOUN
cblr-9114	358	3	,	,	PUNCT
cblr-9114	358	4	supra	supra	PROPN
cblr-9114	358	5	note	note	NOUN
cblr-9114	358	6	46	46	NUM
cblr-9114	358	7	,	,	PUNCT
cblr-9114	358	8	at	at	ADP
cblr-9114	358	9	1325	1325	NUM
cblr-9114	358	10	n.206	n.206	NOUN
cblr-9114	358	11	.	.	PUNCT
cblr-9114	359	1	109	109	NUM
cblr-9114	359	2	i	i	PROPN
cblr-9114	359	3	d.	d.	PROPN
cblr-9114	359	4	at	at	ADP
cblr-9114	359	5	1325	1325	NUM
cblr-9114	359	6	(	(	PUNCT
cblr-9114	359	7	citing	cite	VERB
cblr-9114	359	8	ctr	ctr	PROPN
cblr-9114	359	9	.	.	PUNCT
cblr-9114	360	1	on	on	ADP
cblr-9114	360	2	exec	exec	NOUN
cblr-9114	360	3	.	.	PUNCT
cblr-9114	361	1	comp	comp	PROPN
cblr-9114	361	2	.	.	PUNCT
cblr-9114	361	3	,	,	PUNCT
cblr-9114	361	4	a	a	DET
cblr-9114	361	5	call	call	NOUN
cblr-9114	361	6	for	for	ADP
cblr-9114	361	7	change	change	NOUN
cblr-9114	361	8	in	in	ADP
cblr-9114	361	9	the	the	DET
cblr-9114	361	10	proxy	proxy	ADJ
cblr-9114	361	11	advisory	advisory	ADJ
cblr-9114	361	12	industry	industry	NOUN
cblr-9114	361	13	status	status	NOUN
cblr-9114	361	14	quo	quo	NOUN
cblr-9114	361	15	:	:	PUNCT
cblr-9114	361	16	the	the	DET
cblr-9114	361	17	case	case	NOUN
cblr-9114	361	18	for	for	ADP
cblr-9114	361	19	greater	great	ADJ
cblr-9114	361	20	accountability	accountability	NOUN
cblr-9114	361	21	and	and	CCONJ
cblr-9114	361	22	oversight	oversight	NOUN
cblr-9114	361	23	32	32	NUM
cblr-9114	361	24	(	(	PUNCT
cblr-9114	361	25	2011	2011	NUM
cblr-9114	361	26	)	)	PUNCT
cblr-9114	361	27	)	)	PUNCT
cblr-9114	361	28	.	.	PUNCT
cblr-9114	362	1	110	110	NUM
cblr-9114	362	2	i	i	PRON
cblr-9114	362	3	d.	d.	PROPN
cblr-9114	362	4	111	111	NUM
cblr-9114	362	5	li	li	PROPN
cblr-9114	362	6	,	,	PUNCT
cblr-9114	362	7	supra	supra	PROPN
cblr-9114	362	8	note	note	PROPN
cblr-9114	362	9	94	94	NUM
cblr-9114	362	10	,	,	PUNCT
cblr-9114	362	11	at	at	ADP
cblr-9114	362	12	2953	2953	NUM
cblr-9114	362	13	.	.	PUNCT
cblr-9114	363	1	1512	1512	NUM
cblr-9114	363	2	columbia	columbia	PROPN
cblr-9114	363	3	business	business	NOUN
cblr-9114	363	4	law	law	PROPN
cblr-9114	363	5	review	review	NOUN
cblr-9114	363	6	[	[	X
cblr-9114	363	7	vol	vol	NOUN
cblr-9114	363	8	.	.	NOUN
cblr-9114	363	9	2021	2021	NUM
cblr-9114	363	10	proxy	proxy	NOUN
cblr-9114	363	11	advisory	advisory	ADJ
cblr-9114	363	12	firm	firm	NOUN
cblr-9114	363	13	market.112	market.112	PROPN
cblr-9114	363	14	several	several	ADJ
cblr-9114	363	15	advantages	advantage	NOUN
cblr-9114	363	16	stemming	stem	VERB
cblr-9114	363	17	from	from	ADP
cblr-9114	363	18	its	its	PRON
cblr-9114	363	19	first	first	ADJ
cblr-9114	363	20	-	-	PUNCT
cblr-9114	363	21	mover	mover	NOUN
cblr-9114	363	22	status	status	NOUN
cblr-9114	363	23	aid	aid	VERB
cblr-9114	363	24	it	it	PRON
cblr-9114	363	25	in	in	ADP
cblr-9114	363	26	entrenching	entrench	VERB
cblr-9114	363	27	its	its	PRON
cblr-9114	363	28	position	position	NOUN
cblr-9114	363	29	as	as	ADP
cblr-9114	363	30	the	the	DET
cblr-9114	363	31	dominant	dominant	ADJ
cblr-9114	363	32	firm	firm	NOUN
cblr-9114	363	33	.	.	PUNCT
cblr-9114	364	1	first	first	ADV
cblr-9114	364	2	,	,	PUNCT
cblr-9114	364	3	iss	iss	PROPN
cblr-9114	364	4	benefits	benefit	VERB
cblr-9114	364	5	from	from	ADP
cblr-9114	364	6	“	"	PUNCT
cblr-9114	364	7	network	network	NOUN
cblr-9114	364	8	effects,”113	effects,”113	NOUN
cblr-9114	364	9	as	as	ADP
cblr-9114	364	10	the	the	DET
cblr-9114	364	11	more	more	ADJ
cblr-9114	364	12	clients	client	NOUN
cblr-9114	364	13	it	it	PRON
cblr-9114	364	14	accrues	accrue	VERB
cblr-9114	364	15	,	,	PUNCT
cblr-9114	364	16	the	the	DET
cblr-9114	364	17	more	more	ADJ
cblr-9114	364	18	credibility	credibility	NOUN
cblr-9114	364	19	it	it	PRON
cblr-9114	364	20	gains	gain	VERB
cblr-9114	364	21	with	with	ADP
cblr-9114	364	22	other	other	ADJ
cblr-9114	364	23	investment	investment	NOUN
cblr-9114	364	24	advisors	advisor	NOUN
cblr-9114	364	25	,	,	PUNCT
cblr-9114	364	26	and	and	CCONJ
cblr-9114	364	27	the	the	DET
cblr-9114	364	28	more	more	ADV
cblr-9114	364	29	likely	likely	ADJ
cblr-9114	364	30	other	other	ADJ
cblr-9114	364	31	institutional	institutional	ADJ
cblr-9114	364	32	investors	investor	NOUN
cblr-9114	364	33	will	will	AUX
cblr-9114	364	34	be	be	AUX
cblr-9114	364	35	to	to	PART
cblr-9114	364	36	select	select	VERB
cblr-9114	364	37	it	it	PRON
cblr-9114	364	38	over	over	ADP
cblr-9114	364	39	its	its	PRON
cblr-9114	364	40	less	less	ADV
cblr-9114	364	41	established	establish	VERB
cblr-9114	364	42	competitors	competitor	NOUN
cblr-9114	364	43	.	.	PUNCT
cblr-9114	365	1	“	"	PUNCT
cblr-9114	365	2	since	since	SCONJ
cblr-9114	365	3	it	it	PRON
cblr-9114	365	4	is	be	AUX
cblr-9114	365	5	the	the	DET
cblr-9114	365	6	more	more	ADV
cblr-9114	365	7	powerful	powerful	ADJ
cblr-9114	365	8	player	player	NOUN
cblr-9114	365	9	,	,	PUNCT
cblr-9114	365	10	iss	iss	PROPN
cblr-9114	365	11	’s	’s	PART
cblr-9114	365	12	‘	'	PUNCT
cblr-9114	365	13	certification	certification	NOUN
cblr-9114	365	14	effect	effect	NOUN
cblr-9114	365	15	’	'	PUNCT
cblr-9114	365	16	could	could	AUX
cblr-9114	365	17	be	be	AUX
cblr-9114	365	18	valuable	valuable	ADJ
cblr-9114	365	19	in	in	ADP
cblr-9114	365	20	case	case	NOUN
cblr-9114	365	21	a	a	DET
cblr-9114	365	22	lawsuit	lawsuit	NOUN
cblr-9114	365	23	occurs	occur	VERB
cblr-9114	365	24	.	.	PUNCT
cblr-9114	365	25	”114	”114	PROPN
cblr-9114	366	1	second	second	ADV
cblr-9114	366	2	,	,	PUNCT
cblr-9114	366	3	the	the	DET
cblr-9114	366	4	other	other	ADJ
cblr-9114	366	5	considerable	considerable	ADJ
cblr-9114	366	6	advantage	advantage	NOUN
cblr-9114	366	7	arising	arise	VERB
cblr-9114	366	8	from	from	ADP
cblr-9114	366	9	iss	iss	PROPN
cblr-9114	366	10	’s	’s	PART
cblr-9114	366	11	first	first	ADJ
cblr-9114	366	12	mover	mover	NOUN
cblr-9114	366	13	advantage	advantage	NOUN
cblr-9114	366	14	is	be	AUX
cblr-9114	366	15	consumer	consumer	NOUN
cblr-9114	366	16	switching	switch	VERB
cblr-9114	366	17	costs.115	costs.115	PRON
cblr-9114	366	18	the	the	DET
cblr-9114	366	19	time	time	NOUN
cblr-9114	366	20	,	,	PUNCT
cblr-9114	366	21	cost	cost	NOUN
cblr-9114	366	22	and	and	CCONJ
cblr-9114	366	23	difficulty	difficulty	NOUN
cblr-9114	366	24	of	of	ADP
cblr-9114	366	25	negotiating	negotiate	VERB
cblr-9114	366	26	with	with	ADP
cblr-9114	366	27	a	a	DET
cblr-9114	366	28	new	new	ADJ
cblr-9114	366	29	advisor	advisor	NOUN
cblr-9114	366	30	and	and	CCONJ
cblr-9114	366	31	implementing	implement	VERB
cblr-9114	366	32	a	a	DET
cblr-9114	366	33	new	new	ADJ
cblr-9114	366	34	proxy	proxy	NOUN
cblr-9114	366	35	voting	voting	NOUN
cblr-9114	366	36	system	system	NOUN
cblr-9114	366	37	discourages	discourage	VERB
cblr-9114	366	38	switching	switch	VERB
cblr-9114	366	39	to	to	ADP
cblr-9114	366	40	a	a	DET
cblr-9114	366	41	competitor	competitor	NOUN
cblr-9114	366	42	,	,	PUNCT
cblr-9114	366	43	regardless	regardless	ADV
cblr-9114	366	44	of	of	ADP
cblr-9114	366	45	any	any	DET
cblr-9114	366	46	dissatisfaction.116	dissatisfaction.116	NOUN
cblr-9114	366	47	furthermore	furthermore	ADV
cblr-9114	366	48	,	,	PUNCT
cblr-9114	366	49	any	any	DET
cblr-9114	366	50	potential	potential	ADJ
cblr-9114	366	51	competitive	competitive	ADJ
cblr-9114	366	52	advantage	advantage	NOUN
cblr-9114	366	53	for	for	ADP
cblr-9114	366	54	glass	glass	NOUN
cblr-9114	366	55	lewis	lewis	PROPN
cblr-9114	366	56	in	in	ADP
cblr-9114	366	57	emphasizing	emphasize	VERB
cblr-9114	366	58	a	a	DET
cblr-9114	366	59	lack	lack	NOUN
cblr-9114	366	60	of	of	ADP
cblr-9114	366	61	conflicts	conflict	NOUN
cblr-9114	366	62	of	of	ADP
cblr-9114	366	63	interest	interest	NOUN
cblr-9114	366	64	will	will	AUX
cblr-9114	366	65	be	be	AUX
cblr-9114	366	66	tempered	temper	VERB
cblr-9114	366	67	by	by	ADP
cblr-9114	366	68	other	other	ADJ
cblr-9114	366	69	weaknesses	weakness	NOUN
cblr-9114	366	70	.	.	PUNCT
cblr-9114	367	1	first	first	ADV
cblr-9114	367	2	,	,	PUNCT
cblr-9114	367	3	glass	glass	PROPN
cblr-9114	367	4	lewis	lewis	PROPN
cblr-9114	367	5	has	have	AUX
cblr-9114	367	6	faced	face	VERB
cblr-9114	367	7	its	its	PRON
cblr-9114	367	8	own	own	ADJ
cblr-9114	367	9	allegations	allegation	NOUN
cblr-9114	367	10	of	of	ADP
cblr-9114	367	11	conflicts	conflict	NOUN
cblr-9114	367	12	of	of	ADP
cblr-9114	367	13	interest.117	interest.117	NOUN
cblr-9114	367	14	in	in	ADP
cblr-9114	367	15	addition	addition	NOUN
cblr-9114	367	16	,	,	PUNCT
cblr-9114	367	17	112	112	NUM
cblr-9114	367	18	belinfanti	belinfanti	NOUN
cblr-9114	367	19	,	,	PUNCT
cblr-9114	367	20	supra	supra	PROPN
cblr-9114	367	21	note	note	NOUN
cblr-9114	367	22	59	59	NUM
cblr-9114	367	23	,	,	PUNCT
cblr-9114	367	24	at	at	ADP
cblr-9114	367	25	412	412	NUM
cblr-9114	367	26	(	(	PUNCT
cblr-9114	367	27	“	"	PUNCT
cblr-9114	367	28	first	first	ADJ
cblr-9114	367	29	mover	mover	NOUN
cblr-9114	367	30	advantage	advantage	NOUN
cblr-9114	367	31	theory	theory	NOUN
cblr-9114	367	32	states	state	VERB
cblr-9114	367	33	that	that	SCONJ
cblr-9114	367	34	first	first	ADJ
cblr-9114	367	35	movers	mover	NOUN
cblr-9114	367	36	into	into	ADP
cblr-9114	367	37	a	a	DET
cblr-9114	367	38	new	new	ADJ
cblr-9114	367	39	industry	industry	NOUN
cblr-9114	367	40	will	will	AUX
cblr-9114	367	41	gain	gain	VERB
cblr-9114	367	42	an	an	DET
cblr-9114	367	43	advantage	advantage	NOUN
cblr-9114	367	44	,	,	PUNCT
cblr-9114	367	45	creating	create	VERB
cblr-9114	367	46	very	very	ADV
cblr-9114	367	47	high	high	ADJ
cblr-9114	367	48	or	or	CCONJ
cblr-9114	367	49	insurmountable	insurmountable	ADJ
cblr-9114	367	50	barriers	barrier	NOUN
cblr-9114	367	51	for	for	ADP
cblr-9114	367	52	new	new	ADJ
cblr-9114	367	53	entrants	entrant	NOUN
cblr-9114	367	54	.	.	PUNCT
cblr-9114	367	55	”	"	PUNCT
cblr-9114	367	56	)	)	PUNCT
cblr-9114	367	57	.	.	PUNCT
cblr-9114	368	1	113	113	NUM
cblr-9114	368	2	i	i	PRON
cblr-9114	368	3	d.	d.	PROPN
cblr-9114	368	4	114	114	NUM
cblr-9114	368	5	li	li	PROPN
cblr-9114	368	6	,	,	PUNCT
cblr-9114	368	7	supra	supra	PROPN
cblr-9114	368	8	note	note	PROPN
cblr-9114	368	9	94	94	NUM
cblr-9114	368	10	,	,	PUNCT
cblr-9114	368	11	at	at	ADP
cblr-9114	368	12	2953	2953	NUM
cblr-9114	368	13	.	.	PUNCT
cblr-9114	369	1	115	115	NUM
cblr-9114	369	2	see	see	VERB
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cblr-9114	369	4	,	,	PUNCT
cblr-9114	369	5	supra	supra	PROPN
cblr-9114	369	6	note	note	PROPN
cblr-9114	369	7	59	59	NUM
cblr-9114	369	8	,	,	PUNCT
cblr-9114	369	9	at	at	ADP
cblr-9114	369	10	413	413	NUM
cblr-9114	369	11	.	.	PUNCT
cblr-9114	370	1	116	116	NUM
cblr-9114	371	1	i	i	PRON
cblr-9114	371	2	d.	d.	PROPN
cblr-9114	371	3	117	117	NUM
cblr-9114	371	4	see	see	VERB
cblr-9114	371	5	,	,	PUNCT
cblr-9114	371	6	e.g.	e.g.	ADV
cblr-9114	371	7	,	,	PUNCT
cblr-9114	371	8	press	press	NOUN
cblr-9114	371	9	release	release	NOUN
cblr-9114	371	10	,	,	PUNCT
cblr-9114	371	11	u.s	u.s	PROPN
cblr-9114	371	12	.	.	PROPN
cblr-9114	371	13	chamber	chamber	PROPN
cblr-9114	371	14	of	of	ADP
cblr-9114	371	15	commerce	commerce	PROPN
cblr-9114	371	16	,	,	PUNCT
cblr-9114	371	17	supra	supra	PROPN
cblr-9114	371	18	note	note	PROPN
cblr-9114	371	19	71	71	NUM
cblr-9114	371	20	;	;	PUNCT
cblr-9114	371	21	see	see	VERB
cblr-9114	371	22	also	also	ADV
cblr-9114	371	23	meaghan	meaghan	PROPN
cblr-9114	371	24	kilroy	kilroy	PROPN
cblr-9114	371	25	,	,	PUNCT
cblr-9114	371	26	procter	procter	PROPN
cblr-9114	371	27	&	&	CCONJ
cblr-9114	371	28	gamble	gamble	PROPN
cblr-9114	371	29	says	say	VERB
cblr-9114	371	30	trian	trian	ADJ
cblr-9114	371	31	loses	lose	VERB
cblr-9114	371	32	vote	vote	NOUN
cblr-9114	371	33	for	for	ADP
cblr-9114	371	34	board	board	NOUN
cblr-9114	371	35	spot	spot	NOUN
cblr-9114	371	36	;	;	PUNCT
cblr-9114	371	37	nelson	nelson	PROPN
cblr-9114	371	38	peltz	peltz	PROPN
cblr-9114	371	39	disputes	dispute	NOUN
cblr-9114	371	40	results	result	NOUN
cblr-9114	371	41	,	,	PUNCT
cblr-9114	371	42	pensions	pension	NOUN
cblr-9114	371	43	&	&	CCONJ
cblr-9114	371	44	invs	invs	PROPN
cblr-9114	371	45	.	.	PUNCT
cblr-9114	372	1	(	(	PUNCT
cblr-9114	372	2	oct	oct	PROPN
cblr-9114	372	3	.	.	PROPN
cblr-9114	372	4	10	10	NUM
cblr-9114	372	5	,	,	PUNCT
cblr-9114	372	6	2017	2017	NUM
cblr-9114	372	7	)	)	PUNCT
cblr-9114	372	8	,	,	PUNCT
cblr-9114	372	9	https://www.pionline.com/article/20171010/online/171019996/proctergamble-says-trian-loses-vote-for-board-spot-nelson-peltz-disputes-results	https://www.pionline.com/article/20171010/online/171019996/proctergamble-says-trian-loses-vote-for-board-spot-nelson-peltz-disputes-result	VERB
cblr-9114	372	10	[	[	X
cblr-9114	372	11	https://perma.cc/dsm5-lhv6	https://perma.cc/dsm5-lhv6	X
cblr-9114	372	12	]	]	X
cblr-9114	372	13	(	(	PUNCT
cblr-9114	372	14	“	"	PUNCT
cblr-9114	372	15	canada	canada	PROPN
cblr-9114	372	16	pension	pension	NOUN
cblr-9114	372	17	plan	plan	PROPN
cblr-9114	372	18	investment	investment	NOUN
cblr-9114	372	19	board	board	NOUN
cblr-9114	372	20	and	and	CCONJ
cblr-9114	372	21	the	the	DET
cblr-9114	372	22	c$180.5	c$180.5	PROPN
cblr-9114	372	23	billion	billion	NUM
cblr-9114	372	24	ontario	ontario	NOUN
cblr-9114	372	25	teachers	teacher	NOUN
cblr-9114	372	26	’	’	PART
cblr-9114	372	27	pension	pension	NOUN
cblr-9114	372	28	plan	plan	NOUN
cblr-9114	372	29	,	,	PUNCT
cblr-9114	372	30	toronto	toronto	PROPN
cblr-9114	372	31	,	,	PUNCT
cblr-9114	372	32	all	all	PRON
cblr-9114	372	33	supported	support	VERB
cblr-9114	372	34	trian	trian	ADJ
cblr-9114	372	35	’s	’s	NOUN
cblr-9114	372	36	proxy	proxy	NOUN
cblr-9114	372	37	fight	fight	NOUN
cblr-9114	372	38	with	with	ADP
cblr-9114	372	39	the	the	DET
cblr-9114	372	40	consumer	consumer	NOUN
cblr-9114	372	41	goods	good	NOUN
cblr-9114	372	42	manufacturer	manufacturer	NOUN
cblr-9114	372	43	,	,	PUNCT
cblr-9114	372	44	according	accord	VERB
cblr-9114	372	45	to	to	ADP
cblr-9114	372	46	their	their	PRON
cblr-9114	372	47	proxy	proxy	NOUN
cblr-9114	372	48	-	-	PUNCT
cblr-9114	372	49	voting	voting	NOUN
cblr-9114	372	50	disclosures	disclosure	NOUN
cblr-9114	372	51	.	.	PUNCT
cblr-9114	372	52	”	"	PUNCT
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cblr-9114	372	54	;	;	PUNCT
cblr-9114	373	1	martin	martin	PROPN
cblr-9114	373	2	lipton	lipton	PROPN
cblr-9114	373	3	,	,	PUNCT
cblr-9114	373	4	dealing	deal	VERB
cblr-9114	373	5	with	with	ADP
cblr-9114	373	6	activist	activist	ADJ
cblr-9114	373	7	hedge	hedge	NOUN
cblr-9114	373	8	funds	fund	NOUN
cblr-9114	373	9	,	,	PUNCT
cblr-9114	373	10	harv	harv	PROPN
cblr-9114	373	11	.	.	PUNCT
cblr-9114	374	1	l.	l.	PROPN
cblr-9114	374	2	sch	sch	PROPN
cblr-9114	374	3	.	.	PUNCT
cblr-9114	375	1	f.	f.	PROPN
cblr-9114	375	2	on	on	ADP
cblr-9114	375	3	corp	corp	PROPN
cblr-9114	375	4	.	.	PROPN
cblr-9114	375	5	governance	governance	PROPN
cblr-9114	375	6	(	(	PUNCT
cblr-9114	375	7	nov	nov	PROPN
cblr-9114	375	8	.	.	PROPN
cblr-9114	375	9	6	6	NUM
cblr-9114	375	10	,	,	PUNCT
cblr-9114	375	11	2014	2014	NUM
cblr-9114	375	12	)	)	PUNCT
cblr-9114	375	13	,	,	PUNCT
cblr-9114	375	14	https://corpgov.law.harvard.edu/2014/11/06/dealing-with-activisthedge-funds-3/	https://corpgov.law.harvard.edu/2014/11/06/dealing-with-activisthedge-funds-3/	PROPN
cblr-9114	376	1	[	[	X
cblr-9114	376	2	https://perma.cc/xp52-b3g2	https://perma.cc/xp52-b3g2	X
cblr-9114	376	3	]	]	X
cblr-9114	376	4	(	(	PUNCT
cblr-9114	376	5	“	"	PUNCT
cblr-9114	376	6	prominent	prominent	ADJ
cblr-9114	376	7	institutional	institutional	ADJ
cblr-9114	376	8	investors	investor	NOUN
cblr-9114	376	9	and	and	CCONJ
cblr-9114	376	10	strategic	strategic	ADJ
cblr-9114	376	11	acquirors	acquiror	NOUN
cblr-9114	376	12	have	have	AUX
cblr-9114	376	13	been	be	AUX
cblr-9114	376	14	working	work	VERB
cblr-9114	376	15	with	with	ADP
cblr-9114	376	16	activists	activist	NOUN
cblr-9114	376	17	both	both	CCONJ
cblr-9114	376	18	behind	behind	ADP
cblr-9114	376	19	the	the	DET
cblr-9114	376	20	scenes	scene	NOUN
cblr-9114	376	21	and	and	CCONJ
cblr-9114	376	22	by	by	ADP
cblr-9114	376	23	partnering	partner	VERB
cblr-9114	376	24	in	in	ADP
cblr-9114	376	25	sponsoring	sponsor	VERB
cblr-9114	376	26	an	an	DET
cblr-9114	376	27	activist	activist	ADJ
cblr-9114	376	28	attack	attack	NOUN
cblr-9114	376	29	such	such	ADJ
cblr-9114	376	30	as	as	ADP
cblr-9114	376	31	calstrs	calstrs	ADJ
cblr-9114	376	32	with	with	ADP
cblr-9114	376	33	relational	relational	NOUN
cblr-9114	376	34	in	in	ADP
cblr-9114	376	35	attacking	attack	VERB
cblr-9114	376	36	timken	timken	PROPN
cblr-9114	376	37	[	[	X
cblr-9114	376	38	]	]	X
cblr-9114	377	1	[	[	X
cblr-9114	377	2	and	and	CCONJ
cblr-9114	377	3	]	]	PUNCT
cblr-9114	377	4	ontario	ontario	PROPN
cblr-9114	377	5	teachers	teachers	PROPN
cblr-9114	377	6	’	’	PART
cblr-9114	377	7	pension	pension	NOUN
cblr-9114	377	8	fund	fund	NOUN
cblr-9114	377	9	with	with	ADP
cblr-9114	377	10	pershing	pershing	PROPN
cblr-9114	377	11	square	square	NOUN
cblr-9114	377	12	in	in	ADP
cblr-9114	377	13	attacking	attack	VERB
cblr-9114	377	14	canadian	canadian	ADJ
cblr-9114	377	15	pacific	pacific	PROPN
cblr-9114	377	16	[	[	X
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cblr-9114	377	18	]	]	X
cblr-9114	377	19	”	"	PUNCT
cblr-9114	377	20	)	)	PUNCT
cblr-9114	377	21	.	.	PUNCT
cblr-9114	378	1	no	no	INTJ
cblr-9114	378	2	.	.	PUNCT
cblr-9114	379	1	3:1487	3:1487	NUM
cblr-9114	379	2	]	]	X
cblr-9114	379	3	proxy	proxy	ADJ
cblr-9114	379	4	advisory	advisory	ADJ
cblr-9114	379	5	firms	firm	NOUN
cblr-9114	379	6	’	'	PUNCT
cblr-9114	379	7	conflicts	conflict	NOUN
cblr-9114	379	8	of	of	ADP
cblr-9114	379	9	interest	interest	NOUN
cblr-9114	379	10	1513	1513	NUM
cblr-9114	379	11	glass	glass	NOUN
cblr-9114	379	12	lewis	lewis	PROPN
cblr-9114	379	13	,	,	PUNCT
cblr-9114	379	14	unlike	unlike	ADP
cblr-9114	379	15	iss	iss	PROPN
cblr-9114	379	16	,	,	PUNCT
cblr-9114	379	17	has	have	AUX
cblr-9114	379	18	not	not	PART
cblr-9114	379	19	registered	register	VERB
cblr-9114	379	20	under	under	ADP
cblr-9114	379	21	the	the	DET
cblr-9114	379	22	investment	investment	NOUN
cblr-9114	379	23	advisers	adviser	NOUN
cblr-9114	379	24	act.118	act.118	VERB
cblr-9114	379	25	while	while	SCONJ
cblr-9114	379	26	iss	iss	PROPN
cblr-9114	379	27	’s	’s	PART
cblr-9114	379	28	conflicts	conflict	NOUN
cblr-9114	379	29	,	,	PUNCT
cblr-9114	379	30	resulting	result	VERB
cblr-9114	379	31	from	from	ADP
cblr-9114	379	32	its	its	PRON
cblr-9114	379	33	provision	provision	NOUN
cblr-9114	379	34	of	of	ADP
cblr-9114	379	35	corporate	corporate	ADJ
cblr-9114	379	36	governance	governance	NOUN
cblr-9114	379	37	consulting	consulting	NOUN
cblr-9114	379	38	services	service	NOUN
cblr-9114	379	39	,	,	PUNCT
cblr-9114	379	40	appear	appear	VERB
cblr-9114	379	41	more	more	ADV
cblr-9114	379	42	expansive	expansive	ADJ
cblr-9114	379	43	and	and	CCONJ
cblr-9114	379	44	concerning	concern	VERB
cblr-9114	379	45	,	,	PUNCT
cblr-9114	379	46	iss	iss	PROPN
cblr-9114	379	47	can	can	AUX
cblr-9114	379	48	easily	easily	ADV
cblr-9114	379	49	point	point	VERB
cblr-9114	379	50	to	to	ADP
cblr-9114	379	51	glass	glass	PROPN
cblr-9114	379	52	lewis	lewis	PROPN
cblr-9114	379	53	and	and	CCONJ
cblr-9114	379	54	other	other	ADJ
cblr-9114	379	55	competitors	competitor	NOUN
cblr-9114	379	56	’	'	PUNCT
cblr-9114	379	57	conflicts	conflict	NOUN
cblr-9114	379	58	to	to	PART
cblr-9114	379	59	make	make	VERB
cblr-9114	379	60	the	the	DET
cblr-9114	379	61	argument	argument	NOUN
cblr-9114	379	62	that	that	SCONJ
cblr-9114	379	63	the	the	DET
cblr-9114	379	64	presence	presence	NOUN
cblr-9114	379	65	of	of	ADP
cblr-9114	379	66	certain	certain	ADJ
cblr-9114	379	67	conflicts	conflict	NOUN
cblr-9114	379	68	must	must	AUX
cblr-9114	379	69	simply	simply	ADV
cblr-9114	379	70	be	be	AUX
cblr-9114	379	71	accepted	accept	VERB
cblr-9114	379	72	by	by	ADP
cblr-9114	379	73	institutional	institutional	ADJ
cblr-9114	379	74	investors	investor	NOUN
cblr-9114	379	75	.	.	PUNCT
cblr-9114	380	1	since	since	SCONJ
cblr-9114	380	2	institutional	institutional	ADJ
cblr-9114	380	3	investors	investor	NOUN
cblr-9114	380	4	value	value	VERB
cblr-9114	380	5	multiple	multiple	ADJ
cblr-9114	380	6	factors	factor	NOUN
cblr-9114	380	7	aside	aside	ADV
cblr-9114	380	8	from	from	ADP
cblr-9114	380	9	perceived	perceive	VERB
cblr-9114	380	10	quality	quality	NOUN
cblr-9114	380	11	of	of	ADP
cblr-9114	380	12	information	information	NOUN
cblr-9114	380	13	,	,	PUNCT
cblr-9114	380	14	iss	iss	PROPN
cblr-9114	380	15	appears	appear	VERB
cblr-9114	380	16	to	to	PART
cblr-9114	380	17	have	have	AUX
cblr-9114	380	18	had	have	VERB
cblr-9114	380	19	little	little	ADJ
cblr-9114	380	20	trouble	trouble	NOUN
cblr-9114	380	21	maintaining	maintain	VERB
cblr-9114	380	22	its	its	PRON
cblr-9114	380	23	command	command	NOUN
cblr-9114	380	24	of	of	ADP
cblr-9114	380	25	the	the	DET
cblr-9114	380	26	proxy	proxy	ADJ
cblr-9114	380	27	advisory	advisory	ADJ
cblr-9114	380	28	firm	firm	ADJ
cblr-9114	380	29	market	market	NOUN
cblr-9114	380	30	.	.	PUNCT
cblr-9114	381	1	however	however	ADV
cblr-9114	381	2	,	,	PUNCT
cblr-9114	381	3	a	a	DET
cblr-9114	381	4	lack	lack	NOUN
cblr-9114	381	5	of	of	ADP
cblr-9114	381	6	complaints	complaint	NOUN
cblr-9114	381	7	by	by	ADP
cblr-9114	381	8	institutional	institutional	ADJ
cblr-9114	381	9	investors	investor	NOUN
cblr-9114	381	10	does	do	AUX
cblr-9114	381	11	not	not	PART
cblr-9114	381	12	ipso	ipso	VERB
cblr-9114	381	13	facto	facto	X
cblr-9114	381	14	eliminate	eliminate	VERB
cblr-9114	381	15	the	the	DET
cblr-9114	381	16	numerous	numerous	ADJ
cblr-9114	381	17	causes	cause	NOUN
cblr-9114	381	18	for	for	ADP
cblr-9114	381	19	concern	concern	NOUN
cblr-9114	381	20	stemming	stem	VERB
cblr-9114	381	21	from	from	ADP
cblr-9114	381	22	iss	iss	PROPN
cblr-9114	381	23	and	and	CCONJ
cblr-9114	381	24	other	other	ADJ
cblr-9114	381	25	proxy	proxy	ADJ
cblr-9114	381	26	advisers	adviser	NOUN
cblr-9114	381	27	’	’	PART
cblr-9114	381	28	inherent	inherent	ADJ
cblr-9114	381	29	conflicts	conflict	NOUN
cblr-9114	381	30	of	of	ADP
cblr-9114	381	31	interest	interest	NOUN
cblr-9114	381	32	.	.	PUNCT
cblr-9114	382	1	moreover	moreover	ADV
cblr-9114	382	2	,	,	PUNCT
cblr-9114	382	3	even	even	ADV
cblr-9114	382	4	if	if	SCONJ
cblr-9114	382	5	one	one	NUM
cblr-9114	382	6	were	be	AUX
cblr-9114	382	7	to	to	PART
cblr-9114	382	8	accept	accept	VERB
cblr-9114	382	9	professor	professor	NOUN
cblr-9114	382	10	dent	dent	NOUN
cblr-9114	382	11	’s	’s	PART
cblr-9114	382	12	implicit	implicit	ADJ
cblr-9114	382	13	assumption	assumption	NOUN
cblr-9114	382	14	that	that	SCONJ
cblr-9114	382	15	investment	investment	NOUN
cblr-9114	382	16	advisors	advisor	NOUN
cblr-9114	382	17	’	'	PUNCT
cblr-9114	382	18	primary	primary	ADJ
cblr-9114	382	19	consideration	consideration	NOUN
cblr-9114	382	20	in	in	ADP
cblr-9114	382	21	selecting	select	VERB
cblr-9114	382	22	a	a	DET
cblr-9114	382	23	proxy	proxy	ADJ
cblr-9114	382	24	advisory	advisory	ADJ
cblr-9114	382	25	firm	firm	NOUN
cblr-9114	382	26	is	be	AUX
cblr-9114	382	27	quality	quality	NOUN
cblr-9114	382	28	of	of	ADP
cblr-9114	382	29	information	information	NOUN
cblr-9114	382	30	,	,	PUNCT
cblr-9114	382	31	investment	investment	NOUN
cblr-9114	382	32	advisors	advisor	NOUN
cblr-9114	382	33	’	'	PUNCT
cblr-9114	382	34	preferences	preference	NOUN
cblr-9114	382	35	can	can	AUX
cblr-9114	382	36	not	not	PART
cblr-9114	382	37	serve	serve	VERB
cblr-9114	382	38	as	as	ADP
cblr-9114	382	39	an	an	DET
cblr-9114	382	40	effective	effective	ADJ
cblr-9114	382	41	signal	signal	NOUN
cblr-9114	382	42	of	of	ADP
cblr-9114	382	43	quality	quality	NOUN
cblr-9114	382	44	if	if	SCONJ
cblr-9114	382	45	they	they	PRON
cblr-9114	382	46	are	be	AUX
cblr-9114	382	47	not	not	PART
cblr-9114	382	48	aware	aware	ADJ
cblr-9114	382	49	of	of	ADP
cblr-9114	382	50	the	the	DET
cblr-9114	382	51	conflicts	conflict	NOUN
cblr-9114	382	52	of	of	ADP
cblr-9114	382	53	interest	interest	NOUN
cblr-9114	382	54	tainting	taint	VERB
cblr-9114	382	55	the	the	DET
cblr-9114	382	56	recommendations	recommendation	NOUN
cblr-9114	382	57	on	on	ADP
cblr-9114	382	58	which	which	PRON
cblr-9114	382	59	they	they	PRON
cblr-9114	382	60	rely	rely	VERB
cblr-9114	382	61	.	.	PUNCT
cblr-9114	383	1	commentators	commentator	NOUN
cblr-9114	383	2	have	have	AUX
cblr-9114	383	3	lamented	lament	VERB
cblr-9114	383	4	that	that	SCONJ
cblr-9114	383	5	“	"	PUNCT
cblr-9114	383	6	the	the	DET
cblr-9114	383	7	conflicts	conflict	NOUN
cblr-9114	383	8	disclosures	disclosure	NOUN
cblr-9114	383	9	provided	provide	VERB
cblr-9114	383	10	by	by	ADP
cblr-9114	383	11	proxy	proxy	ADJ
cblr-9114	383	12	voting	voting	NOUN
cblr-9114	383	13	advice	advice	NOUN
cblr-9114	383	14	businesses	business	NOUN
cblr-9114	383	15	are	be	AUX
cblr-9114	383	16	vague	vague	ADJ
cblr-9114	383	17	or	or	CCONJ
cblr-9114	383	18	boilerplate	boilerplate	ADJ
cblr-9114	383	19	disclosures	disclosure	NOUN
cblr-9114	383	20	that	that	PRON
cblr-9114	383	21	do	do	AUX
cblr-9114	383	22	not	not	PART
cblr-9114	383	23	provide	provide	VERB
cblr-9114	383	24	sufficient	sufficient	ADJ
cblr-9114	383	25	information	information	NOUN
cblr-9114	383	26	about	about	ADP
cblr-9114	383	27	the	the	DET
cblr-9114	383	28	nature	nature	NOUN
cblr-9114	383	29	of	of	ADP
cblr-9114	383	30	potential	potential	ADJ
cblr-9114	383	31	conflicts	conflict	NOUN
cblr-9114	383	32	.	.	PUNCT
cblr-9114	383	33	”119	”119	PROPN
cblr-9114	383	34	as	as	SCONJ
cblr-9114	383	35	described	describe	VERB
cblr-9114	383	36	by	by	ADP
cblr-9114	383	37	gary	gary	PROPN
cblr-9114	383	38	retelny	retelny	PROPN
cblr-9114	383	39	,	,	PUNCT
cblr-9114	383	40	ceo	ceo	PROPN
cblr-9114	383	41	of	of	ADP
cblr-9114	383	42	iss	iss	PROPN
cblr-9114	383	43	,	,	PUNCT
cblr-9114	383	44	iss	iss	PROPN
cblr-9114	383	45	’s	’s	PART
cblr-9114	383	46	clients	client	NOUN
cblr-9114	383	47	must	must	AUX
cblr-9114	383	48	actively	actively	ADV
cblr-9114	383	49	request	request	VERB
cblr-9114	383	50	a	a	DET
cblr-9114	383	51	non	non	ADJ
cblr-9114	383	52	-	-	ADJ
cblr-9114	383	53	boilerplate	boilerplate	ADJ
cblr-9114	383	54	conflicts	conflict	NOUN
cblr-9114	383	55	disclosure	disclosure	NOUN
cblr-9114	383	56	:	:	PUNCT
cblr-9114	383	57	[	[	X
cblr-9114	383	58	e]ach	e]ach	NOUN
cblr-9114	383	59	proxy	proxy	NOUN
cblr-9114	383	60	analysis	analysis	NOUN
cblr-9114	383	61	and	and	CCONJ
cblr-9114	383	62	research	research	NOUN
cblr-9114	383	63	report	report	NOUN
cblr-9114	383	64	that	that	SCONJ
cblr-9114	383	65	iss	iss	PROPN
cblr-9114	383	66	issues	issue	NOUN
cblr-9114	383	67	contains	contain	VERB
cblr-9114	383	68	a	a	DET
cblr-9114	383	69	legend	legend	NOUN
cblr-9114	383	70	indicating	indicate	VERB
cblr-9114	383	71	that	that	SCONJ
cblr-9114	383	72	the	the	DET
cblr-9114	383	73	subject	subject	NOUN
cblr-9114	383	74	of	of	ADP
cblr-9114	383	75	the	the	DET
cblr-9114	383	76	analysis	analysis	NOUN
cblr-9114	383	77	or	or	CCONJ
cblr-9114	383	78	report	report	NOUN
cblr-9114	383	79	may	may	AUX
cblr-9114	383	80	be	be	AUX
cblr-9114	383	81	a	a	DET
cblr-9114	383	82	client	client	NOUN
cblr-9114	383	83	of	of	ADP
cblr-9114	383	84	or	or	CCONJ
cblr-9114	383	85	affiliated	affiliate	VERB
cblr-9114	383	86	with	with	ADP
cblr-9114	383	87	a	a	DET
cblr-9114	383	88	client	client	NOUN
cblr-9114	383	89	of	of	ADP
cblr-9114	383	90	iss	iss	PROPN
cblr-9114	383	91	,	,	PUNCT
cblr-9114	383	92	ics	ics	PROPN
cblr-9114	383	93	or	or	CCONJ
cblr-9114	383	94	another	another	DET
cblr-9114	383	95	iss	iss	PROPN
cblr-9114	383	96	subsidiary	subsidiary	NOUN
cblr-9114	383	97	.	.	PUNCT
cblr-9114	384	1	118	118	NUM
cblr-9114	384	2	see	see	VERB
cblr-9114	384	3	supra	supra	PROPN
cblr-9114	384	4	note	note	PROPN
cblr-9114	384	5	46	46	NUM
cblr-9114	384	6	and	and	CCONJ
cblr-9114	384	7	accompanying	accompany	VERB
cblr-9114	384	8	text	text	NOUN
cblr-9114	384	9	.	.	PUNCT
cblr-9114	385	1	119	119	NUM
cblr-9114	385	2	amendments	amendment	NOUN
cblr-9114	385	3	to	to	ADP
cblr-9114	385	4	exemptions	exemption	NOUN
cblr-9114	385	5	from	from	ADP
cblr-9114	385	6	the	the	DET
cblr-9114	385	7	proxy	proxy	NOUN
cblr-9114	385	8	rules	rule	NOUN
cblr-9114	385	9	for	for	ADP
cblr-9114	385	10	proxy	proxy	ADJ
cblr-9114	385	11	voting	voting	NOUN
cblr-9114	385	12	advice	advice	NOUN
cblr-9114	385	13	,	,	PUNCT
cblr-9114	385	14	exchange	exchange	NOUN
cblr-9114	385	15	act	act	NOUN
cblr-9114	385	16	release	release	VERB
cblr-9114	385	17	no	no	PRON
cblr-9114	385	18	.	.	NOUN
cblr-9114	385	19	87,457	87,457	NUM
cblr-9114	385	20	,	,	PUNCT
cblr-9114	385	21	84	84	NUM
cblr-9114	385	22	fed	feed	VERB
cblr-9114	385	23	.	.	PUNCT
cblr-9114	386	1	reg	reg	PROPN
cblr-9114	386	2	.	.	PROPN
cblr-9114	387	1	66,518	66,518	NUM
cblr-9114	387	2	,	,	PUNCT
cblr-9114	387	3	66,526	66,526	NUM
cblr-9114	387	4	(	(	PUNCT
cblr-9114	387	5	proposed	propose	VERB
cblr-9114	387	6	dec	dec	PROPN
cblr-9114	387	7	.	.	PROPN
cblr-9114	387	8	4	4	NUM
cblr-9114	387	9	,	,	PUNCT
cblr-9114	387	10	2019	2019	NUM
cblr-9114	387	11	)	)	PUNCT
cblr-9114	387	12	(	(	PUNCT
cblr-9114	387	13	to	to	PART
cblr-9114	387	14	be	be	AUX
cblr-9114	387	15	codified	codify	VERB
cblr-9114	387	16	at	at	ADP
cblr-9114	387	17	17	17	NUM
cblr-9114	387	18	c.f.r	c.f.r	NOUN
cblr-9114	387	19	.	.	PUNCT
cblr-9114	388	1	pt	pt	PROPN
cblr-9114	388	2	.	.	PROPN
cblr-9114	388	3	240	240	NUM
cblr-9114	388	4	)	)	PUNCT
cblr-9114	388	5	;	;	PUNCT
cblr-9114	388	6	see	see	VERB
cblr-9114	388	7	also	also	ADV
cblr-9114	388	8	fagan	fagan	PROPN
cblr-9114	388	9	,	,	PUNCT
cblr-9114	388	10	supra	supra	PROPN
cblr-9114	388	11	note	note	PROPN
cblr-9114	388	12	43	43	NUM
cblr-9114	388	13	,	,	PUNCT
cblr-9114	388	14	at	at	ADP
cblr-9114	388	15	635	635	NUM
cblr-9114	388	16	(	(	PUNCT
cblr-9114	388	17	“	"	PUNCT
cblr-9114	388	18	the	the	DET
cblr-9114	388	19	disclosures	disclosure	NOUN
cblr-9114	388	20	used	use	VERB
cblr-9114	388	21	by	by	ADP
cblr-9114	388	22	some	some	DET
cblr-9114	388	23	advisers	adviser	NOUN
cblr-9114	388	24	.	.	PUNCT
cblr-9114	388	25	.	.	PUNCT
cblr-9114	389	1	.	.	PUNCT
cblr-9114	390	1	are	be	AUX
cblr-9114	390	2	merely	merely	ADV
cblr-9114	390	3	blanket	blanket	NOUN
cblr-9114	390	4	statements	statement	NOUN
cblr-9114	390	5	saying	say	VERB
cblr-9114	390	6	that	that	SCONJ
cblr-9114	390	7	they	they	PRON
cblr-9114	390	8	‘	'	PUNCT
cblr-9114	390	9	may	may	AUX
cblr-9114	390	10	have	have	AUX
cblr-9114	390	11	done	do	VERB
cblr-9114	390	12	business	business	NOUN
cblr-9114	390	13	with	with	ADP
cblr-9114	390	14	the	the	DET
cblr-9114	390	15	corporation	corporation	NOUN
cblr-9114	390	16	that	that	PRON
cblr-9114	390	17	is	be	AUX
cblr-9114	390	18	the	the	DET
cblr-9114	390	19	subject	subject	NOUN
cblr-9114	390	20	of	of	ADP
cblr-9114	390	21	the	the	DET
cblr-9114	390	22	report	report	NOUN
cblr-9114	390	23	’	'	PUNCT
cblr-9114	390	24	and	and	CCONJ
cblr-9114	390	25	then	then	ADV
cblr-9114	390	26	providing	provide	VERB
cblr-9114	390	27	an	an	DET
cblr-9114	390	28	email	email	NOUN
cblr-9114	390	29	that	that	SCONJ
cblr-9114	390	30	people	people	NOUN
cblr-9114	390	31	can	can	AUX
cblr-9114	390	32	use	use	VERB
cblr-9114	390	33	to	to	PART
cblr-9114	390	34	ask	ask	VERB
cblr-9114	390	35	for	for	ADP
cblr-9114	390	36	more	more	ADJ
cblr-9114	390	37	information	information	NOUN
cblr-9114	390	38	.	.	PUNCT
cblr-9114	390	39	.	.	PUNCT
cblr-9114	390	40	.	.	PUNCT
cblr-9114	390	41	.	.	PUNCT
cblr-9114	391	1	these	these	DET
cblr-9114	391	2	steps	step	NOUN
cblr-9114	391	3	are	be	AUX
cblr-9114	391	4	simply	simply	ADV
cblr-9114	391	5	not	not	PART
cblr-9114	391	6	enough	enough	ADJ
cblr-9114	391	7	.	.	PUNCT
cblr-9114	391	8	”	"	PUNCT
cblr-9114	392	1	(	(	PUNCT
cblr-9114	392	2	footnote	footnote	NOUN
cblr-9114	392	3	omitted	omit	VERB
cblr-9114	392	4	)	)	PUNCT
cblr-9114	392	5	)	)	PUNCT
cblr-9114	392	6	.	.	PUNCT
cblr-9114	393	1	1514	1514	NUM
cblr-9114	393	2	columbia	columbia	PROPN
cblr-9114	393	3	business	business	NOUN
cblr-9114	393	4	law	law	PROPN
cblr-9114	393	5	review	review	NOUN
cblr-9114	393	6	[	[	X
cblr-9114	393	7	vol	vol	NOUN
cblr-9114	393	8	.	.	NOUN
cblr-9114	393	9	2021	2021	NUM
cblr-9114	393	10	each	each	DET
cblr-9114	393	11	analysis	analysis	NOUN
cblr-9114	393	12	and	and	CCONJ
cblr-9114	393	13	report	report	NOUN
cblr-9114	393	14	also	also	ADV
cblr-9114	393	15	notes	note	VERB
cblr-9114	393	16	that	that	SCONJ
cblr-9114	393	17	one	one	NUM
cblr-9114	393	18	or	or	CCONJ
cblr-9114	393	19	more	more	ADJ
cblr-9114	393	20	proponents	proponent	NOUN
cblr-9114	393	21	of	of	ADP
cblr-9114	393	22	a	a	DET
cblr-9114	393	23	shareholder	shareholder	NOUN
cblr-9114	393	24	proposal	proposal	NOUN
cblr-9114	393	25	may	may	AUX
cblr-9114	393	26	be	be	AUX
cblr-9114	393	27	a	a	DET
cblr-9114	393	28	client	client	NOUN
cblr-9114	393	29	of	of	ADP
cblr-9114	393	30	iss	iss	PROPN
cblr-9114	393	31	or	or	CCONJ
cblr-9114	393	32	one	one	NUM
cblr-9114	393	33	of	of	ADP
cblr-9114	393	34	its	its	PRON
cblr-9114	393	35	affiliates	affiliate	NOUN
cblr-9114	393	36	,	,	PUNCT
cblr-9114	393	37	or	or	CCONJ
cblr-9114	393	38	may	may	AUX
cblr-9114	393	39	be	be	AUX
cblr-9114	393	40	affiliated	affiliate	VERB
cblr-9114	393	41	with	with	ADP
cblr-9114	393	42	such	such	DET
cblr-9114	393	43	a	a	DET
cblr-9114	393	44	party	party	NOUN
cblr-9114	393	45	.	.	PUNCT
cblr-9114	393	46	.	.	PUNCT
cblr-9114	393	47	.	.	PUNCT
cblr-9114	393	48	.	.	PUNCT
cblr-9114	394	1	any	any	DET
cblr-9114	394	2	institutional	institutional	ADJ
cblr-9114	394	3	client	client	NOUN
cblr-9114	394	4	that	that	PRON
cblr-9114	394	5	wishes	wish	VERB
cblr-9114	394	6	to	to	PART
cblr-9114	394	7	learn	learn	VERB
cblr-9114	394	8	more	more	ADJ
cblr-9114	394	9	about	about	ADP
cblr-9114	394	10	the	the	DET
cblr-9114	394	11	relationship	relationship	NOUN
cblr-9114	394	12	,	,	PUNCT
cblr-9114	394	13	if	if	SCONJ
cblr-9114	394	14	any	any	PRON
cblr-9114	394	15	,	,	PUNCT
cblr-9114	394	16	between	between	ADP
cblr-9114	394	17	ics	ics	NOUN
cblr-9114	394	18	and	and	CCONJ
cblr-9114	394	19	the	the	DET
cblr-9114	394	20	subject	subject	NOUN
cblr-9114	394	21	of	of	ADP
cblr-9114	394	22	a	a	DET
cblr-9114	394	23	particular	particular	ADJ
cblr-9114	394	24	analysis	analysis	NOUN
cblr-9114	394	25	or	or	CCONJ
cblr-9114	394	26	report	report	NOUN
cblr-9114	394	27	may	may	AUX
cblr-9114	394	28	contact	contact	VERB
cblr-9114	394	29	iss’[s	iss’[s	PROPN
cblr-9114	394	30	]	]	PUNCT
cblr-9114	394	31	legal	legal	ADJ
cblr-9114	394	32	and	and	CCONJ
cblr-9114	394	33	compliance	compliance	NOUN
cblr-9114	394	34	department	department	NOUN
cblr-9114	394	35	for	for	ADP
cblr-9114	394	36	relevant	relevant	ADJ
cblr-9114	394	37	details.120	details.120	ADJ
cblr-9114	394	38	while	while	NOUN
cblr-9114	394	39	retelny	retelny	NOUN
cblr-9114	394	40	states	state	VERB
cblr-9114	394	41	that	that	SCONJ
cblr-9114	394	42	“	"	PUNCT
cblr-9114	394	43	many	many	ADJ
cblr-9114	394	44	clients”121	clients”121	NOUN
cblr-9114	394	45	meet	meet	NOUN
cblr-9114	394	46	with	with	ADP
cblr-9114	394	47	iss	iss	PROPN
cblr-9114	394	48	on	on	ADP
cblr-9114	394	49	a	a	DET
cblr-9114	394	50	regular	regular	ADJ
cblr-9114	394	51	basis	basis	NOUN
cblr-9114	394	52	to	to	PART
cblr-9114	394	53	discuss	discuss	VERB
cblr-9114	394	54	conflicts	conflict	NOUN
cblr-9114	394	55	,	,	PUNCT
cblr-9114	394	56	indicating	indicate	VERB
cblr-9114	394	57	interest	interest	NOUN
cblr-9114	394	58	by	by	ADP
cblr-9114	394	59	certain	certain	ADJ
cblr-9114	394	60	institutional	institutional	ADJ
cblr-9114	394	61	investors	investor	NOUN
cblr-9114	394	62	in	in	ADP
cblr-9114	394	63	understanding	understand	VERB
cblr-9114	394	64	them	they	PRON
cblr-9114	394	65	,	,	PUNCT
cblr-9114	394	66	many	many	ADJ
cblr-9114	394	67	others	other	NOUN
cblr-9114	394	68	may	may	AUX
cblr-9114	394	69	fail	fail	VERB
cblr-9114	394	70	to	to	PART
cblr-9114	394	71	request	request	VERB
cblr-9114	394	72	them	they	PRON
cblr-9114	394	73	or	or	CCONJ
cblr-9114	394	74	may	may	AUX
cblr-9114	394	75	fail	fail	VERB
cblr-9114	394	76	to	to	PART
cblr-9114	394	77	receive	receive	VERB
cblr-9114	394	78	timely	timely	ADJ
cblr-9114	394	79	updates	update	NOUN
cblr-9114	394	80	.	.	PUNCT
cblr-9114	395	1	under	under	ADP
cblr-9114	395	2	this	this	DET
cblr-9114	395	3	policy	policy	NOUN
cblr-9114	395	4	,	,	PUNCT
cblr-9114	395	5	institutional	institutional	ADJ
cblr-9114	395	6	investors	investor	NOUN
cblr-9114	395	7	have	have	VERB
cblr-9114	395	8	to	to	PART
cblr-9114	395	9	incur	incur	VERB
cblr-9114	395	10	the	the	DET
cblr-9114	395	11	time	time	NOUN
cblr-9114	395	12	and	and	CCONJ
cblr-9114	395	13	cost	cost	NOUN
cblr-9114	395	14	associated	associate	VERB
cblr-9114	395	15	with	with	ADP
cblr-9114	395	16	obtaining	obtain	VERB
cblr-9114	395	17	this	this	DET
cblr-9114	395	18	information	information	NOUN
cblr-9114	395	19	.	.	PUNCT
cblr-9114	396	1	prominently	prominently	ADV
cblr-9114	396	2	displaying	display	VERB
cblr-9114	396	3	these	these	DET
cblr-9114	396	4	conflicts	conflict	NOUN
cblr-9114	396	5	on	on	ADP
cblr-9114	396	6	each	each	DET
cblr-9114	396	7	report	report	NOUN
cblr-9114	396	8	would	would	AUX
cblr-9114	396	9	be	be	AUX
cblr-9114	396	10	a	a	DET
cblr-9114	396	11	simple	simple	ADJ
cblr-9114	396	12	solution	solution	NOUN
cblr-9114	396	13	,	,	PUNCT
cblr-9114	396	14	as	as	SCONJ
cblr-9114	396	15	proxy	proxy	ADJ
cblr-9114	396	16	advisory	advisory	ADJ
cblr-9114	396	17	firms	firm	NOUN
cblr-9114	396	18	possess	possess	VERB
cblr-9114	396	19	information	information	NOUN
cblr-9114	396	20	regarding	regard	VERB
cblr-9114	396	21	the	the	DET
cblr-9114	396	22	conflicts	conflict	NOUN
cblr-9114	396	23	and	and	CCONJ
cblr-9114	396	24	are	be	AUX
cblr-9114	396	25	therefore	therefore	ADV
cblr-9114	396	26	the	the	DET
cblr-9114	396	27	cheapest	cheap	ADJ
cblr-9114	396	28	cost	cost	NOUN
cblr-9114	396	29	providers	provider	NOUN
cblr-9114	396	30	.	.	PUNCT
cblr-9114	397	1	standardizing	standardize	VERB
cblr-9114	397	2	such	such	ADJ
cblr-9114	397	3	disclosures	disclosure	NOUN
cblr-9114	397	4	would	would	AUX
cblr-9114	397	5	therefore	therefore	ADV
cblr-9114	397	6	substantially	substantially	ADV
cblr-9114	397	7	increase	increase	VERB
cblr-9114	397	8	the	the	DET
cblr-9114	397	9	available	available	ADJ
cblr-9114	397	10	mix	mix	NOUN
cblr-9114	397	11	of	of	ADP
cblr-9114	397	12	information	information	NOUN
cblr-9114	397	13	at	at	ADP
cblr-9114	397	14	a	a	DET
cblr-9114	397	15	relatively	relatively	ADV
cblr-9114	397	16	low	low	ADJ
cblr-9114	397	17	cost	cost	NOUN
cblr-9114	397	18	.	.	PUNCT
cblr-9114	398	1	e.	e.	PROPN
cblr-9114	398	2	securities	securities	PROPN
cblr-9114	398	3	and	and	CCONJ
cblr-9114	398	4	exchange	exchange	PROPN
cblr-9114	398	5	commission	commission	NOUN
cblr-9114	398	6	rules	rule	NOUN
cblr-9114	398	7	addressing	address	VERB
cblr-9114	398	8	conflicts	conflict	NOUN
cblr-9114	398	9	of	of	ADP
cblr-9114	398	10	interest	interest	NOUN
cblr-9114	398	11	concerns	concern	NOUN
cblr-9114	398	12	fortunately	fortunately	ADV
cblr-9114	398	13	,	,	PUNCT
cblr-9114	398	14	the	the	DET
cblr-9114	398	15	sec	sec	PROPN
cblr-9114	398	16	recognized	recognize	VERB
cblr-9114	398	17	the	the	DET
cblr-9114	398	18	issue	issue	NOUN
cblr-9114	398	19	of	of	ADP
cblr-9114	398	20	insufficient	insufficient	ADJ
cblr-9114	398	21	conflicts	conflict	NOUN
cblr-9114	398	22	disclosures	disclosure	NOUN
cblr-9114	398	23	in	in	ADP
cblr-9114	398	24	its	its	PRON
cblr-9114	398	25	issuance	issuance	NOUN
cblr-9114	398	26	of	of	ADP
cblr-9114	398	27	final	final	ADJ
cblr-9114	398	28	rules	rule	NOUN
cblr-9114	398	29	regulating	regulate	VERB
cblr-9114	398	30	proxy	proxy	ADJ
cblr-9114	398	31	advisory	advisory	ADJ
cblr-9114	398	32	firms	firm	NOUN
cblr-9114	398	33	in	in	ADP
cblr-9114	398	34	2020.122	2020.122	PRON
cblr-9114	398	35	the	the	DET
cblr-9114	398	36	commission	commission	NOUN
cblr-9114	398	37	amended	amend	VERB
cblr-9114	398	38	rule	rule	NOUN
cblr-9114	398	39	14a-1(l)(iii	14a-1(l)(iii	NUM
cblr-9114	398	40	)	)	PUNCT
cblr-9114	398	41	to	to	PART
cblr-9114	398	42	codify	codify	VERB
cblr-9114	398	43	its	its	PRON
cblr-9114	398	44	past	past	ADJ
cblr-9114	398	45	guidance	guidance	NOUN
cblr-9114	398	46	that	that	SCONJ
cblr-9114	398	47	proxy	proxy	ADJ
cblr-9114	398	48	voting	voting	NOUN
cblr-9114	398	49	advice	advice	NOUN
cblr-9114	398	50	constitutes	constitute	VERB
cblr-9114	398	51	a	a	DET
cblr-9114	398	52	proxy	proxy	NOUN
cblr-9114	398	53	solicitation.123	solicitation.123	NOUN
cblr-9114	398	54	while	while	SCONJ
cblr-9114	398	55	proxy	proxy	NOUN
cblr-9114	398	56	120	120	NUM
cblr-9114	398	57	int’l	int’l	NUM
cblr-9114	398	58	s’holder	s’holder	NOUN
cblr-9114	398	59	serv	serv	PROPN
cblr-9114	398	60	.	.	PROPN
cblr-9114	398	61	,	,	PUNCT
cblr-9114	398	62	supra	supra	PROPN
cblr-9114	398	63	note	note	PROPN
cblr-9114	398	64	23	23	NUM
cblr-9114	398	65	,	,	PUNCT
cblr-9114	398	66	at	at	ADP
cblr-9114	398	67	14	14	NUM
cblr-9114	398	68	.	.	PUNCT
cblr-9114	399	1	121	121	NUM
cblr-9114	400	1	i	i	PRON
cblr-9114	400	2	d.	d.	PROPN
cblr-9114	400	3	122	122	NUM
cblr-9114	400	4	see	see	VERB
cblr-9114	400	5	generally	generally	ADV
cblr-9114	400	6	exemptions	exemption	NOUN
cblr-9114	400	7	from	from	ADP
cblr-9114	400	8	the	the	DET
cblr-9114	400	9	proxy	proxy	NOUN
cblr-9114	400	10	rules	rule	NOUN
cblr-9114	400	11	for	for	ADP
cblr-9114	400	12	proxy	proxy	ADJ
cblr-9114	400	13	voting	voting	NOUN
cblr-9114	400	14	advice	advice	NOUN
cblr-9114	400	15	,	,	PUNCT
cblr-9114	400	16	exchange	exchange	NOUN
cblr-9114	400	17	act	act	NOUN
cblr-9114	400	18	release	release	VERB
cblr-9114	400	19	no	no	DET
cblr-9114	400	20	.	.	PROPN
cblr-9114	400	21	89,372	89,372	NUM
cblr-9114	400	22	,	,	PUNCT
cblr-9114	400	23	85	85	NUM
cblr-9114	400	24	fed	feed	VERB
cblr-9114	400	25	.	.	PUNCT
cblr-9114	401	1	reg	reg	PROPN
cblr-9114	401	2	.	.	PROPN
cblr-9114	402	1	55,082	55,082	NUM
cblr-9114	402	2	(	(	PUNCT
cblr-9114	402	3	sept	sept	PROPN
cblr-9114	402	4	.	.	PROPN
cblr-9114	402	5	3	3	NUM
cblr-9114	402	6	,	,	PUNCT
cblr-9114	402	7	2020	2020	NUM
cblr-9114	402	8	)	)	PUNCT
cblr-9114	402	9	(	(	PUNCT
cblr-9114	402	10	to	to	PART
cblr-9114	402	11	be	be	AUX
cblr-9114	402	12	codified	codify	VERB
cblr-9114	402	13	at	at	ADP
cblr-9114	402	14	17	17	NUM
cblr-9114	402	15	c.f.r	c.f.r	NOUN
cblr-9114	402	16	.	.	PUNCT
cblr-9114	403	1	pt	pt	PROPN
cblr-9114	403	2	.	.	PROPN
cblr-9114	403	3	240	240	NUM
cblr-9114	403	4	)	)	PUNCT
cblr-9114	403	5	.	.	PUNCT
cblr-9114	404	1	123	123	NUM
cblr-9114	404	2	see	see	VERB
cblr-9114	404	3	17	17	NUM
cblr-9114	404	4	c.f.r	c.f.r	NOUN
cblr-9114	404	5	.	.	PUNCT
cblr-9114	405	1	§	§	PROPN
cblr-9114	405	2	240.14a-1(l	240.14a-1(l	NUM
cblr-9114	405	3	)	)	PUNCT
cblr-9114	405	4	(	(	PUNCT
cblr-9114	405	5	2021	2021	NUM
cblr-9114	405	6	)	)	PUNCT
cblr-9114	405	7	(	(	PUNCT
cblr-9114	405	8	“	"	PUNCT
cblr-9114	405	9	the	the	DET
cblr-9114	405	10	terms	term	NOUN
cblr-9114	405	11	‘	'	PUNCT
cblr-9114	405	12	solicit	solicit	NOUN
cblr-9114	405	13	’	'	PUNCT
cblr-9114	405	14	and	and	CCONJ
cblr-9114	405	15	‘	'	PUNCT
cblr-9114	405	16	solicitation	solicitation	NOUN
cblr-9114	405	17	’	'	PUNCT
cblr-9114	405	18	include	include	VERB
cblr-9114	405	19	.	.	PUNCT
cblr-9114	405	20	.	.	PUNCT
cblr-9114	405	21	.	.	PUNCT
cblr-9114	406	1	[	[	X
cblr-9114	406	2	a]ny	a]ny	X
cblr-9114	406	3	proxy	proxy	ADJ
cblr-9114	406	4	voting	voting	NOUN
cblr-9114	406	5	advice	advice	NOUN
cblr-9114	406	6	that	that	PRON
cblr-9114	406	7	makes	make	VERB
cblr-9114	406	8	a	a	DET
cblr-9114	406	9	recommendation	recommendation	NOUN
cblr-9114	406	10	to	to	ADP
cblr-9114	406	11	a	a	DET
cblr-9114	406	12	security	security	NOUN
cblr-9114	406	13	holder	holder	NOUN
cblr-9114	406	14	as	as	ADP
cblr-9114	406	15	to	to	ADP
cblr-9114	406	16	its	its	PRON
cblr-9114	406	17	vote	vote	NOUN
cblr-9114	406	18	,	,	PUNCT
cblr-9114	406	19	consent	consent	NOUN
cblr-9114	406	20	,	,	PUNCT
cblr-9114	406	21	or	or	CCONJ
cblr-9114	406	22	authorization	authorization	NOUN
cblr-9114	406	23	on	on	ADP
cblr-9114	406	24	a	a	DET
cblr-9114	406	25	specific	specific	ADJ
cblr-9114	406	26	matter	matter	NOUN
cblr-9114	406	27	for	for	ADP
cblr-9114	406	28	which	which	PRON
cblr-9114	406	29	security	security	NOUN
cblr-9114	406	30	holder	holder	NOUN
cblr-9114	406	31	approval	approval	NOUN
cblr-9114	406	32	is	be	AUX
cblr-9114	406	33	solicited	solicit	VERB
cblr-9114	406	34	,	,	PUNCT
cblr-9114	406	35	and	and	CCONJ
cblr-9114	406	36	that	that	PRON
cblr-9114	406	37	is	be	AUX
cblr-9114	406	38	furnished	furnish	VERB
cblr-9114	406	39	by	by	ADP
cblr-9114	406	40	a	a	DET
cblr-9114	406	41	person	person	NOUN
cblr-9114	406	42	that	that	PRON
cblr-9114	406	43	markets	market	VERB
cblr-9114	406	44	its	its	PRON
cblr-9114	406	45	expertise	expertise	NOUN
cblr-9114	406	46	as	as	ADP
cblr-9114	406	47	a	a	DET
cblr-9114	406	48	provider	provider	NOUN
cblr-9114	406	49	of	of	ADP
cblr-9114	406	50	such	such	ADJ
cblr-9114	406	51	no	no	NOUN
cblr-9114	406	52	.	.	PUNCT
cblr-9114	406	53	3:1487	3:1487	NUM
cblr-9114	406	54	]	]	X
cblr-9114	406	55	proxy	proxy	ADJ
cblr-9114	406	56	advisory	advisory	ADJ
cblr-9114	406	57	firms	firm	NOUN
cblr-9114	406	58	’	'	PUNCT
cblr-9114	406	59	conflicts	conflict	NOUN
cblr-9114	406	60	of	of	ADP
cblr-9114	406	61	interest	interest	NOUN
cblr-9114	406	62	1515	1515	NUM
cblr-9114	406	63	advisory	advisory	ADJ
cblr-9114	406	64	firms	firm	NOUN
cblr-9114	406	65	typically	typically	ADV
cblr-9114	406	66	rely	rely	VERB
cblr-9114	406	67	on	on	ADP
cblr-9114	406	68	rules	rule	NOUN
cblr-9114	406	69	14a-2(b)(1	14a-2(b)(1	NUM
cblr-9114	406	70	)	)	PUNCT
cblr-9114	406	71	and	and	CCONJ
cblr-9114	406	72	(	(	PUNCT
cblr-9114	406	73	b)(3	b)(3	NOUN
cblr-9114	406	74	)	)	PUNCT
cblr-9114	406	75	to	to	PART
cblr-9114	406	76	exempt	exempt	VERB
cblr-9114	406	77	them	they	PRON
cblr-9114	406	78	from	from	ADP
cblr-9114	406	79	proxy	proxy	NOUN
cblr-9114	406	80	filing	filing	NOUN
cblr-9114	406	81	and	and	CCONJ
cblr-9114	406	82	information	information	NOUN
cblr-9114	406	83	requirements	requirement	NOUN
cblr-9114	406	84	,	,	PUNCT
cblr-9114	406	85	the	the	DET
cblr-9114	406	86	commission	commission	NOUN
cblr-9114	406	87	’s	’s	PART
cblr-9114	406	88	new	new	ADJ
cblr-9114	406	89	rules	rule	NOUN
cblr-9114	406	90	require	require	VERB
cblr-9114	406	91	heightened	heightened	ADJ
cblr-9114	406	92	disclosure	disclosure	NOUN
cblr-9114	406	93	requirements	requirement	NOUN
cblr-9114	406	94	in	in	ADP
cblr-9114	406	95	order	order	NOUN
cblr-9114	406	96	for	for	SCONJ
cblr-9114	406	97	proxy	proxy	ADJ
cblr-9114	406	98	advisory	advisory	ADJ
cblr-9114	406	99	firms	firm	NOUN
cblr-9114	406	100	to	to	PART
cblr-9114	406	101	be	be	AUX
cblr-9114	406	102	able	able	ADJ
cblr-9114	406	103	to	to	PART
cblr-9114	406	104	utilize	utilize	VERB
cblr-9114	406	105	these	these	DET
cblr-9114	406	106	exceptions	exception	NOUN
cblr-9114	406	107	.	.	PUNCT
cblr-9114	407	1	on	on	ADP
cblr-9114	407	2	its	its	PRON
cblr-9114	407	3	own	own	ADJ
cblr-9114	407	4	,	,	PUNCT
cblr-9114	407	5	rule	rule	VERB
cblr-9114	407	6	14a-2(b)(1	14a-2(b)(1	NUM
cblr-9114	407	7	)	)	PUNCT
cblr-9114	407	8	does	do	AUX
cblr-9114	407	9	not	not	PART
cblr-9114	407	10	possess	possess	VERB
cblr-9114	407	11	a	a	DET
cblr-9114	407	12	conflicts	conflict	NOUN
cblr-9114	407	13	disclosure	disclosure	NOUN
cblr-9114	407	14	requirement	requirement	NOUN
cblr-9114	407	15	,	,	PUNCT
cblr-9114	407	16	while	while	SCONJ
cblr-9114	407	17	rule	rule	NOUN
cblr-9114	407	18	14a2(b)(3	14a2(b)(3	NOUN
cblr-9114	407	19	)	)	PUNCT
cblr-9114	407	20	requires	require	VERB
cblr-9114	407	21	the	the	DET
cblr-9114	407	22	disclosure	disclosure	NOUN
cblr-9114	407	23	of	of	ADP
cblr-9114	407	24	“	"	PUNCT
cblr-9114	407	25	any	any	DET
cblr-9114	407	26	significant	significant	ADJ
cblr-9114	407	27	relationship	relationship	NOUN
cblr-9114	407	28	with	with	ADP
cblr-9114	407	29	the	the	DET
cblr-9114	407	30	registrant	registrant	NOUN
cblr-9114	407	31	or	or	CCONJ
cblr-9114	407	32	any	any	PRON
cblr-9114	407	33	of	of	ADP
cblr-9114	407	34	its	its	PRON
cblr-9114	407	35	affiliates	affiliate	NOUN
cblr-9114	407	36	,	,	PUNCT
cblr-9114	407	37	or	or	CCONJ
cblr-9114	407	38	a	a	DET
cblr-9114	407	39	security	security	NOUN
cblr-9114	407	40	holder	holder	NOUN
cblr-9114	407	41	proponent	proponent	NOUN
cblr-9114	407	42	of	of	ADP
cblr-9114	407	43	the	the	DET
cblr-9114	407	44	matter	matter	NOUN
cblr-9114	407	45	on	on	ADP
cblr-9114	407	46	which	which	PRON
cblr-9114	407	47	advice	advice	NOUN
cblr-9114	407	48	is	be	AUX
cblr-9114	407	49	given	give	VERB
cblr-9114	407	50	,	,	PUNCT
cblr-9114	407	51	as	as	ADV
cblr-9114	407	52	well	well	ADV
cblr-9114	407	53	as	as	ADP
cblr-9114	407	54	any	any	DET
cblr-9114	407	55	material	material	NOUN
cblr-9114	407	56	interests	interest	NOUN
cblr-9114	407	57	of	of	ADP
cblr-9114	407	58	the	the	DET
cblr-9114	407	59	advisor	advisor	NOUN
cblr-9114	407	60	in	in	ADP
cblr-9114	407	61	such	such	ADJ
cblr-9114	407	62	matter	matter	NOUN
cblr-9114	407	63	.	.	PUNCT
cblr-9114	407	64	”124	”124	PROPN
cblr-9114	407	65	under	under	ADP
cblr-9114	407	66	the	the	DET
cblr-9114	407	67	proposed	propose	VERB
cblr-9114	407	68	rule	rule	NOUN
cblr-9114	407	69	amending	amend	VERB
cblr-9114	407	70	14a-2(b)(9)(i	14a-2(b)(9)(i	NUM
cblr-9114	407	71	)	)	PUNCT
cblr-9114	407	72	,	,	PUNCT
cblr-9114	407	73	exemptions	exemption	NOUN
cblr-9114	407	74	under	under	ADP
cblr-9114	407	75	rules	rule	NOUN
cblr-9114	407	76	14a-2(b)(1	14a-2(b)(1	NUM
cblr-9114	407	77	)	)	PUNCT
cblr-9114	407	78	and	and	CCONJ
cblr-9114	407	79	(	(	PUNCT
cblr-9114	407	80	b)(3	b)(3	NOUN
cblr-9114	407	81	)	)	PUNCT
cblr-9114	407	82	would	would	AUX
cblr-9114	407	83	only	only	ADV
cblr-9114	407	84	be	be	AUX
cblr-9114	407	85	available	available	ADJ
cblr-9114	407	86	if	if	SCONJ
cblr-9114	407	87	proxy	proxy	ADJ
cblr-9114	407	88	advisory	advisory	ADJ
cblr-9114	407	89	firms	firm	NOUN
cblr-9114	407	90	include	include	VERB
cblr-9114	407	91	the	the	DET
cblr-9114	407	92	following	following	ADJ
cblr-9114	407	93	disclosures	disclosure	NOUN
cblr-9114	407	94	:	:	PUNCT
cblr-9114	407	95	any	any	DET
cblr-9114	407	96	material	material	NOUN
cblr-9114	407	97	interests	interest	NOUN
cblr-9114	407	98	,	,	PUNCT
cblr-9114	407	99	direct	direct	ADJ
cblr-9114	407	100	or	or	CCONJ
cblr-9114	407	101	indirect	indirect	ADJ
cblr-9114	407	102	,	,	PUNCT
cblr-9114	407	103	of	of	ADP
cblr-9114	407	104	the	the	DET
cblr-9114	407	105	proxy	proxy	ADJ
cblr-9114	407	106	voting	voting	NOUN
cblr-9114	407	107	advice	advice	NOUN
cblr-9114	407	108	business	business	NOUN
cblr-9114	407	109	(	(	PUNCT
cblr-9114	407	110	or	or	CCONJ
cblr-9114	407	111	its	its	PRON
cblr-9114	407	112	affiliates	affiliate	NOUN
cblr-9114	407	113	)	)	PUNCT
cblr-9114	407	114	in	in	ADP
cblr-9114	407	115	the	the	DET
cblr-9114	407	116	matter	matter	NOUN
cblr-9114	407	117	or	or	CCONJ
cblr-9114	407	118	parties	party	NOUN
cblr-9114	407	119	concerning	concern	VERB
cblr-9114	407	120	which	which	PRON
cblr-9114	407	121	it	it	PRON
cblr-9114	407	122	is	be	AUX
cblr-9114	407	123	providing	provide	VERB
cblr-9114	407	124	the	the	DET
cblr-9114	407	125	advice	advice	NOUN
cblr-9114	407	126	;	;	PUNCT
cblr-9114	408	1	[	[	X
cblr-9114	408	2	a]ny	a]ny	NOUN
cblr-9114	408	3	material	material	NOUN
cblr-9114	408	4	transaction	transaction	NOUN
cblr-9114	408	5	or	or	CCONJ
cblr-9114	408	6	relationship	relationship	NOUN
cblr-9114	408	7	between	between	ADP
cblr-9114	408	8	the	the	DET
cblr-9114	408	9	proxy	proxy	NOUN
cblr-9114	408	10	voting	voting	NOUN
cblr-9114	408	11	advice	advice	NOUN
cblr-9114	408	12	business	business	NOUN
cblr-9114	408	13	(	(	PUNCT
cblr-9114	408	14	or	or	CCONJ
cblr-9114	408	15	its	its	PRON
cblr-9114	408	16	affiliates	affiliate	NOUN
cblr-9114	408	17	)	)	PUNCT
cblr-9114	408	18	and	and	CCONJ
cblr-9114	408	19	(	(	PUNCT
cblr-9114	408	20	i	i	NOUN
cblr-9114	408	21	)	)	PUNCT
cblr-9114	408	22	the	the	DET
cblr-9114	408	23	registrant	registrant	NOUN
cblr-9114	408	24	(	(	PUNCT
cblr-9114	408	25	or	or	CCONJ
cblr-9114	408	26	any	any	PRON
cblr-9114	408	27	of	of	ADP
cblr-9114	408	28	the	the	DET
cblr-9114	408	29	registrant	registrant	NOUN
cblr-9114	408	30	’s	’s	PART
cblr-9114	408	31	affiliates	affiliate	NOUN
cblr-9114	408	32	)	)	PUNCT
cblr-9114	408	33	,	,	PUNCT
cblr-9114	408	34	(	(	PUNCT
cblr-9114	408	35	ii	ii	NOUN
cblr-9114	408	36	)	)	PUNCT
cblr-9114	408	37	another	another	DET
cblr-9114	408	38	soliciting	solicit	VERB
cblr-9114	408	39	person	person	NOUN
cblr-9114	408	40	(	(	PUNCT
cblr-9114	408	41	or	or	CCONJ
cblr-9114	408	42	its	its	PRON
cblr-9114	408	43	affiliates	affiliate	NOUN
cblr-9114	408	44	)	)	PUNCT
cblr-9114	408	45	,	,	PUNCT
cblr-9114	408	46	or	or	CCONJ
cblr-9114	408	47	(	(	PUNCT
cblr-9114	408	48	iii	iii	X
cblr-9114	408	49	)	)	PUNCT
cblr-9114	408	50	a	a	DET
cblr-9114	408	51	shareholder	shareholder	NOUN
cblr-9114	408	52	proponent	proponent	NOUN
cblr-9114	408	53	(	(	PUNCT
cblr-9114	408	54	or	or	CCONJ
cblr-9114	408	55	its	its	PRON
cblr-9114	408	56	affiliates	affiliate	NOUN
cblr-9114	408	57	)	)	PUNCT
cblr-9114	408	58	,	,	PUNCT
cblr-9114	408	59	in	in	ADP
cblr-9114	408	60	connection	connection	NOUN
cblr-9114	408	61	with	with	ADP
cblr-9114	408	62	the	the	DET
cblr-9114	408	63	matter	matter	NOUN
cblr-9114	408	64	covered	cover	VERB
cblr-9114	408	65	by	by	ADP
cblr-9114	408	66	the	the	DET
cblr-9114	408	67	proxy	proxy	ADJ
cblr-9114	408	68	voting	voting	NOUN
cblr-9114	408	69	advice	advice	NOUN
cblr-9114	408	70	;	;	PUNCT
cblr-9114	408	71	[	[	X
cblr-9114	408	72	a]ny	a]ny	PROPN
cblr-9114	408	73	other	other	ADJ
cblr-9114	408	74	information	information	NOUN
cblr-9114	408	75	regarding	regard	VERB
cblr-9114	408	76	the	the	DET
cblr-9114	408	77	interest	interest	NOUN
cblr-9114	408	78	,	,	PUNCT
cblr-9114	408	79	transaction	transaction	NOUN
cblr-9114	408	80	,	,	PUNCT
cblr-9114	408	81	or	or	CCONJ
cblr-9114	408	82	relationship	relationship	NOUN
cblr-9114	408	83	of	of	ADP
cblr-9114	408	84	the	the	DET
cblr-9114	408	85	proxy	proxy	ADJ
cblr-9114	408	86	voting	voting	NOUN
cblr-9114	408	87	advice	advice	NOUN
cblr-9114	408	88	business	business	NOUN
cblr-9114	408	89	(	(	PUNCT
cblr-9114	408	90	or	or	CCONJ
cblr-9114	408	91	its	its	PRON
cblr-9114	408	92	affiliate	affiliate	NOUN
cblr-9114	408	93	)	)	PUNCT
cblr-9114	408	94	that	that	PRON
cblr-9114	408	95	is	be	AUX
cblr-9114	408	96	material	material	ADJ
cblr-9114	408	97	to	to	ADP
cblr-9114	408	98	assessing	assess	VERB
cblr-9114	408	99	the	the	DET
cblr-9114	408	100	objectivity	objectivity	NOUN
cblr-9114	408	101	of	of	ADP
cblr-9114	408	102	the	the	DET
cblr-9114	408	103	proxy	proxy	ADJ
cblr-9114	408	104	voting	voting	NOUN
cblr-9114	408	105	advice	advice	NOUN
cblr-9114	408	106	in	in	ADP
cblr-9114	408	107	light	light	NOUN
cblr-9114	408	108	of	of	ADP
cblr-9114	408	109	the	the	DET
cblr-9114	408	110	circumstances	circumstance	NOUN
cblr-9114	408	111	of	of	ADP
cblr-9114	408	112	the	the	DET
cblr-9114	408	113	particular	particular	ADJ
cblr-9114	408	114	interest	interest	NOUN
cblr-9114	408	115	,	,	PUNCT
cblr-9114	408	116	transaction	transaction	NOUN
cblr-9114	408	117	,	,	PUNCT
cblr-9114	408	118	or	or	CCONJ
cblr-9114	408	119	relationship	relationship	NOUN
cblr-9114	408	120	;	;	PUNCT
cblr-9114	408	121	and	and	CCONJ
cblr-9114	408	122	[	[	X
cblr-9114	408	123	a]ny	a]ny	NOUN
cblr-9114	408	124	policies	policy	NOUN
cblr-9114	408	125	and	and	CCONJ
cblr-9114	408	126	procedures	procedure	NOUN
cblr-9114	408	127	used	use	VERB
cblr-9114	408	128	to	to	PART
cblr-9114	408	129	identify	identify	VERB
cblr-9114	408	130	,	,	PUNCT
cblr-9114	408	131	as	as	ADV
cblr-9114	408	132	well	well	ADV
cblr-9114	408	133	as	as	ADP
cblr-9114	408	134	the	the	DET
cblr-9114	408	135	steps	step	NOUN
cblr-9114	408	136	taken	take	VERB
cblr-9114	408	137	to	to	PART
cblr-9114	408	138	address	address	VERB
cblr-9114	408	139	,	,	PUNCT
cblr-9114	408	140	any	any	DET
cblr-9114	408	141	such	such	ADJ
cblr-9114	408	142	material	material	ADJ
cblr-9114	408	143	conflicts	conflict	NOUN
cblr-9114	408	144	of	of	ADP
cblr-9114	408	145	interest	interest	NOUN
cblr-9114	408	146	arising	arise	VERB
cblr-9114	408	147	from	from	ADP
cblr-9114	408	148	such	such	ADJ
cblr-9114	408	149	interest	interest	NOUN
cblr-9114	408	150	,	,	PUNCT
cblr-9114	408	151	transaction	transaction	NOUN
cblr-9114	408	152	,	,	PUNCT
cblr-9114	408	153	or	or	CCONJ
cblr-9114	408	154	relationship.125	relationship.125	VERB
cblr-9114	408	155	with	with	ADP
cblr-9114	408	156	this	this	DET
cblr-9114	408	157	proposed	propose	VERB
cblr-9114	408	158	rule	rule	NOUN
cblr-9114	408	159	,	,	PUNCT
cblr-9114	408	160	the	the	DET
cblr-9114	408	161	sec	sec	PROPN
cblr-9114	408	162	aimed	aim	VERB
cblr-9114	408	163	to	to	PART
cblr-9114	408	164	standardize	standardize	VERB
cblr-9114	408	165	disclosures	disclosure	NOUN
cblr-9114	408	166	,	,	PUNCT
cblr-9114	408	167	thereby	thereby	ADV
cblr-9114	408	168	increasing	increase	VERB
cblr-9114	408	169	the	the	DET
cblr-9114	408	170	information	information	NOUN
cblr-9114	408	171	available	available	ADJ
cblr-9114	408	172	to	to	ADP
cblr-9114	408	173	proxy	proxy	ADJ
cblr-9114	408	174	voting	voting	NOUN
cblr-9114	408	175	advice	advice	NOUN
cblr-9114	408	176	,	,	PUNCT
cblr-9114	408	177	separately	separately	ADV
cblr-9114	408	178	from	from	ADP
cblr-9114	408	179	other	other	ADJ
cblr-9114	408	180	forms	form	NOUN
cblr-9114	408	181	of	of	ADP
cblr-9114	408	182	investment	investment	NOUN
cblr-9114	408	183	advice	advice	NOUN
cblr-9114	408	184	,	,	PUNCT
cblr-9114	408	185	and	and	CCONJ
cblr-9114	408	186	sells	sell	VERB
cblr-9114	408	187	such	such	ADJ
cblr-9114	408	188	proxy	proxy	ADJ
cblr-9114	408	189	voting	voting	NOUN
cblr-9114	408	190	advice	advice	NOUN
cblr-9114	408	191	for	for	ADP
cblr-9114	408	192	a	a	DET
cblr-9114	408	193	fee	fee	NOUN
cblr-9114	408	194	.	.	PUNCT
cblr-9114	408	195	”	"	PUNCT
cblr-9114	408	196	)	)	PUNCT
cblr-9114	408	197	.	.	PUNCT
cblr-9114	409	1	124	124	NUM
cblr-9114	409	2	amendments	amendment	NOUN
cblr-9114	409	3	to	to	ADP
cblr-9114	409	4	exemptions	exemption	NOUN
cblr-9114	409	5	from	from	ADP
cblr-9114	409	6	the	the	DET
cblr-9114	409	7	proxy	proxy	NOUN
cblr-9114	409	8	rules	rule	NOUN
cblr-9114	409	9	for	for	ADP
cblr-9114	409	10	proxy	proxy	ADJ
cblr-9114	409	11	voting	voting	NOUN
cblr-9114	409	12	advice	advice	NOUN
cblr-9114	409	13	,	,	PUNCT
cblr-9114	409	14	exchange	exchange	NOUN
cblr-9114	409	15	act	act	NOUN
cblr-9114	409	16	release	release	VERB
cblr-9114	409	17	no	no	PRON
cblr-9114	409	18	.	.	NOUN
cblr-9114	409	19	87,457	87,457	NUM
cblr-9114	409	20	,	,	PUNCT
cblr-9114	409	21	84	84	NUM
cblr-9114	409	22	fed	feed	VERB
cblr-9114	409	23	.	.	PUNCT
cblr-9114	410	1	reg	reg	PROPN
cblr-9114	410	2	.	.	PROPN
cblr-9114	411	1	66,518	66,518	NUM
cblr-9114	411	2	,	,	PUNCT
cblr-9114	411	3	66,526	66,526	NUM
cblr-9114	411	4	(	(	PUNCT
cblr-9114	411	5	proposed	propose	VERB
cblr-9114	411	6	dec	dec	PROPN
cblr-9114	411	7	.	.	PROPN
cblr-9114	411	8	4	4	NUM
cblr-9114	411	9	,	,	PUNCT
cblr-9114	411	10	2019	2019	NUM
cblr-9114	411	11	)	)	PUNCT
cblr-9114	411	12	(	(	PUNCT
cblr-9114	411	13	to	to	PART
cblr-9114	411	14	be	be	AUX
cblr-9114	411	15	codified	codify	VERB
cblr-9114	411	16	at	at	ADP
cblr-9114	411	17	17	17	NUM
cblr-9114	411	18	c.f.r	c.f.r	NOUN
cblr-9114	411	19	.	.	PUNCT
cblr-9114	412	1	pt	pt	PROPN
cblr-9114	412	2	.	.	PROPN
cblr-9114	412	3	240	240	NUM
cblr-9114	412	4	)	)	PUNCT
cblr-9114	412	5	.	.	PUNCT
cblr-9114	413	1	125	125	NUM
cblr-9114	413	2	i	i	PROPN
cblr-9114	413	3	d.	d.	PROPN
cblr-9114	413	4	1516	1516	NUM
cblr-9114	413	5	columbia	columbia	PROPN
cblr-9114	413	6	business	business	NOUN
cblr-9114	413	7	law	law	PROPN
cblr-9114	413	8	review	review	NOUN
cblr-9114	413	9	[	[	X
cblr-9114	413	10	vol	vol	NOUN
cblr-9114	413	11	.	.	NOUN
cblr-9114	413	12	2021	2021	NUM
cblr-9114	413	13	proxy	proxy	ADJ
cblr-9114	413	14	advisory	advisory	ADJ
cblr-9114	413	15	firms	firm	NOUN
cblr-9114	413	16	’	’	PART
cblr-9114	413	17	clients	client	NOUN
cblr-9114	413	18	and	and	CCONJ
cblr-9114	413	19	signaling	signal	VERB
cblr-9114	413	20	what	what	PRON
cblr-9114	413	21	they	they	PRON
cblr-9114	413	22	should	should	AUX
cblr-9114	413	23	expect	expect	VERB
cblr-9114	413	24	to	to	PART
cblr-9114	413	25	receive	receive	VERB
cblr-9114	413	26	in	in	ADP
cblr-9114	413	27	each	each	DET
cblr-9114	413	28	report	report	NOUN
cblr-9114	413	29	.	.	PUNCT
cblr-9114	414	1	the	the	DET
cblr-9114	414	2	increased	increase	VERB
cblr-9114	414	3	detail	detail	NOUN
cblr-9114	414	4	and	and	CCONJ
cblr-9114	414	5	consistency	consistency	NOUN
cblr-9114	414	6	from	from	ADP
cblr-9114	414	7	previous	previous	ADJ
cblr-9114	414	8	requirements	requirement	NOUN
cblr-9114	414	9	under	under	ADP
cblr-9114	414	10	rule	rule	NOUN
cblr-9114	414	11	14a-2(b)(3	14a-2(b)(3	NOUN
cblr-9114	414	12	)	)	PUNCT
cblr-9114	414	13	would	would	AUX
cblr-9114	414	14	theoretically	theoretically	ADV
cblr-9114	414	15	lead	lead	VERB
cblr-9114	414	16	institutional	institutional	ADJ
cblr-9114	414	17	investors	investor	NOUN
cblr-9114	414	18	to	to	PART
cblr-9114	414	19	carefully	carefully	ADV
cblr-9114	414	20	examine	examine	VERB
cblr-9114	414	21	the	the	DET
cblr-9114	414	22	disclosed	disclose	VERB
cblr-9114	414	23	conflicts	conflict	NOUN
cblr-9114	414	24	’	'	PUNCT
cblr-9114	414	25	impact	impact	NOUN
cblr-9114	414	26	and	and	CCONJ
cblr-9114	414	27	could	could	AUX
cblr-9114	414	28	potentially	potentially	ADV
cblr-9114	414	29	incentivize	incentivize	VERB
cblr-9114	414	30	proxy	proxy	ADJ
cblr-9114	414	31	advisory	advisory	ADJ
cblr-9114	414	32	firms	firm	NOUN
cblr-9114	414	33	to	to	PART
cblr-9114	414	34	eliminate	eliminate	VERB
cblr-9114	414	35	some	some	PRON
cblr-9114	414	36	of	of	ADP
cblr-9114	414	37	them	they	PRON
cblr-9114	414	38	altogether	altogether	ADV
cblr-9114	414	39	.	.	PUNCT
cblr-9114	415	1	responding	respond	VERB
cblr-9114	415	2	to	to	ADP
cblr-9114	415	3	comments	comment	NOUN
cblr-9114	415	4	favoring	favor	VERB
cblr-9114	415	5	a	a	DET
cblr-9114	415	6	more	more	ADJ
cblr-9114	415	7	principles	principle	NOUN
cblr-9114	415	8	-	-	PUNCT
cblr-9114	415	9	based	base	VERB
cblr-9114	415	10	approach	approach	NOUN
cblr-9114	415	11	,	,	PUNCT
cblr-9114	415	12	the	the	DET
cblr-9114	415	13	sec	sec	PROPN
cblr-9114	415	14	streamlined	streamline	VERB
cblr-9114	415	15	the	the	DET
cblr-9114	415	16	final	final	ADJ
cblr-9114	415	17	rule	rule	NOUN
cblr-9114	415	18	to	to	PART
cblr-9114	415	19	grant	grant	VERB
cblr-9114	415	20	“	"	PUNCT
cblr-9114	415	21	the	the	DET
cblr-9114	415	22	proxy	proxy	ADJ
cblr-9114	415	23	voting	voting	NOUN
cblr-9114	415	24	advice	advice	NOUN
cblr-9114	415	25	business	business	NOUN
cblr-9114	415	26	flexibility	flexibility	NOUN
cblr-9114	415	27	to	to	PART
cblr-9114	415	28	determine	determine	VERB
cblr-9114	415	29	the	the	DET
cblr-9114	415	30	precise	precise	ADJ
cblr-9114	415	31	level	level	NOUN
cblr-9114	415	32	of	of	ADP
cblr-9114	415	33	detail	detail	NOUN
cblr-9114	415	34	needed	need	VERB
cblr-9114	415	35	about	about	ADP
cblr-9114	415	36	any	any	DET
cblr-9114	415	37	identified	identify	VERB
cblr-9114	415	38	conflicts	conflict	NOUN
cblr-9114	415	39	of	of	ADP
cblr-9114	415	40	interest	interest	NOUN
cblr-9114	415	41	.	.	PUNCT
cblr-9114	416	1	”126	”126	X
cblr-9114	416	2	the	the	DET
cblr-9114	416	3	relevant	relevant	ADJ
cblr-9114	416	4	portion	portion	NOUN
cblr-9114	416	5	of	of	ADP
cblr-9114	416	6	rule	rule	NOUN
cblr-9114	416	7	14a-2(b)(9)(i	14a-2(b)(9)(i	NUM
cblr-9114	416	8	)	)	PUNCT
cblr-9114	416	9	states	state	NOUN
cblr-9114	416	10	that	that	PRON
cblr-9114	416	11	rules	rule	VERB
cblr-9114	416	12	14a-2(b)(1	14a-2(b)(1	NUM
cblr-9114	416	13	)	)	PUNCT
cblr-9114	416	14	and	and	CCONJ
cblr-9114	416	15	(	(	PUNCT
cblr-9114	416	16	b)(3	b)(3	NOUN
cblr-9114	416	17	)	)	PUNCT
cblr-9114	416	18	will	will	AUX
cblr-9114	416	19	not	not	PART
cblr-9114	416	20	be	be	AUX
cblr-9114	416	21	available	available	ADJ
cblr-9114	416	22	unless	unless	SCONJ
cblr-9114	416	23	:	:	PUNCT
cblr-9114	416	24	the	the	DET
cblr-9114	416	25	proxy	proxy	ADJ
cblr-9114	416	26	voting	voting	NOUN
cblr-9114	416	27	advice	advice	NOUN
cblr-9114	416	28	business	business	NOUN
cblr-9114	416	29	includes	include	VERB
cblr-9114	416	30	in	in	ADP
cblr-9114	416	31	its	its	PRON
cblr-9114	416	32	proxy	proxy	ADJ
cblr-9114	416	33	voting	voting	NOUN
cblr-9114	416	34	advice	advice	NOUN
cblr-9114	416	35	or	or	CCONJ
cblr-9114	416	36	in	in	ADP
cblr-9114	416	37	an	an	DET
cblr-9114	416	38	electronic	electronic	ADJ
cblr-9114	416	39	medium	medium	NOUN
cblr-9114	416	40	used	use	VERB
cblr-9114	416	41	to	to	PART
cblr-9114	416	42	deliver	deliver	VERB
cblr-9114	416	43	the	the	DET
cblr-9114	416	44	proxy	proxy	NOUN
cblr-9114	416	45	voting	voting	NOUN
cblr-9114	416	46	advice	advice	NOUN
cblr-9114	416	47	prominent	prominent	ADJ
cblr-9114	416	48	disclosure	disclosure	NOUN
cblr-9114	416	49	of	of	ADP
cblr-9114	416	50	:	:	PUNCT
cblr-9114	416	51	(	(	PUNCT
cblr-9114	416	52	a	a	X
cblr-9114	416	53	)	)	PUNCT
cblr-9114	416	54	any	any	DET
cblr-9114	416	55	information	information	NOUN
cblr-9114	416	56	regarding	regard	VERB
cblr-9114	416	57	an	an	DET
cblr-9114	416	58	interest	interest	NOUN
cblr-9114	416	59	,	,	PUNCT
cblr-9114	416	60	transaction	transaction	NOUN
cblr-9114	416	61	,	,	PUNCT
cblr-9114	416	62	or	or	CCONJ
cblr-9114	416	63	relationship	relationship	NOUN
cblr-9114	416	64	of	of	ADP
cblr-9114	416	65	the	the	DET
cblr-9114	416	66	proxy	proxy	ADJ
cblr-9114	416	67	voting	voting	NOUN
cblr-9114	416	68	advice	advice	NOUN
cblr-9114	416	69	business	business	NOUN
cblr-9114	416	70	(	(	PUNCT
cblr-9114	416	71	or	or	CCONJ
cblr-9114	416	72	its	its	PRON
cblr-9114	416	73	affiliates	affiliate	NOUN
cblr-9114	416	74	)	)	PUNCT
cblr-9114	416	75	that	that	PRON
cblr-9114	416	76	is	be	AUX
cblr-9114	416	77	material	material	ADJ
cblr-9114	416	78	to	to	ADP
cblr-9114	416	79	assessing	assess	VERB
cblr-9114	416	80	the	the	DET
cblr-9114	416	81	objectivity	objectivity	NOUN
cblr-9114	416	82	of	of	ADP
cblr-9114	416	83	the	the	DET
cblr-9114	416	84	proxy	proxy	ADJ
cblr-9114	416	85	voting	voting	NOUN
cblr-9114	416	86	advice	advice	NOUN
cblr-9114	416	87	in	in	ADP
cblr-9114	416	88	light	light	NOUN
cblr-9114	416	89	of	of	ADP
cblr-9114	416	90	the	the	DET
cblr-9114	416	91	circumstances	circumstance	NOUN
cblr-9114	416	92	of	of	ADP
cblr-9114	416	93	the	the	DET
cblr-9114	416	94	particular	particular	ADJ
cblr-9114	416	95	interest	interest	NOUN
cblr-9114	416	96	,	,	PUNCT
cblr-9114	416	97	transaction	transaction	NOUN
cblr-9114	416	98	,	,	PUNCT
cblr-9114	416	99	or	or	CCONJ
cblr-9114	416	100	relationship	relationship	NOUN
cblr-9114	416	101	;	;	PUNCT
cblr-9114	416	102	and	and	CCONJ
cblr-9114	416	103	(	(	PUNCT
cblr-9114	416	104	b	b	X
cblr-9114	416	105	)	)	PUNCT
cblr-9114	416	106	any	any	DET
cblr-9114	416	107	policies	policy	NOUN
cblr-9114	416	108	and	and	CCONJ
cblr-9114	416	109	procedures	procedure	NOUN
cblr-9114	416	110	used	use	VERB
cblr-9114	416	111	to	to	PART
cblr-9114	416	112	identify	identify	VERB
cblr-9114	416	113	,	,	PUNCT
cblr-9114	416	114	as	as	ADV
cblr-9114	416	115	well	well	ADV
cblr-9114	416	116	as	as	ADP
cblr-9114	416	117	the	the	DET
cblr-9114	416	118	steps	step	NOUN
cblr-9114	416	119	taken	take	VERB
cblr-9114	416	120	to	to	PART
cblr-9114	416	121	address	address	VERB
cblr-9114	416	122	,	,	PUNCT
cblr-9114	416	123	any	any	DET
cblr-9114	416	124	such	such	ADJ
cblr-9114	416	125	material	material	ADJ
cblr-9114	416	126	conflicts	conflict	NOUN
cblr-9114	416	127	of	of	ADP
cblr-9114	416	128	interest	interest	NOUN
cblr-9114	416	129	arising	arise	VERB
cblr-9114	416	130	from	from	ADP
cblr-9114	416	131	such	such	ADJ
cblr-9114	416	132	interest	interest	NOUN
cblr-9114	416	133	,	,	PUNCT
cblr-9114	416	134	transaction	transaction	NOUN
cblr-9114	416	135	,	,	PUNCT
cblr-9114	416	136	or	or	CCONJ
cblr-9114	416	137	relationship.127	relationship.127	NOUN
cblr-9114	416	138	while	while	SCONJ
cblr-9114	416	139	this	this	DET
cblr-9114	416	140	modification	modification	NOUN
cblr-9114	416	141	results	result	NOUN
cblr-9114	416	142	in	in	ADP
cblr-9114	416	143	a	a	DET
cblr-9114	416	144	certain	certain	ADJ
cblr-9114	416	145	degree	degree	NOUN
cblr-9114	416	146	of	of	ADP
cblr-9114	416	147	selfpolicing	selfpolice	VERB
cblr-9114	416	148	by	by	ADP
cblr-9114	416	149	proxy	proxy	ADJ
cblr-9114	416	150	advisory	advisory	ADJ
cblr-9114	416	151	firms	firm	NOUN
cblr-9114	416	152	,	,	PUNCT
cblr-9114	416	153	this	this	DET
cblr-9114	416	154	risk	risk	NOUN
cblr-9114	416	155	seems	seem	VERB
cblr-9114	416	156	relatively	relatively	ADV
cblr-9114	416	157	minor	minor	ADJ
cblr-9114	416	158	,	,	PUNCT
cblr-9114	416	159	as	as	SCONJ
cblr-9114	416	160	the	the	DET
cblr-9114	416	161	commission	commission	NOUN
cblr-9114	416	162	may	may	AUX
cblr-9114	416	163	take	take	VERB
cblr-9114	416	164	action	action	NOUN
cblr-9114	416	165	in	in	ADP
cblr-9114	416	166	the	the	DET
cblr-9114	416	167	occurrence	occurrence	NOUN
cblr-9114	416	168	of	of	ADP
cblr-9114	416	169	routinely	routinely	ADV
cblr-9114	416	170	insufficient	insufficient	ADJ
cblr-9114	416	171	disclosures	disclosure	NOUN
cblr-9114	416	172	.	.	PUNCT
cblr-9114	417	1	just	just	ADV
cblr-9114	417	2	as	as	ADP
cblr-9114	417	3	with	with	ADP
cblr-9114	417	4	the	the	DET
cblr-9114	417	5	proposed	propose	VERB
cblr-9114	417	6	rule	rule	NOUN
cblr-9114	417	7	,	,	PUNCT
cblr-9114	417	8	including	include	VERB
cblr-9114	417	9	these	these	DET
cblr-9114	417	10	conflicts	conflict	NOUN
cblr-9114	417	11	disclosure	disclosure	NOUN
cblr-9114	417	12	requirements	requirement	NOUN
cblr-9114	417	13	constitutes	constitute	VERB
cblr-9114	417	14	a	a	DET
cblr-9114	417	15	clear	clear	ADJ
cblr-9114	417	16	benefit	benefit	NOUN
cblr-9114	417	17	and	and	CCONJ
cblr-9114	417	18	should	should	AUX
cblr-9114	417	19	be	be	AUX
cblr-9114	417	20	lauded	laud	VERB
cblr-9114	417	21	as	as	ADP
cblr-9114	417	22	a	a	DET
cblr-9114	417	23	necessary	necessary	ADJ
cblr-9114	417	24	step	step	NOUN
cblr-9114	417	25	.	.	PUNCT
cblr-9114	418	1	yet	yet	ADV
cblr-9114	418	2	,	,	PUNCT
cblr-9114	418	3	merely	merely	ADV
cblr-9114	418	4	requiring	require	VERB
cblr-9114	418	5	the	the	DET
cblr-9114	418	6	disclosure	disclosure	NOUN
cblr-9114	418	7	does	do	AUX
cblr-9114	418	8	not	not	PART
cblr-9114	418	9	go	go	VERB
cblr-9114	418	10	far	far	ADV
cblr-9114	418	11	enough	enough	ADV
cblr-9114	418	12	—	—	PUNCT
cblr-9114	418	13	to	to	PART
cblr-9114	418	14	fully	fully	ADV
cblr-9114	418	15	ensure	ensure	VERB
cblr-9114	418	16	the	the	DET
cblr-9114	418	17	accuracy	accuracy	NOUN
cblr-9114	418	18	of	of	ADP
cblr-9114	418	19	this	this	DET
cblr-9114	418	20	information	information	NOUN
cblr-9114	418	21	the	the	DET
cblr-9114	418	22	sec	sec	PROPN
cblr-9114	418	23	must	must	AUX
cblr-9114	418	24	fashion	fashion	VERB
cblr-9114	418	25	rules	rule	NOUN
cblr-9114	418	26	that	that	PRON
cblr-9114	418	27	mitigate	mitigate	VERB
cblr-9114	418	28	their	their	PRON
cblr-9114	418	29	presence	presence	NOUN
cblr-9114	418	30	.	.	PUNCT
cblr-9114	419	1	as	as	SCONJ
cblr-9114	419	2	126	126	NUM
cblr-9114	419	3	exemptions	exemption	NOUN
cblr-9114	419	4	from	from	ADP
cblr-9114	419	5	the	the	DET
cblr-9114	419	6	proxy	proxy	NOUN
cblr-9114	419	7	rules	rule	NOUN
cblr-9114	419	8	for	for	ADP
cblr-9114	419	9	proxy	proxy	ADJ
cblr-9114	419	10	voting	voting	NOUN
cblr-9114	419	11	advice	advice	NOUN
cblr-9114	419	12	,	,	PUNCT
cblr-9114	419	13	85	85	NUM
cblr-9114	419	14	fed	feed	VERB
cblr-9114	419	15	.	.	PUNCT
cblr-9114	420	1	reg	reg	PROPN
cblr-9114	420	2	.	.	PUNCT
cblr-9114	421	1	at	at	ADP
cblr-9114	421	2	55,099	55,099	NUM
cblr-9114	421	3	.	.	PUNCT
cblr-9114	422	1	127	127	NUM
cblr-9114	422	2	17	17	NUM
cblr-9114	422	3	c.f.r	c.f.r	NOUN
cblr-9114	422	4	.	.	PUNCT
cblr-9114	423	1	§	§	PROPN
cblr-9114	423	2	240.14a-2(b)(9)(i	240.14a-2(b)(9)(i	NUM
cblr-9114	423	3	)	)	PUNCT
cblr-9114	423	4	(	(	PUNCT
cblr-9114	423	5	2021	2021	NUM
cblr-9114	423	6	)	)	PUNCT
cblr-9114	423	7	.	.	PUNCT
cblr-9114	424	1	no	no	INTJ
cblr-9114	424	2	.	.	PUNCT
cblr-9114	425	1	3:1487	3:1487	NUM
cblr-9114	425	2	]	]	X
cblr-9114	425	3	proxy	proxy	ADJ
cblr-9114	425	4	advisory	advisory	ADJ
cblr-9114	425	5	firms	firm	NOUN
cblr-9114	425	6	’	'	PUNCT
cblr-9114	425	7	conflicts	conflict	NOUN
cblr-9114	425	8	of	of	ADP
cblr-9114	425	9	interest	interest	NOUN
cblr-9114	425	10	1517	1517	NUM
cblr-9114	425	11	discussed	discuss	VERB
cblr-9114	425	12	above	above	ADP
cblr-9114	425	13	,	,	PUNCT
cblr-9114	425	14	institutional	institutional	ADJ
cblr-9114	425	15	investors	investor	NOUN
cblr-9114	425	16	’	’	PART
cblr-9114	425	17	awareness	awareness	NOUN
cblr-9114	425	18	of	of	ADP
cblr-9114	425	19	the	the	DET
cblr-9114	425	20	conflicts	conflict	NOUN
cblr-9114	425	21	of	of	ADP
cblr-9114	425	22	interest	interest	NOUN
cblr-9114	425	23	will	will	AUX
cblr-9114	425	24	be	be	AUX
cblr-9114	425	25	insufficient	insufficient	ADJ
cblr-9114	425	26	for	for	ADP
cblr-9114	425	27	preventing	prevent	VERB
cblr-9114	425	28	the	the	DET
cblr-9114	425	29	impacts	impact	NOUN
cblr-9114	425	30	of	of	ADP
cblr-9114	425	31	those	those	DET
cblr-9114	425	32	conflicts	conflict	NOUN
cblr-9114	425	33	,	,	PUNCT
cblr-9114	425	34	as	as	SCONJ
cblr-9114	425	35	they	they	PRON
cblr-9114	425	36	aim	aim	VERB
cblr-9114	425	37	to	to	PART
cblr-9114	425	38	minimize	minimize	VERB
cblr-9114	425	39	costs	cost	NOUN
cblr-9114	425	40	and	and	CCONJ
cblr-9114	425	41	potential	potential	ADJ
cblr-9114	425	42	legal	legal	ADJ
cblr-9114	425	43	liability	liability	NOUN
cblr-9114	425	44	.	.	PUNCT
cblr-9114	426	1	in	in	ADP
cblr-9114	426	2	fact	fact	NOUN
cblr-9114	426	3	,	,	PUNCT
cblr-9114	426	4	the	the	DET
cblr-9114	426	5	use	use	NOUN
cblr-9114	426	6	of	of	ADP
cblr-9114	426	7	proxy	proxy	ADJ
cblr-9114	426	8	advisory	advisory	ADJ
cblr-9114	426	9	firms	firm	NOUN
cblr-9114	426	10	originated	originate	VERB
cblr-9114	426	11	from	from	ADP
cblr-9114	426	12	institutional	institutional	ADJ
cblr-9114	426	13	investors	investor	NOUN
cblr-9114	426	14	’	'	PUNCT
cblr-9114	426	15	efforts	effort	NOUN
cblr-9114	426	16	to	to	PART
cblr-9114	426	17	comply	comply	VERB
cblr-9114	426	18	with	with	ADP
cblr-9114	426	19	regulations	regulation	NOUN
cblr-9114	426	20	regarding	regard	VERB
cblr-9114	426	21	proxy	proxy	NOUN
cblr-9114	426	22	voting	voting	NOUN
cblr-9114	426	23	in	in	ADP
cblr-9114	426	24	a	a	DET
cblr-9114	426	25	cost	cost	NOUN
cblr-9114	426	26	-	-	PUNCT
cblr-9114	426	27	effective	effective	ADJ
cblr-9114	426	28	manner.128	manner.128	ADP
cblr-9114	426	29	the	the	DET
cblr-9114	426	30	troubling	troubling	ADJ
cblr-9114	426	31	trend	trend	NOUN
cblr-9114	426	32	of	of	ADP
cblr-9114	426	33	automated	automate	VERB
cblr-9114	426	34	or	or	CCONJ
cblr-9114	426	35	“	"	PUNCT
cblr-9114	426	36	robo	robo	NOUN
cblr-9114	426	37	-	-	PUNCT
cblr-9114	426	38	voting	voting	NOUN
cblr-9114	426	39	”	"	PUNCT
cblr-9114	426	40	by	by	ADP
cblr-9114	426	41	proxy	proxy	ADJ
cblr-9114	426	42	advisory	advisory	ADJ
cblr-9114	426	43	firms	firm	NOUN
cblr-9114	426	44	’	'	PUNCT
cblr-9114	426	45	clients129	clients129	PROPN
cblr-9114	426	46	further	far	ADV
cblr-9114	426	47	diminishes	diminish	VERB
cblr-9114	426	48	the	the	DET
cblr-9114	426	49	impact	impact	NOUN
cblr-9114	426	50	of	of	ADP
cblr-9114	426	51	the	the	DET
cblr-9114	426	52	enhanced	enhance	VERB
cblr-9114	426	53	conflicts	conflict	NOUN
cblr-9114	426	54	disclosures	disclosure	NOUN
cblr-9114	426	55	required	require	VERB
cblr-9114	426	56	by	by	ADP
cblr-9114	426	57	rule	rule	NOUN
cblr-9114	426	58	14a-2(b)(9)(i).130	14a-2(b)(9)(i).130	NUM
cblr-9114	426	59	f.	f.	PROPN
cblr-9114	426	60	automated	automate	VERB
cblr-9114	426	61	voting	voting	NOUN
cblr-9114	426	62	and	and	CCONJ
cblr-9114	426	63	robo	robo	NOUN
cblr-9114	426	64	-	-	PUNCT
cblr-9114	426	65	voting	vote	VERB
cblr-9114	426	66	judge	judge	NOUN
cblr-9114	426	67	leo	leo	PROPN
cblr-9114	426	68	strine	strine	PROPN
cblr-9114	426	69	,	,	PUNCT
cblr-9114	426	70	former	former	ADJ
cblr-9114	426	71	chief	chief	ADJ
cblr-9114	426	72	justice	justice	NOUN
cblr-9114	426	73	of	of	ADP
cblr-9114	426	74	the	the	DET
cblr-9114	426	75	delaware	delaware	PROPN
cblr-9114	426	76	supreme	supreme	PROPN
cblr-9114	426	77	court	court	PROPN
cblr-9114	426	78	,	,	PUNCT
cblr-9114	426	79	has	have	AUX
cblr-9114	426	80	described	describe	VERB
cblr-9114	426	81	robo	robo	NOUN
cblr-9114	426	82	-	-	PUNCT
cblr-9114	426	83	voting	voting	NOUN
cblr-9114	426	84	by	by	ADP
cblr-9114	426	85	investment	investment	NOUN
cblr-9114	426	86	advisors	advisor	NOUN
cblr-9114	426	87	in	in	ADP
cblr-9114	426	88	particularly	particularly	ADV
cblr-9114	426	89	blunt	blunt	ADJ
cblr-9114	426	90	terms	term	NOUN
cblr-9114	426	91	:	:	PUNCT
cblr-9114	427	1	[	[	X
cblr-9114	427	2	p]owerful	p]owerful	ADJ
cblr-9114	427	3	ceos	ceo	NOUN
cblr-9114	427	4	come	come	VERB
cblr-9114	427	5	on	on	ADP
cblr-9114	427	6	bended	bended	ADJ
cblr-9114	427	7	knee	knee	NOUN
cblr-9114	427	8	to	to	ADP
cblr-9114	427	9	rockville	rockville	PROPN
cblr-9114	427	10	,	,	PUNCT
cblr-9114	427	11	maryland	maryland	PROPN
cblr-9114	427	12	,	,	PUNCT
cblr-9114	427	13	where	where	SCONJ
cblr-9114	427	14	iss	iss	PROPN
cblr-9114	427	15	resides	reside	VERB
cblr-9114	427	16	,	,	PUNCT
cblr-9114	427	17	to	to	PART
cblr-9114	427	18	persuade	persuade	VERB
cblr-9114	427	19	the	the	DET
cblr-9114	427	20	managers	manager	NOUN
cblr-9114	427	21	of	of	ADP
cblr-9114	427	22	iss	iss	PROPN
cblr-9114	427	23	of	of	ADP
cblr-9114	427	24	the	the	DET
cblr-9114	427	25	merits	merit	NOUN
cblr-9114	427	26	of	of	ADP
cblr-9114	427	27	their	their	PRON
cblr-9114	427	28	views	view	NOUN
cblr-9114	427	29	about	about	ADP
cblr-9114	427	30	issues	issue	NOUN
cblr-9114	427	31	like	like	ADP
cblr-9114	427	32	proposed	propose	VERB
cblr-9114	427	33	mergers	merger	NOUN
cblr-9114	427	34	,	,	PUNCT
cblr-9114	427	35	executive	executive	NOUN
cblr-9114	427	36	compensation	compensation	NOUN
cblr-9114	427	37	,	,	PUNCT
cblr-9114	427	38	and	and	CCONJ
cblr-9114	427	39	poison	poison	NOUN
cblr-9114	427	40	pills	pill	NOUN
cblr-9114	427	41	.	.	PUNCT
cblr-9114	428	1	they	they	PRON
cblr-9114	428	2	do	do	VERB
cblr-9114	428	3	so	so	ADV
cblr-9114	428	4	because	because	SCONJ
cblr-9114	428	5	the	the	DET
cblr-9114	428	6	ceos	ceos	NOUN
cblr-9114	428	7	recognize	recognize	VERB
cblr-9114	428	8	that	that	SCONJ
cblr-9114	428	9	some	some	DET
cblr-9114	428	10	institutional	institutional	ADJ
cblr-9114	428	11	investors	investor	NOUN
cblr-9114	428	12	will	will	AUX
cblr-9114	428	13	simply	simply	ADV
cblr-9114	428	14	follow	follow	VERB
cblr-9114	428	15	iss	iss	PROPN
cblr-9114	428	16	’s	’s	PART
cblr-9114	428	17	advice	advice	NOUN
cblr-9114	428	18	rather	rather	ADV
cblr-9114	428	19	than	than	ADP
cblr-9114	428	20	do	do	VERB
cblr-9114	428	21	any	any	DET
cblr-9114	428	22	thinking	thinking	NOUN
cblr-9114	428	23	of	of	ADP
cblr-9114	428	24	their	their	PRON
cblr-9114	428	25	own	own	ADJ
cblr-9114	428	26	.	.	PUNCT
cblr-9114	429	1	iss	iss	PROPN
cblr-9114	429	2	has	have	AUX
cblr-9114	429	3	been	be	AUX
cblr-9114	429	4	so	so	ADV
cblr-9114	429	5	successful	successful	ADJ
cblr-9114	429	6	that	that	SCONJ
cblr-9114	429	7	it	it	PRON
cblr-9114	429	8	now	now	ADV
cblr-9114	429	9	has	have	VERB
cblr-9114	429	10	a	a	DET
cblr-9114	429	11	california	california	PROPN
cblr-9114	429	12	rival	rival	NOUN
cblr-9114	429	13	,	,	PUNCT
cblr-9114	429	14	glass	glass	PROPN
cblr-9114	429	15	lewis.131	lewis.131	PROPN
cblr-9114	429	16	judge	judge	PROPN
cblr-9114	429	17	strine	strine	PROPN
cblr-9114	429	18	highlights	highlight	VERB
cblr-9114	429	19	the	the	DET
cblr-9114	429	20	immense	immense	ADJ
cblr-9114	429	21	pitfalls	pitfall	NOUN
cblr-9114	429	22	of	of	ADP
cblr-9114	429	23	permitting	permit	VERB
cblr-9114	429	24	investment	investment	NOUN
cblr-9114	429	25	advisors	advisor	NOUN
cblr-9114	429	26	to	to	PART
cblr-9114	429	27	simply	simply	ADV
cblr-9114	429	28	defer	defer	VERB
cblr-9114	429	29	to	to	ADP
cblr-9114	429	30	proxy	proxy	ADJ
cblr-9114	429	31	advisory	advisory	ADJ
cblr-9114	429	32	firms	firm	NOUN
cblr-9114	429	33	’	’	PART
cblr-9114	429	34	recommendations	recommendation	NOUN
cblr-9114	429	35	,	,	PUNCT
cblr-9114	429	36	compounding	compound	VERB
cblr-9114	429	37	the	the	DET
cblr-9114	429	38	risk	risk	NOUN
cblr-9114	429	39	of	of	ADP
cblr-9114	429	40	conflicts	conflict	NOUN
cblr-9114	429	41	of	of	ADP
cblr-9114	429	42	interest	interest	NOUN
cblr-9114	429	43	as	as	ADV
cblr-9114	429	44	well	well	ADV
cblr-9114	429	45	as	as	ADP
cblr-9114	429	46	their	their	PRON
cblr-9114	429	47	impact	impact	NOUN
cblr-9114	429	48	on	on	ADP
cblr-9114	429	49	shareholder	shareholder	NOUN
cblr-9114	429	50	voting	voting	NOUN
cblr-9114	429	51	.	.	PUNCT
cblr-9114	430	1	unfortunately	unfortunately	ADV
cblr-9114	430	2	,	,	PUNCT
cblr-9114	430	3	robo	robo	NOUN
cblr-9114	430	4	-	-	PUNCT
cblr-9114	430	5	voting	voting	NOUN
cblr-9114	430	6	presents	present	NOUN
cblr-9114	430	7	a	a	DET
cblr-9114	430	8	particularly	particularly	ADV
cblr-9114	430	9	attractive	attractive	ADJ
cblr-9114	430	10	128	128	NUM
cblr-9114	430	11	see	see	NOUN
cblr-9114	430	12	supra	supra	PROPN
cblr-9114	430	13	notes	note	NOUN
cblr-9114	430	14	12–15	12–15	NUM
cblr-9114	430	15	and	and	CCONJ
cblr-9114	430	16	accompanying	accompany	VERB
cblr-9114	430	17	text	text	NOUN
cblr-9114	430	18	(	(	PUNCT
cblr-9114	430	19	discussing	discuss	VERB
cblr-9114	430	20	the	the	DET
cblr-9114	430	21	history	history	NOUN
cblr-9114	430	22	of	of	ADP
cblr-9114	430	23	the	the	DET
cblr-9114	430	24	proxy	proxy	ADJ
cblr-9114	430	25	advisory	advisory	ADJ
cblr-9114	430	26	firm	firm	NOUN
cblr-9114	430	27	industry	industry	NOUN
cblr-9114	430	28	)	)	PUNCT
cblr-9114	430	29	.	.	PUNCT
cblr-9114	431	1	129	129	NUM
cblr-9114	431	2	shu	shu	NOUN
cblr-9114	431	3	,	,	PUNCT
cblr-9114	431	4	supra	supra	PROPN
cblr-9114	431	5	note	note	PROPN
cblr-9114	431	6	28	28	NUM
cblr-9114	431	7	,	,	PUNCT
cblr-9114	431	8	(	(	PUNCT
cblr-9114	431	9	manuscript	manuscript	NOUN
cblr-9114	431	10	at	at	ADP
cblr-9114	431	11	12	12	NUM
cblr-9114	431	12	)	)	PUNCT
cblr-9114	431	13	(	(	PUNCT
cblr-9114	431	14	finding	find	VERB
cblr-9114	431	15	that	that	SCONJ
cblr-9114	431	16	the	the	DET
cblr-9114	431	17	percentage	percentage	NOUN
cblr-9114	431	18	of	of	ADP
cblr-9114	431	19	iss	iss	PROPN
cblr-9114	431	20	customers	customer	NOUN
cblr-9114	431	21	voting	vote	VERB
cblr-9114	431	22	in	in	ADP
cblr-9114	431	23	line	line	NOUN
cblr-9114	431	24	with	with	ADP
cblr-9114	431	25	its	its	PRON
cblr-9114	431	26	recommendations	recommendation	NOUN
cblr-9114	431	27	more	more	ADJ
cblr-9114	431	28	than	than	ADP
cblr-9114	431	29	99.9	99.9	NUM
cblr-9114	431	30	%	%	NOUN
cblr-9114	431	31	of	of	ADP
cblr-9114	431	32	the	the	DET
cblr-9114	431	33	time	time	NOUN
cblr-9114	431	34	increased	increase	VERB
cblr-9114	431	35	from	from	ADP
cblr-9114	431	36	5	5	NUM
cblr-9114	431	37	%	%	NOUN
cblr-9114	431	38	in	in	ADP
cblr-9114	431	39	2007	2007	NUM
cblr-9114	431	40	to	to	ADP
cblr-9114	431	41	23	23	NUM
cblr-9114	431	42	%	%	NOUN
cblr-9114	431	43	in	in	ADP
cblr-9114	431	44	2017	2017	NUM
cblr-9114	431	45	)	)	PUNCT
cblr-9114	431	46	.	.	PUNCT
cblr-9114	432	1	130	130	NUM
cblr-9114	432	2	17	17	NUM
cblr-9114	432	3	c.f.r	c.f.r	NOUN
cblr-9114	432	4	.	.	PUNCT
cblr-9114	433	1	§	§	PROPN
cblr-9114	433	2	240.14a-2(b)(9)(i	240.14a-2(b)(9)(i	NUM
cblr-9114	433	3	)	)	PUNCT
cblr-9114	433	4	(	(	PUNCT
cblr-9114	433	5	2021	2021	NUM
cblr-9114	433	6	)	)	PUNCT
cblr-9114	433	7	.	.	PUNCT
cblr-9114	434	1	131	131	NUM
cblr-9114	434	2	leo	leo	PROPN
cblr-9114	434	3	e.	e.	PROPN
cblr-9114	434	4	strine	strine	PROPN
cblr-9114	434	5	,	,	PUNCT
cblr-9114	434	6	jr	jr	PROPN
cblr-9114	434	7	.	.	PROPN
cblr-9114	434	8	,	,	PUNCT
cblr-9114	434	9	the	the	DET
cblr-9114	434	10	delaware	delaware	PROPN
cblr-9114	434	11	way	way	NOUN
cblr-9114	434	12	:	:	PUNCT
cblr-9114	434	13	how	how	SCONJ
cblr-9114	434	14	we	we	PRON
cblr-9114	434	15	do	do	VERB
cblr-9114	434	16	corporate	corporate	ADJ
cblr-9114	434	17	law	law	NOUN
cblr-9114	434	18	and	and	CCONJ
cblr-9114	434	19	some	some	PRON
cblr-9114	434	20	of	of	ADP
cblr-9114	434	21	the	the	DET
cblr-9114	434	22	new	new	ADJ
cblr-9114	434	23	challenges	challenge	NOUN
cblr-9114	434	24	we	we	PRON
cblr-9114	434	25	(	(	PUNCT
cblr-9114	434	26	and	and	CCONJ
cblr-9114	434	27	europe	europe	PROPN
cblr-9114	434	28	)	)	PUNCT
cblr-9114	434	29	face	face	NOUN
cblr-9114	434	30	,	,	PUNCT
cblr-9114	434	31	30	30	NUM
cblr-9114	434	32	del	del	PROPN
cblr-9114	434	33	.	.	PROPN
cblr-9114	434	34	j.	j.	PROPN
cblr-9114	434	35	corp	corp	PROPN
cblr-9114	434	36	.	.	PROPN
cblr-9114	434	37	l.	l.	PROPN
cblr-9114	434	38	673	673	NUM
cblr-9114	434	39	,	,	PUNCT
cblr-9114	434	40	688	688	NUM
cblr-9114	434	41	(	(	PUNCT
cblr-9114	434	42	2005	2005	NUM
cblr-9114	434	43	)	)	PUNCT
cblr-9114	434	44	.	.	PUNCT
cblr-9114	435	1	1518	1518	NUM
cblr-9114	435	2	columbia	columbia	PROPN
cblr-9114	435	3	business	business	PROPN
cblr-9114	435	4	law	law	PROPN
cblr-9114	435	5	review	review	NOUN
cblr-9114	435	6	[	[	X
cblr-9114	435	7	vol	vol	NOUN
cblr-9114	435	8	.	.	NOUN
cblr-9114	435	9	2021	2021	NUM
cblr-9114	435	10	option	option	NOUN
cblr-9114	435	11	for	for	ADP
cblr-9114	435	12	various	various	ADJ
cblr-9114	435	13	cost	cost	NOUN
cblr-9114	435	14	-	-	PUNCT
cblr-9114	435	15	conscious	conscious	ADJ
cblr-9114	435	16	investment	investment	NOUN
cblr-9114	435	17	advisers	adviser	NOUN
cblr-9114	435	18	.	.	PUNCT
cblr-9114	436	1	investment	investment	NOUN
cblr-9114	436	2	advisors	advisor	NOUN
cblr-9114	436	3	must	must	AUX
cblr-9114	436	4	uphold	uphold	VERB
cblr-9114	436	5	their	their	PRON
cblr-9114	436	6	fiduciary	fiduciary	ADJ
cblr-9114	436	7	duties	duty	NOUN
cblr-9114	436	8	by	by	ADP
cblr-9114	436	9	ensuring	ensure	VERB
cblr-9114	436	10	their	their	PRON
cblr-9114	436	11	proxy	proxy	ADJ
cblr-9114	436	12	votes	vote	NOUN
cblr-9114	436	13	on	on	ADP
cblr-9114	436	14	behalf	behalf	NOUN
cblr-9114	436	15	of	of	ADP
cblr-9114	436	16	clients	client	NOUN
cblr-9114	436	17	maximize	maximize	VERB
cblr-9114	436	18	shareholder	shareholder	NOUN
cblr-9114	436	19	value	value	NOUN
cblr-9114	436	20	.	.	PUNCT
cblr-9114	437	1	as	as	ADP
cblr-9114	437	2	a	a	DET
cblr-9114	437	3	result	result	NOUN
cblr-9114	437	4	,	,	PUNCT
cblr-9114	437	5	investment	investment	NOUN
cblr-9114	437	6	advisors	advisor	NOUN
cblr-9114	437	7	are	be	AUX
cblr-9114	437	8	incentivized	incentivize	VERB
cblr-9114	437	9	to	to	PART
cblr-9114	437	10	outsource	outsource	VERB
cblr-9114	437	11	as	as	ADP
cblr-9114	437	12	much	much	ADJ
cblr-9114	437	13	of	of	ADP
cblr-9114	437	14	this	this	DET
cblr-9114	437	15	process	process	NOUN
cblr-9114	437	16	as	as	ADP
cblr-9114	437	17	possible	possible	ADJ
cblr-9114	437	18	to	to	ADP
cblr-9114	437	19	proxy	proxy	ADJ
cblr-9114	437	20	advisory	advisory	ADJ
cblr-9114	437	21	firms	firm	NOUN
cblr-9114	437	22	,	,	PUNCT
cblr-9114	437	23	as	as	SCONJ
cblr-9114	437	24	they	they	PRON
cblr-9114	437	25	have	have	VERB
cblr-9114	437	26	lower	low	ADJ
cblr-9114	437	27	information	information	NOUN
cblr-9114	437	28	costs	cost	NOUN
cblr-9114	437	29	and	and	CCONJ
cblr-9114	437	30	can	can	AUX
cblr-9114	437	31	develop	develop	VERB
cblr-9114	437	32	proxy	proxy	ADJ
cblr-9114	437	33	voting	voting	NOUN
cblr-9114	437	34	policies	policy	NOUN
cblr-9114	437	35	in	in	ADP
cblr-9114	437	36	a	a	DET
cblr-9114	437	37	cost	cost	NOUN
cblr-9114	437	38	-	-	PUNCT
cblr-9114	437	39	effective	effective	ADJ
cblr-9114	437	40	manner	manner	NOUN
cblr-9114	437	41	.	.	PUNCT
cblr-9114	438	1	if	if	SCONJ
cblr-9114	438	2	the	the	DET
cblr-9114	438	3	fees	fee	NOUN
cblr-9114	438	4	charged	charge	VERB
cblr-9114	438	5	by	by	ADP
cblr-9114	438	6	proxy	proxy	ADJ
cblr-9114	438	7	advisory	advisory	ADJ
cblr-9114	438	8	firms	firm	NOUN
cblr-9114	438	9	were	be	AUX
cblr-9114	438	10	not	not	PART
cblr-9114	438	11	lower	low	ADJ
cblr-9114	438	12	than	than	ADP
cblr-9114	438	13	the	the	DET
cblr-9114	438	14	cost	cost	NOUN
cblr-9114	438	15	of	of	ADP
cblr-9114	438	16	producing	produce	VERB
cblr-9114	438	17	the	the	DET
cblr-9114	438	18	information	information	NOUN
cblr-9114	438	19	in	in	ADP
cblr-9114	438	20	-	-	PUNCT
cblr-9114	438	21	house	house	NOUN
cblr-9114	438	22	,	,	PUNCT
cblr-9114	438	23	investment	investment	NOUN
cblr-9114	438	24	advisers	adviser	NOUN
cblr-9114	438	25	would	would	AUX
cblr-9114	438	26	never	never	ADV
cblr-9114	438	27	employ	employ	VERB
cblr-9114	438	28	their	their	PRON
cblr-9114	438	29	services	service	NOUN
cblr-9114	438	30	.	.	PUNCT
cblr-9114	439	1	the	the	DET
cblr-9114	439	2	incentive	incentive	NOUN
cblr-9114	439	3	to	to	PART
cblr-9114	439	4	cut	cut	VERB
cblr-9114	439	5	costs	cost	NOUN
cblr-9114	439	6	by	by	ADP
cblr-9114	439	7	deferring	defer	VERB
cblr-9114	439	8	to	to	ADP
cblr-9114	439	9	proxy	proxy	VERB
cblr-9114	439	10	advisory	advisory	ADJ
cblr-9114	439	11	firm	firm	ADJ
cblr-9114	439	12	recommendations	recommendation	NOUN
cblr-9114	439	13	is	be	AUX
cblr-9114	439	14	much	much	ADV
cblr-9114	439	15	stronger	strong	ADJ
cblr-9114	439	16	for	for	ADP
cblr-9114	439	17	smaller	small	ADJ
cblr-9114	439	18	mutual	mutual	ADJ
cblr-9114	439	19	funds	fund	NOUN
cblr-9114	439	20	who	who	PRON
cblr-9114	439	21	tend	tend	VERB
cblr-9114	439	22	to	to	PART
cblr-9114	439	23	lack	lack	VERB
cblr-9114	439	24	the	the	DET
cblr-9114	439	25	resources	resource	NOUN
cblr-9114	439	26	and	and	CCONJ
cblr-9114	439	27	economies	economy	NOUN
cblr-9114	439	28	of	of	ADP
cblr-9114	439	29	scale	scale	NOUN
cblr-9114	439	30	found	find	VERB
cblr-9114	439	31	in	in	ADP
cblr-9114	439	32	their	their	PRON
cblr-9114	439	33	larger	large	ADJ
cblr-9114	439	34	counterparts	counterpart	NOUN
cblr-9114	439	35	.	.	PUNCT
cblr-9114	440	1	research	research	NOUN
cblr-9114	440	2	supports	support	VERB
cblr-9114	440	3	the	the	DET
cblr-9114	440	4	existence	existence	NOUN
cblr-9114	440	5	of	of	ADP
cblr-9114	440	6	this	this	DET
cblr-9114	440	7	phenomenon	phenomenon	NOUN
cblr-9114	440	8	,	,	PUNCT
cblr-9114	440	9	showing	show	VERB
cblr-9114	440	10	that	that	SCONJ
cblr-9114	440	11	smaller	small	ADJ
cblr-9114	440	12	funds	fund	NOUN
cblr-9114	440	13	frequently	frequently	ADV
cblr-9114	440	14	vote	vote	VERB
cblr-9114	440	15	in	in	ADP
cblr-9114	440	16	line	line	NOUN
cblr-9114	440	17	with	with	ADP
cblr-9114	440	18	proxy	proxy	ADJ
cblr-9114	440	19	advisory	advisory	ADJ
cblr-9114	440	20	firms	firm	NOUN
cblr-9114	440	21	’	'	PUNCT
cblr-9114	440	22	recommendations.132	recommendations.132	NOUN
cblr-9114	440	23	although	although	SCONJ
cblr-9114	440	24	less	less	ADV
cblr-9114	440	25	widespread	widespread	ADJ
cblr-9114	440	26	among	among	ADP
cblr-9114	440	27	larger	large	ADJ
cblr-9114	440	28	funds	fund	NOUN
cblr-9114	440	29	the	the	DET
cblr-9114	440	30	practice	practice	NOUN
cblr-9114	440	31	has	have	AUX
cblr-9114	440	32	still	still	ADV
cblr-9114	440	33	been	be	AUX
cblr-9114	440	34	used	use	VERB
cblr-9114	440	35	by	by	ADP
cblr-9114	440	36	a	a	DET
cblr-9114	440	37	substantial	substantial	ADJ
cblr-9114	440	38	proportion	proportion	NOUN
cblr-9114	440	39	of	of	ADP
cblr-9114	440	40	mutual	mutual	ADJ
cblr-9114	440	41	funds	fund	NOUN
cblr-9114	440	42	and	and	CCONJ
cblr-9114	440	43	other	other	ADJ
cblr-9114	440	44	institutional	institutional	ADJ
cblr-9114	440	45	investors.133	investors.133	NOUN
cblr-9114	440	46	in	in	ADP
cblr-9114	440	47	a	a	DET
cblr-9114	440	48	survey	survey	NOUN
cblr-9114	440	49	of	of	ADP
cblr-9114	440	50	companies	company	NOUN
cblr-9114	440	51	conducted	conduct	VERB
cblr-9114	440	52	during	during	ADP
cblr-9114	440	53	the	the	DET
cblr-9114	440	54	2017	2017	NUM
cblr-9114	440	55	proxy	proxy	NOUN
cblr-9114	440	56	season	season	NOUN
cblr-9114	440	57	,	,	PUNCT
cblr-9114	440	58	“	"	PUNCT
cblr-9114	440	59	the	the	DET
cblr-9114	440	60	participating	participate	VERB
cblr-9114	440	61	companies	company	NOUN
cblr-9114	440	62	reported	report	VERB
cblr-9114	440	63	an	an	DET
cblr-9114	440	64	average	average	NOUN
cblr-9114	440	65	of	of	ADP
cblr-9114	440	66	19.3	19.3	NUM
cblr-9114	440	67	%	%	NOUN
cblr-9114	440	68	of	of	ADP
cblr-9114	440	69	the	the	DET
cblr-9114	440	70	total	total	ADJ
cblr-9114	440	71	vote	vote	NOUN
cblr-9114	440	72	is	be	AUX
cblr-9114	440	73	voted	vote	VERB
cblr-9114	440	74	consistent	consistent	ADJ
cblr-9114	440	75	with	with	ADP
cblr-9114	440	76	the	the	DET
cblr-9114	440	77	adverse	adverse	ADJ
cblr-9114	440	78	recommendations	recommendation	NOUN
cblr-9114	440	79	within	within	ADP
cblr-9114	440	80	three	three	NUM
cblr-9114	440	81	business	business	NOUN
cblr-9114	440	82	days	day	NOUN
cblr-9114	440	83	of	of	ADP
cblr-9114	440	84	an	an	DET
cblr-9114	440	85	adverse	adverse	ADJ
cblr-9114	440	86	iss	iss	PROPN
cblr-9114	440	87	recommendation	recommendation	NOUN
cblr-9114	440	88	.	.	PUNCT
cblr-9114	440	89	”134	”134	PUNCT
cblr-9114	441	1	professors	professor	NOUN
cblr-9114	441	2	stephen	stephen	PROPN
cblr-9114	441	3	choi	choi	PROPN
cblr-9114	441	4	,	,	PUNCT
cblr-9114	441	5	jill	jill	PROPN
cblr-9114	441	6	fisch	fisch	PROPN
cblr-9114	441	7	,	,	PUNCT
cblr-9114	441	8	and	and	CCONJ
cblr-9114	441	9	marcel	marcel	PROPN
cblr-9114	441	10	kahan	kahan	PROPN
cblr-9114	441	11	analyze	analyze	VERB
cblr-9114	441	12	mutual	mutual	ADJ
cblr-9114	441	13	fund	fund	NOUN
cblr-9114	441	14	voting	voting	NOUN
cblr-9114	441	15	decisions	decision	NOUN
cblr-9114	441	16	in	in	ADP
cblr-9114	441	17	uncontested	uncontested	ADJ
cblr-9114	441	18	director	director	NOUN
cblr-9114	441	19	elections	election	NOUN
cblr-9114	441	20	to	to	PART
cblr-9114	441	21	determine	determine	VERB
cblr-9114	441	22	the	the	DET
cblr-9114	441	23	voting	voting	NOUN
cblr-9114	441	24	shortcuts	shortcut	NOUN
cblr-9114	441	25	used	use	VERB
cblr-9114	441	26	on	on	ADP
cblr-9114	441	27	a	a	DET
cblr-9114	441	28	low	low	ADJ
cblr-9114	441	29	132	132	NUM
cblr-9114	441	30	see	see	NOUN
cblr-9114	441	31	stephen	stephen	PROPN
cblr-9114	441	32	j.	j.	PROPN
cblr-9114	441	33	choi	choi	PROPN
cblr-9114	441	34	,	,	PUNCT
cblr-9114	441	35	jill	jill	PROPN
cblr-9114	441	36	e.	e.	PROPN
cblr-9114	441	37	fisch	fisch	PROPN
cblr-9114	441	38	&	&	CCONJ
cblr-9114	441	39	marcel	marcel	PROPN
cblr-9114	441	40	kahan	kahan	PROPN
cblr-9114	441	41	,	,	PUNCT
cblr-9114	441	42	who	who	PRON
cblr-9114	441	43	calls	call	VERB
cblr-9114	441	44	the	the	DET
cblr-9114	441	45	shots	shot	NOUN
cblr-9114	441	46	?	?	PUNCT
cblr-9114	441	47	:	:	PUNCT
cblr-9114	441	48	how	how	SCONJ
cblr-9114	441	49	mutual	mutual	ADJ
cblr-9114	441	50	funds	fund	NOUN
cblr-9114	441	51	vote	vote	VERB
cblr-9114	441	52	on	on	ADP
cblr-9114	441	53	director	director	NOUN
cblr-9114	441	54	elections	election	NOUN
cblr-9114	441	55	,	,	PUNCT
cblr-9114	441	56	3	3	NUM
cblr-9114	441	57	harv	harv	NOUN
cblr-9114	441	58	.	.	PUNCT
cblr-9114	442	1	bus	bus	NOUN
cblr-9114	442	2	.	.	PUNCT
cblr-9114	443	1	l.	l.	PROPN
cblr-9114	443	2	rev	rev	PROPN
cblr-9114	443	3	.	.	PROPN
cblr-9114	443	4	35	35	NUM
cblr-9114	443	5	,	,	PUNCT
cblr-9114	443	6	67	67	NUM
cblr-9114	443	7	(	(	PUNCT
cblr-9114	443	8	2013	2013	NUM
cblr-9114	443	9	)	)	PUNCT
cblr-9114	443	10	(	(	PUNCT
cblr-9114	443	11	“	"	PUNCT
cblr-9114	443	12	we	we	PRON
cblr-9114	443	13	find	find	VERB
cblr-9114	443	14	that	that	SCONJ
cblr-9114	443	15	,	,	PUNCT
cblr-9114	443	16	although	although	SCONJ
cblr-9114	443	17	a	a	DET
cblr-9114	443	18	substantial	substantial	ADJ
cblr-9114	443	19	number	number	NOUN
cblr-9114	443	20	of	of	ADP
cblr-9114	443	21	funds	fund	NOUN
cblr-9114	443	22	employ	employ	VERB
cblr-9114	443	23	short	short	ADJ
cblr-9114	443	24	cuts	cut	NOUN
cblr-9114	443	25	,	,	PUNCT
cblr-9114	443	26	appearing	appear	VERB
cblr-9114	443	27	to	to	PART
cblr-9114	443	28	presumptively	presumptively	ADV
cblr-9114	443	29	follow	follow	VERB
cblr-9114	443	30	the	the	DET
cblr-9114	443	31	voting	voting	NOUN
cblr-9114	443	32	recommendations	recommendation	NOUN
cblr-9114	443	33	of	of	ADP
cblr-9114	443	34	either	either	CCONJ
cblr-9114	443	35	management	management	NOUN
cblr-9114	443	36	or	or	CCONJ
cblr-9114	443	37	iss	iss	PROPN
cblr-9114	443	38	,	,	PUNCT
cblr-9114	443	39	these	these	DET
cblr-9114	443	40	strategies	strategy	NOUN
cblr-9114	443	41	are	be	AUX
cblr-9114	443	42	more	more	ADV
cblr-9114	443	43	common	common	ADJ
cblr-9114	443	44	in	in	ADP
cblr-9114	443	45	smaller	small	ADJ
cblr-9114	443	46	fund	fund	NOUN
cblr-9114	443	47	families	family	NOUN
cblr-9114	443	48	.	.	PUNCT
cblr-9114	443	49	”	"	PUNCT
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cblr-9114	443	51	.	.	PUNCT
cblr-9114	444	1	133	133	NUM
cblr-9114	444	2	i	i	PROPN
cblr-9114	444	3	d.	d.	PROPN
cblr-9114	444	4	;	;	PUNCT
cblr-9114	444	5	shu	shu	PROPN
cblr-9114	444	6	,	,	PUNCT
cblr-9114	444	7	supra	supra	PROPN
cblr-9114	444	8	note	note	PROPN
cblr-9114	444	9	28	28	NUM
cblr-9114	444	10	,	,	PUNCT
cblr-9114	444	11	(	(	PUNCT
cblr-9114	444	12	manuscript	manuscript	NOUN
cblr-9114	444	13	at	at	ADP
cblr-9114	444	14	13	13	NUM
cblr-9114	444	15	)	)	PUNCT
cblr-9114	444	16	(	(	PUNCT
cblr-9114	444	17	finding	find	VERB
cblr-9114	444	18	that	that	SCONJ
cblr-9114	444	19	the	the	DET
cblr-9114	444	20	percentage	percentage	NOUN
cblr-9114	444	21	of	of	ADP
cblr-9114	444	22	iss	iss	PROPN
cblr-9114	444	23	customers	customer	NOUN
cblr-9114	444	24	voting	vote	VERB
cblr-9114	444	25	in	in	ADP
cblr-9114	444	26	line	line	NOUN
cblr-9114	444	27	with	with	ADP
cblr-9114	444	28	its	its	PRON
cblr-9114	444	29	recommendations	recommendation	NOUN
cblr-9114	444	30	more	more	ADJ
cblr-9114	444	31	than	than	ADP
cblr-9114	444	32	99.9	99.9	NUM
cblr-9114	444	33	%	%	NOUN
cblr-9114	444	34	of	of	ADP
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cblr-9114	444	36	time	time	NOUN
cblr-9114	444	37	increased	increase	VERB
cblr-9114	444	38	from	from	ADP
cblr-9114	444	39	5	5	NUM
cblr-9114	444	40	%	%	NOUN
cblr-9114	444	41	in	in	ADP
cblr-9114	444	42	2007	2007	NUM
cblr-9114	444	43	to	to	ADP
cblr-9114	444	44	23	23	NUM
cblr-9114	444	45	%	%	NOUN
cblr-9114	444	46	in	in	ADP
cblr-9114	444	47	2017	2017	NUM
cblr-9114	444	48	)	)	PUNCT
cblr-9114	444	49	.	.	PUNCT
cblr-9114	445	1	134	134	NUM
cblr-9114	445	2	frank	frank	ADJ
cblr-9114	445	3	m.	m.	NOUN
cblr-9114	445	4	placenti	placenti	PROPN
cblr-9114	445	5	,	,	PUNCT
cblr-9114	445	6	are	be	AUX
cblr-9114	445	7	proxy	proxy	ADJ
cblr-9114	445	8	advisers	adviser	NOUN
cblr-9114	445	9	really	really	ADV
cblr-9114	445	10	a	a	DET
cblr-9114	445	11	problem	problem	NOUN
cblr-9114	445	12	8	8	NUM
cblr-9114	445	13	(	(	PUNCT
cblr-9114	445	14	2018	2018	NUM
cblr-9114	445	15	)	)	PUNCT
cblr-9114	445	16	,	,	PUNCT
cblr-9114	445	17	https://accfcorpgov.org/wpcontent/uploads/2018/10/accf_proxyproblemreport_final.pdf	https://accfcorpgov.org/wpcontent/uploads/2018/10/accf_proxyproblemreport_final.pdf	PROPN
cblr-9114	446	1	[	[	X
cblr-9114	446	2	https://perma.cc/tb7k-3y8	https://perma.cc/tb7k-3y8	NOUN
cblr-9114	446	3	g	g	NOUN
cblr-9114	446	4	]	]	PUNCT
cblr-9114	446	5	.	.	PUNCT
cblr-9114	447	1	no	no	INTJ
cblr-9114	447	2	.	.	PUNCT
cblr-9114	448	1	3:1487	3:1487	NUM
cblr-9114	448	2	]	]	X
cblr-9114	448	3	proxy	proxy	ADJ
cblr-9114	448	4	advisory	advisory	ADJ
cblr-9114	448	5	firms	firm	NOUN
cblr-9114	448	6	’	'	PUNCT
cblr-9114	448	7	conflicts	conflict	NOUN
cblr-9114	448	8	of	of	ADP
cblr-9114	448	9	interest	interest	NOUN
cblr-9114	448	10	1519	1519	NUM
cblr-9114	448	11	stake	stake	NOUN
cblr-9114	448	12	,	,	PUNCT
cblr-9114	448	13	high	high	ADJ
cblr-9114	448	14	information	information	NOUN
cblr-9114	448	15	cost	cost	NOUN
cblr-9114	448	16	issue	issue	NOUN
cblr-9114	448	17	.	.	PUNCT
cblr-9114	449	1	they	they	PRON
cblr-9114	449	2	find	find	VERB
cblr-9114	449	3	that	that	SCONJ
cblr-9114	449	4	smaller	small	ADJ
cblr-9114	449	5	funds	fund	NOUN
cblr-9114	449	6	are	be	AUX
cblr-9114	449	7	more	more	ADV
cblr-9114	449	8	likely	likely	ADJ
cblr-9114	449	9	to	to	PART
cblr-9114	449	10	vote	vote	VERB
cblr-9114	449	11	in	in	ADP
cblr-9114	449	12	line	line	NOUN
cblr-9114	449	13	with	with	ADP
cblr-9114	449	14	iss	iss	PROPN
cblr-9114	449	15	and	and	CCONJ
cblr-9114	449	16	that	that	SCONJ
cblr-9114	449	17	3.04	3.04	NUM
cblr-9114	449	18	%	%	NOUN
cblr-9114	449	19	of	of	ADP
cblr-9114	449	20	sample	sample	NOUN
cblr-9114	449	21	assets	asset	NOUN
cblr-9114	449	22	vote	vote	NOUN
cblr-9114	449	23	in	in	ADP
cblr-9114	449	24	line	line	NOUN
cblr-9114	449	25	with	with	ADP
cblr-9114	449	26	iss	iss	PROPN
cblr-9114	449	27	recommendations	recommendation	NOUN
cblr-9114	449	28	more	more	ADJ
cblr-9114	449	29	than	than	ADP
cblr-9114	449	30	99	99	NUM
cblr-9114	449	31	%	%	NOUN
cblr-9114	449	32	of	of	ADP
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cblr-9114	449	34	time	time	NOUN
cblr-9114	449	35	,	,	PUNCT
cblr-9114	449	36	while	while	SCONJ
cblr-9114	449	37	10.16	10.16	NUM
cblr-9114	449	38	%	%	NOUN
cblr-9114	449	39	follow	follow	NOUN
cblr-9114	449	40	iss	iss	PROPN
cblr-9114	449	41	recommendations	recommendation	NOUN
cblr-9114	449	42	more	more	ADJ
cblr-9114	449	43	than	than	ADP
cblr-9114	449	44	97.5	97.5	NUM
cblr-9114	449	45	%	%	NOUN
cblr-9114	449	46	of	of	ADP
cblr-9114	449	47	the	the	DET
cblr-9114	449	48	time.135	time.135	NOUN
cblr-9114	449	49	nonetheless	nonetheless	ADV
cblr-9114	449	50	,	,	PUNCT
cblr-9114	449	51	“	"	PUNCT
cblr-9114	449	52	[	[	X
cblr-9114	449	53	b]ecause	b]ecause	NOUN
cblr-9114	449	54	of	of	ADP
cblr-9114	449	55	the	the	DET
cblr-9114	449	56	large	large	ADJ
cblr-9114	449	57	percentage	percentage	NOUN
cblr-9114	449	58	of	of	ADP
cblr-9114	449	59	iss	iss	PROPN
cblr-9114	449	60	‘	'	PUNCT
cblr-9114	449	61	for	for	ADP
cblr-9114	449	62	’	'	PUNCT
cblr-9114	449	63	recommendations	recommendation	NOUN
cblr-9114	449	64	and	and	CCONJ
cblr-9114	449	65	fund	fund	NOUN
cblr-9114	449	66	‘	'	PUNCT
cblr-9114	449	67	for	for	ADP
cblr-9114	449	68	’	'	PUNCT
cblr-9114	449	69	votes	vote	NOUN
cblr-9114	449	70	,	,	PUNCT
cblr-9114	449	71	it	it	PRON
cblr-9114	449	72	is	be	AUX
cblr-9114	449	73	perhaps	perhaps	ADV
cblr-9114	449	74	more	more	ADV
cblr-9114	449	75	valuable	valuable	ADJ
cblr-9114	449	76	to	to	PART
cblr-9114	449	77	examine	examine	VERB
cblr-9114	449	78	the	the	DET
cblr-9114	449	79	relationship	relationship	NOUN
cblr-9114	449	80	between	between	ADP
cblr-9114	449	81	‘	'	PUNCT
cblr-9114	449	82	withhold	withhold	ADJ
cblr-9114	449	83	’	'	PUNCT
cblr-9114	449	84	recommendations	recommendation	NOUN
cblr-9114	449	85	and	and	CCONJ
cblr-9114	449	86	votes	vote	NOUN
cblr-9114	449	87	.	.	PUNCT
cblr-9114	449	88	”136	”136	PUNCT
cblr-9114	450	1	furthermore	furthermore	ADV
cblr-9114	450	2	,	,	PUNCT
cblr-9114	450	3	3.2	3.2	NUM
cblr-9114	450	4	%	%	NOUN
cblr-9114	450	5	of	of	ADP
cblr-9114	450	6	sample	sample	NOUN
cblr-9114	450	7	assets	asset	NOUN
cblr-9114	450	8	vote	vote	NOUN
cblr-9114	450	9	“	"	PUNCT
cblr-9114	450	10	withhold	withhold	NOUN
cblr-9114	450	11	”	"	PUNCT
cblr-9114	450	12	in	in	ADP
cblr-9114	450	13	accordance	accordance	NOUN
cblr-9114	450	14	with	with	ADP
cblr-9114	450	15	iss	iss	PROPN
cblr-9114	450	16	at	at	ADP
cblr-9114	450	17	least	least	ADV
cblr-9114	450	18	90	90	NUM
cblr-9114	450	19	%	%	NOUN
cblr-9114	450	20	of	of	ADP
cblr-9114	450	21	the	the	DET
cblr-9114	450	22	time	time	NOUN
cblr-9114	450	23	,	,	PUNCT
cblr-9114	450	24	while	while	SCONJ
cblr-9114	450	25	8.07	8.07	NUM
cblr-9114	450	26	%	%	NOUN
cblr-9114	450	27	vote	vote	NOUN
cblr-9114	450	28	in	in	ADP
cblr-9114	450	29	“	"	PUNCT
cblr-9114	450	30	withhold	withhold	NOUN
cblr-9114	450	31	”	"	PUNCT
cblr-9114	450	32	in	in	ADP
cblr-9114	450	33	accordance	accordance	NOUN
cblr-9114	450	34	with	with	ADP
cblr-9114	450	35	iss	iss	PROPN
cblr-9114	450	36	at	at	ADP
cblr-9114	450	37	least	least	ADV
cblr-9114	450	38	80	80	NUM
cblr-9114	450	39	%	%	NOUN
cblr-9114	450	40	of	of	ADP
cblr-9114	450	41	the	the	DET
cblr-9114	450	42	time.137	time.137	NOUN
cblr-9114	450	43	this	this	PRON
cblr-9114	450	44	suggests	suggest	VERB
cblr-9114	450	45	substantial	substantial	ADJ
cblr-9114	450	46	reliance	reliance	NOUN
cblr-9114	450	47	on	on	ADP
cblr-9114	450	48	iss	iss	PROPN
cblr-9114	450	49	’s	’s	PART
cblr-9114	450	50	recommendations	recommendation	NOUN
cblr-9114	450	51	by	by	ADP
cblr-9114	450	52	these	these	DET
cblr-9114	450	53	investors	investor	NOUN
cblr-9114	450	54	.	.	PUNCT
cblr-9114	451	1	professor	professor	PROPN
cblr-9114	451	2	shu	shu	PROPN
cblr-9114	451	3	’s	’s	PART
cblr-9114	451	4	research	research	NOUN
cblr-9114	451	5	goes	go	VERB
cblr-9114	451	6	further	far	ADV
cblr-9114	451	7	,	,	PUNCT
cblr-9114	451	8	utilizing	utilize	VERB
cblr-9114	451	9	the	the	DET
cblr-9114	451	10	formatting	formatting	NOUN
cblr-9114	451	11	of	of	ADP
cblr-9114	451	12	mutual	mutual	ADJ
cblr-9114	451	13	funds	fund	NOUN
cblr-9114	451	14	’	'	PUNCT
cblr-9114	451	15	n	n	CCONJ
cblr-9114	451	16	-	-	PUNCT
cblr-9114	451	17	px	px	NOUN
cblr-9114	451	18	form	form	NOUN
cblr-9114	451	19	filings	filing	NOUN
cblr-9114	451	20	to	to	PART
cblr-9114	451	21	determine	determine	VERB
cblr-9114	451	22	their	their	PRON
cblr-9114	451	23	proxy	proxy	ADJ
cblr-9114	451	24	adviser.138	adviser.138	NOUN
cblr-9114	451	25	“	"	PUNCT
cblr-9114	451	26	in	in	ADP
cblr-9114	451	27	2017	2017	NUM
cblr-9114	451	28	,	,	PUNCT
cblr-9114	451	29	29	29	NUM
cblr-9114	451	30	investors	investor	NOUN
cblr-9114	451	31	managing	manage	VERB
cblr-9114	451	32	over	over	ADP
cblr-9114	451	33	$	$	SYM
cblr-9114	451	34	200	200	NUM
cblr-9114	451	35	billion	billion	NUM
cblr-9114	451	36	of	of	ADP
cblr-9114	451	37	combined	combine	VERB
cblr-9114	451	38	assets	asset	NOUN
cblr-9114	451	39	almost	almost	ADV
cblr-9114	451	40	entirely	entirely	ADV
cblr-9114	451	41	followed	follow	VERB
cblr-9114	451	42	iss	iss	PROPN
cblr-9114	451	43	recommendations	recommendation	NOUN
cblr-9114	451	44	.	.	PUNCT
cblr-9114	452	1	from	from	ADP
cblr-9114	452	2	2007	2007	NUM
cblr-9114	452	3	to	to	ADP
cblr-9114	452	4	2017	2017	NUM
cblr-9114	452	5	,	,	PUNCT
cblr-9114	452	6	the	the	DET
cblr-9114	452	7	fraction	fraction	NOUN
cblr-9114	452	8	of	of	ADP
cblr-9114	452	9	robovoting	robovote	VERB
cblr-9114	452	10	iss	iss	PROPN
cblr-9114	452	11	customers	customer	NOUN
cblr-9114	452	12	grew	grow	VERB
cblr-9114	452	13	from	from	ADP
cblr-9114	452	14	5	5	NUM
cblr-9114	452	15	percent	percent	NOUN
cblr-9114	452	16	to	to	ADP
cblr-9114	452	17	23	23	NUM
cblr-9114	452	18	percent	percent	NOUN
cblr-9114	452	19	.	.	PUNCT
cblr-9114	452	20	”139	”139	PUNCT
cblr-9114	453	1	in	in	ADP
cblr-9114	453	2	addition	addition	NOUN
cblr-9114	453	3	,	,	PUNCT
cblr-9114	453	4	“	"	PUNCT
cblr-9114	453	5	iss	iss	PROPN
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cblr-9114	453	7	that	that	PRON
cblr-9114	453	8	provide	provide	VERB
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cblr-9114	453	10	index	index	NOUN
cblr-9114	453	11	product	product	NOUN
cblr-9114	453	12	are	be	AUX
cblr-9114	453	13	8	8	NUM
cblr-9114	453	14	percent	percent	NOUN
cblr-9114	453	15	more	more	ADV
cblr-9114	453	16	likely	likely	ADJ
cblr-9114	453	17	to	to	PART
cblr-9114	453	18	blindly	blindly	ADV
cblr-9114	453	19	follow	follow	VERB
cblr-9114	453	20	iss	iss	PROPN
cblr-9114	453	21	’s	’s	PART
cblr-9114	453	22	advice	advice	NOUN
cblr-9114	453	23	.	.	PUNCT
cblr-9114	454	1	”140	”140	PUNCT
cblr-9114	454	2	the	the	DET
cblr-9114	454	3	apparent	apparent	ADJ
cblr-9114	454	4	willingness	willingness	NOUN
cblr-9114	454	5	of	of	ADP
cblr-9114	454	6	certain	certain	ADJ
cblr-9114	454	7	institutional	institutional	ADJ
cblr-9114	454	8	investors	investor	NOUN
cblr-9114	454	9	to	to	ADP
cblr-9114	454	10	135	135	NUM
cblr-9114	454	11	choi	choi	PROPN
cblr-9114	454	12	et	et	NOUN
cblr-9114	454	13	.	.	PUNCT
cblr-9114	455	1	al	al	PROPN
cblr-9114	455	2	,	,	PUNCT
cblr-9114	455	3	supra	supra	PROPN
cblr-9114	455	4	note	note	PROPN
cblr-9114	455	5	132	132	NUM
cblr-9114	455	6	,	,	PUNCT
cblr-9114	455	7	at	at	ADP
cblr-9114	455	8	53	53	NUM
cblr-9114	455	9	.	.	PUNCT
cblr-9114	455	10	136	136	NUM
cblr-9114	456	1	i	i	PRON
cblr-9114	456	2	d.	d.	PROPN
cblr-9114	456	3	137	137	NUM
cblr-9114	457	1	i	i	PROPN
cblr-9114	457	2	d.	d.	PROPN
cblr-9114	457	3	138	138	NUM
cblr-9114	458	1	i	i	PROPN
cblr-9114	458	2	d.	d.	PROPN
cblr-9114	458	3	(	(	PUNCT
cblr-9114	458	4	manuscript	manuscript	NOUN
cblr-9114	458	5	at	at	ADP
cblr-9114	458	6	6	6	NUM
cblr-9114	458	7	)	)	PUNCT
cblr-9114	458	8	.	.	PUNCT
cblr-9114	459	1	in	in	ADP
cblr-9114	459	2	a	a	DET
cblr-9114	459	3	2018	2018	NUM
cblr-9114	459	4	comment	comment	NOUN
cblr-9114	459	5	letter	letter	NOUN
cblr-9114	459	6	,	,	PUNCT
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cblr-9114	459	8	suggested	suggest	VERB
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cblr-9114	459	10	securities	securities	PROPN
cblr-9114	459	11	and	and	CCONJ
cblr-9114	459	12	exchange	exchange	PROPN
cblr-9114	459	13	commission	commission	PROPN
cblr-9114	459	14	conduct	conduct	VERB
cblr-9114	459	15	the	the	DET
cblr-9114	459	16	analysis	analysis	NOUN
cblr-9114	459	17	shu	shu	NOUN
cblr-9114	459	18	has	have	AUX
cblr-9114	459	19	completed	complete	VERB
cblr-9114	459	20	using	use	VERB
cblr-9114	459	21	his	his	PRON
cblr-9114	459	22	innovation	innovation	NOUN
cblr-9114	459	23	of	of	ADP
cblr-9114	459	24	identifying	identify	VERB
cblr-9114	459	25	proxy	proxy	ADJ
cblr-9114	459	26	advisory	advisory	ADJ
cblr-9114	459	27	firms	firm	NOUN
cblr-9114	459	28	used	use	VERB
cblr-9114	459	29	through	through	ADP
cblr-9114	459	30	the	the	DET
cblr-9114	459	31	formatting	formatting	NOUN
cblr-9114	459	32	of	of	ADP
cblr-9114	459	33	the	the	DET
cblr-9114	459	34	n	n	CCONJ
cblr-9114	459	35	-	-	PUNCT
cblr-9114	459	36	px	px	NOUN
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cblr-9114	459	38	.	.	PUNCT
cblr-9114	460	1	blackrock	blackrock	NOUN
cblr-9114	460	2	,	,	PUNCT
cblr-9114	460	3	comment	comment	NOUN
cblr-9114	460	4	letter	letter	NOUN
cblr-9114	460	5	on	on	ADP
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cblr-9114	460	7	staff	staff	NOUN
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cblr-9114	460	9	on	on	ADP
cblr-9114	460	10	the	the	DET
cblr-9114	460	11	proxy	proxy	ADJ
cblr-9114	460	12	process	process	NOUN
cblr-9114	460	13	,	,	PUNCT
cblr-9114	460	14	at	at	ADP
cblr-9114	460	15	6	6	NUM
cblr-9114	460	16	(	(	PUNCT
cblr-9114	460	17	nov	nov	PROPN
cblr-9114	460	18	.	.	PROPN
cblr-9114	460	19	16	16	NUM
cblr-9114	460	20	,	,	PUNCT
cblr-9114	460	21	2018	2018	NUM
cblr-9114	460	22	)	)	PUNCT
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cblr-9114	462	1	[	[	X
cblr-9114	462	2	https://perma.cc/q6kr-7ew8	https://perma.cc/q6kr-7ew8	PROPN
cblr-9114	462	3	]	]	PUNCT
cblr-9114	462	4	.	.	PUNCT
cblr-9114	463	1	blackrock	blackrock	PROPN
cblr-9114	463	2	called	call	VERB
cblr-9114	463	3	on	on	ADP
cblr-9114	463	4	the	the	DET
cblr-9114	463	5	commission	commission	NOUN
cblr-9114	463	6	to	to	PART
cblr-9114	463	7	“	"	PUNCT
cblr-9114	463	8	compare	compare	VERB
cblr-9114	463	9	the	the	DET
cblr-9114	463	10	actual	actual	ADJ
cblr-9114	463	11	voting	voting	NOUN
cblr-9114	463	12	data	datum	NOUN
cblr-9114	463	13	in	in	ADP
cblr-9114	463	14	the	the	DET
cblr-9114	463	15	n	n	NOUN
cblr-9114	463	16	-	-	PUNCT
cblr-9114	463	17	px	px	NOUN
cblr-9114	463	18	files	file	NOUN
cblr-9114	463	19	against	against	ADP
cblr-9114	463	20	the	the	DET
cblr-9114	463	21	proxy	proxy	ADJ
cblr-9114	463	22	advisor	advisor	NOUN
cblr-9114	463	23	recommendations	recommendation	NOUN
cblr-9114	463	24	on	on	ADP
cblr-9114	463	25	shareholder	shareholder	NOUN
cblr-9114	463	26	proposals	proposal	NOUN
cblr-9114	463	27	.	.	PUNCT
cblr-9114	463	28	”	"	PUNCT
cblr-9114	464	1	i	i	PRON
cblr-9114	464	2	d.	d.	PROPN
cblr-9114	464	3	(	(	PUNCT
cblr-9114	464	4	footnote	footnote	VERB
cblr-9114	464	5	omitted	omit	VERB
cblr-9114	464	6	)	)	PUNCT
cblr-9114	464	7	.	.	PUNCT
cblr-9114	465	1	blackrock	blackrock	PROPN
cblr-9114	465	2	commented	comment	VERB
cblr-9114	465	3	that	that	SCONJ
cblr-9114	465	4	the	the	DET
cblr-9114	465	5	analysis	analysis	NOUN
cblr-9114	465	6	may	may	AUX
cblr-9114	465	7	also	also	ADV
cblr-9114	465	8	highlight	highlight	VERB
cblr-9114	465	9	which	which	DET
cblr-9114	465	10	firms	firm	NOUN
cblr-9114	465	11	appear	appear	VERB
cblr-9114	465	12	to	to	PART
cblr-9114	465	13	rely	rely	VERB
cblr-9114	465	14	more	more	ADV
cblr-9114	465	15	heavily	heavily	ADV
cblr-9114	465	16	on	on	ADP
cblr-9114	465	17	proxy	proxy	ADJ
cblr-9114	465	18	advisor	advisor	NOUN
cblr-9114	465	19	recommendations	recommendation	NOUN
cblr-9114	465	20	as	as	ADV
cblr-9114	465	21	well	well	ADV
cblr-9114	465	22	as	as	ADP
cblr-9114	465	23	demonstrate	demonstrate	VERB
cblr-9114	465	24	the	the	DET
cblr-9114	465	25	different	different	ADJ
cblr-9114	465	26	voting	voting	NOUN
cblr-9114	465	27	policies	policy	NOUN
cblr-9114	465	28	of	of	ADP
cblr-9114	465	29	various	various	ADJ
cblr-9114	465	30	firms	firm	NOUN
cblr-9114	465	31	and	and	CCONJ
cblr-9114	465	32	the	the	DET
cblr-9114	465	33	lack	lack	NOUN
cblr-9114	465	34	of	of	ADP
cblr-9114	465	35	correlation	correlation	NOUN
cblr-9114	465	36	in	in	ADP
cblr-9114	465	37	the	the	DET
cblr-9114	465	38	voting	voting	NOUN
cblr-9114	465	39	data	datum	NOUN
cblr-9114	465	40	.	.	PUNCT
cblr-9114	465	41	”	"	PUNCT
cblr-9114	466	1	i	i	PRON
cblr-9114	466	2	d.	d.	PROPN
cblr-9114	466	3	139	139	NUM
cblr-9114	466	4	shu	shu	PROPN
cblr-9114	466	5	,	,	PUNCT
cblr-9114	466	6	supra	supra	PROPN
cblr-9114	466	7	note	note	PROPN
cblr-9114	466	8	28	28	NUM
cblr-9114	466	9	(	(	PUNCT
cblr-9114	466	10	manuscript	manuscript	NOUN
cblr-9114	466	11	at	at	ADP
cblr-9114	466	12	12	12	NUM
cblr-9114	466	13	)	)	PUNCT
cblr-9114	466	14	.	.	PUNCT
cblr-9114	467	1	140	140	NUM
cblr-9114	467	2	i	i	PROPN
cblr-9114	467	3	d.	d.	PROPN
cblr-9114	467	4	(	(	PUNCT
cblr-9114	467	5	manuscript	manuscript	NOUN
cblr-9114	467	6	at	at	ADP
cblr-9114	467	7	13	13	NUM
cblr-9114	467	8	)	)	PUNCT
cblr-9114	467	9	.	.	PUNCT
cblr-9114	468	1	1520	1520	NUM
cblr-9114	468	2	columbia	columbia	PROPN
cblr-9114	468	3	business	business	NOUN
cblr-9114	468	4	law	law	PROPN
cblr-9114	468	5	review	review	NOUN
cblr-9114	468	6	[	[	X
cblr-9114	468	7	vol	vol	NOUN
cblr-9114	468	8	.	.	PUNCT
cblr-9114	468	9	2021	2021	NUM
cblr-9114	468	10	follow	follow	PROPN
cblr-9114	468	11	iss	iss	PROPN
cblr-9114	468	12	’s	’s	PART
cblr-9114	468	13	recommendations	recommendation	NOUN
cblr-9114	468	14	,	,	PUNCT
cblr-9114	468	15	coupled	couple	VERB
cblr-9114	468	16	with	with	ADP
cblr-9114	468	17	the	the	DET
cblr-9114	468	18	increasing	increase	VERB
cblr-9114	468	19	share	share	NOUN
cblr-9114	468	20	of	of	ADP
cblr-9114	468	21	equities	equity	NOUN
cblr-9114	468	22	these	these	DET
cblr-9114	468	23	institutional	institutional	ADJ
cblr-9114	468	24	investors	investor	NOUN
cblr-9114	468	25	hold	hold	VERB
cblr-9114	468	26	and	and	CCONJ
cblr-9114	468	27	iss	iss	PROPN
cblr-9114	468	28	’s	’s	PART
cblr-9114	468	29	long	long	ADV
cblr-9114	468	30	-	-	PUNCT
cblr-9114	468	31	held	hold	VERB
cblr-9114	468	32	status	status	NOUN
cblr-9114	468	33	as	as	ADP
cblr-9114	468	34	the	the	DET
cblr-9114	468	35	dominant	dominant	ADJ
cblr-9114	468	36	proxy	proxy	ADJ
cblr-9114	468	37	advisory	advisory	ADJ
cblr-9114	468	38	firm	firm	NOUN
cblr-9114	468	39	,	,	PUNCT
cblr-9114	468	40	demonstrates	demonstrate	VERB
cblr-9114	468	41	its	its	PRON
cblr-9114	468	42	immense	immense	ADJ
cblr-9114	468	43	influence	influence	NOUN
cblr-9114	468	44	.	.	PUNCT
cblr-9114	469	1	iss	iss	PROPN
cblr-9114	469	2	responds	respond	VERB
cblr-9114	469	3	to	to	ADP
cblr-9114	469	4	these	these	DET
cblr-9114	469	5	critiques	critique	NOUN
cblr-9114	469	6	by	by	ADP
cblr-9114	469	7	stating	state	VERB
cblr-9114	469	8	that	that	SCONJ
cblr-9114	469	9	its	its	PRON
cblr-9114	469	10	clients	client	NOUN
cblr-9114	469	11	“	"	PUNCT
cblr-9114	469	12	often	often	ADV
cblr-9114	469	13	vote	vote	VERB
cblr-9114	469	14	in	in	ADP
cblr-9114	469	15	accordance	accordance	NOUN
cblr-9114	469	16	with	with	ADP
cblr-9114	469	17	our	our	PRON
cblr-9114	469	18	recommendations	recommendation	NOUN
cblr-9114	469	19	because	because	SCONJ
cblr-9114	469	20	those	those	DET
cblr-9114	469	21	recommendations	recommendation	NOUN
cblr-9114	469	22	are	be	AUX
cblr-9114	469	23	tailored	tailor	VERB
cblr-9114	469	24	to	to	ADP
cblr-9114	469	25	their	their	PRON
cblr-9114	469	26	own	own	ADJ
cblr-9114	469	27	views	view	NOUN
cblr-9114	469	28	on	on	ADP
cblr-9114	469	29	corporate	corporate	ADJ
cblr-9114	469	30	governance	governance	NOUN
cblr-9114	469	31	,	,	PUNCT
cblr-9114	469	32	not	not	PART
cblr-9114	469	33	because	because	SCONJ
cblr-9114	469	34	they	they	PRON
cblr-9114	469	35	follow	follow	VERB
cblr-9114	469	36	our	our	PRON
cblr-9114	469	37	advice	advice	NOUN
cblr-9114	469	38	without	without	ADP
cblr-9114	469	39	thought	thought	NOUN
cblr-9114	469	40	or	or	CCONJ
cblr-9114	469	41	intention	intention	NOUN
cblr-9114	469	42	.	.	PUNCT
cblr-9114	470	1	”141	”141	NOUN
cblr-9114	470	2	however	however	ADV
cblr-9114	470	3	,	,	PUNCT
cblr-9114	470	4	professor	professor	PROPN
cblr-9114	470	5	shu	shu	PROPN
cblr-9114	470	6	’s	’s	PART
cblr-9114	470	7	analysis	analysis	NOUN
cblr-9114	470	8	accounts	account	VERB
cblr-9114	470	9	for	for	ADP
cblr-9114	470	10	this	this	PRON
cblr-9114	470	11	,	,	PUNCT
cblr-9114	470	12	finding	find	VERB
cblr-9114	470	13	that	that	SCONJ
cblr-9114	470	14	after	after	SCONJ
cblr-9114	470	15	funds	fund	NOUN
cblr-9114	470	16	switch	switch	VERB
cblr-9114	470	17	from	from	ADP
cblr-9114	470	18	glass	glass	PROPN
cblr-9114	470	19	lewis	lewis	PROPN
cblr-9114	470	20	to	to	ADP
cblr-9114	470	21	iss	iss	PROPN
cblr-9114	470	22	,	,	PUNCT
cblr-9114	470	23	their	their	PRON
cblr-9114	470	24	vote	vote	NOUN
cblr-9114	470	25	agreement	agreement	NOUN
cblr-9114	470	26	with	with	ADP
cblr-9114	470	27	iss	iss	PROPN
cblr-9114	470	28	increases	increase	VERB
cblr-9114	470	29	“	"	PUNCT
cblr-9114	470	30	by	by	ADP
cblr-9114	470	31	24	24	NUM
cblr-9114	470	32	percent	percent	NOUN
cblr-9114	470	33	,	,	PUNCT
cblr-9114	470	34	and	and	CCONJ
cblr-9114	470	35	vote	vote	NOUN
cblr-9114	470	36	agreement	agreement	NOUN
cblr-9114	470	37	with	with	ADP
cblr-9114	470	38	glass	glass	NOUN
cblr-9114	470	39	lewis	lewis	PROPN
cblr-9114	470	40	decline	decline	NOUN
cblr-9114	470	41	immediately	immediately	ADV
cblr-9114	470	42	by	by	ADP
cblr-9114	470	43	21	21	NUM
cblr-9114	470	44	percent	percent	NOUN
cblr-9114	470	45	.	.	PUNCT
cblr-9114	471	1	similarly	similarly	ADV
cblr-9114	471	2	,	,	PUNCT
cblr-9114	471	3	after	after	ADP
cblr-9114	471	4	a	a	DET
cblr-9114	471	5	fund	fund	NOUN
cblr-9114	471	6	switches	switch	NOUN
cblr-9114	471	7	from	from	ADP
cblr-9114	471	8	iss	iss	PROPN
cblr-9114	471	9	to	to	ADP
cblr-9114	471	10	glass	glass	PROPN
cblr-9114	471	11	lewis	lewis	PROPN
cblr-9114	471	12	,	,	PUNCT
cblr-9114	471	13	its	its	PRON
cblr-9114	471	14	vote	vote	NOUN
cblr-9114	471	15	agreement	agreement	NOUN
cblr-9114	471	16	with	with	ADP
cblr-9114	471	17	glass	glass	NOUN
cblr-9114	471	18	lewis	lewis	PROPN
cblr-9114	471	19	rises	rise	VERB
cblr-9114	471	20	immediately	immediately	ADV
cblr-9114	471	21	by	by	ADP
cblr-9114	471	22	38	38	NUM
cblr-9114	471	23	percent	percent	NOUN
cblr-9114	471	24	,	,	PUNCT
cblr-9114	471	25	and	and	CCONJ
cblr-9114	471	26	vote	vote	NOUN
cblr-9114	471	27	agreement	agreement	NOUN
cblr-9114	471	28	with	with	ADP
cblr-9114	471	29	iss	iss	PROPN
cblr-9114	471	30	decreases	decrease	VERB
cblr-9114	471	31	immediately	immediately	ADV
cblr-9114	471	32	by	by	ADP
cblr-9114	471	33	23	23	NUM
cblr-9114	471	34	percent	percent	NOUN
cblr-9114	471	35	.	.	PUNCT
cblr-9114	472	1	”142	”142	PUNCT
cblr-9114	472	2	in	in	ADP
cblr-9114	472	3	addition	addition	NOUN
cblr-9114	472	4	,	,	PUNCT
cblr-9114	472	5	this	this	DET
cblr-9114	472	6	pattern	pattern	NOUN
cblr-9114	472	7	remains	remain	VERB
cblr-9114	472	8	even	even	ADV
cblr-9114	472	9	after	after	ADP
cblr-9114	472	10	restricting	restrict	VERB
cblr-9114	472	11	“	"	PUNCT
cblr-9114	472	12	the	the	DET
cblr-9114	472	13	sample	sample	NOUN
cblr-9114	472	14	of	of	ADP
cblr-9114	472	15	switching	switch	VERB
cblr-9114	472	16	funds	fund	NOUN
cblr-9114	472	17	to	to	ADP
cblr-9114	472	18	those	those	PRON
cblr-9114	472	19	that	that	PRON
cblr-9114	472	20	do	do	AUX
cblr-9114	472	21	not	not	PART
cblr-9114	472	22	change	change	VERB
cblr-9114	472	23	their	their	PRON
cblr-9114	472	24	proxy	proxy	ADJ
cblr-9114	472	25	voting	voting	NOUN
cblr-9114	472	26	guidelines	guideline	NOUN
cblr-9114	472	27	to	to	PART
cblr-9114	472	28	further	further	ADJ
cblr-9114	472	29	control	control	VERB
cblr-9114	472	30	for	for	ADP
cblr-9114	472	31	funds	fund	NOUN
cblr-9114	472	32	’	'	PUNCT
cblr-9114	472	33	voting	voting	NOUN
cblr-9114	472	34	preferences	preference	NOUN
cblr-9114	472	35	.	.	PUNCT
cblr-9114	472	36	”143	”143	NOUN
cblr-9114	472	37	while	while	SCONJ
cblr-9114	472	38	most	most	ADJ
cblr-9114	472	39	institutional	institutional	ADJ
cblr-9114	472	40	investors	investor	NOUN
cblr-9114	472	41	do	do	AUX
cblr-9114	472	42	not	not	PART
cblr-9114	472	43	appear	appear	VERB
cblr-9114	472	44	to	to	PART
cblr-9114	472	45	engage	engage	VERB
cblr-9114	472	46	in	in	ADP
cblr-9114	472	47	robo	robo	NOUN
cblr-9114	472	48	-	-	PUNCT
cblr-9114	472	49	voting	voting	NOUN
cblr-9114	472	50	and	and	CCONJ
cblr-9114	472	51	likely	likely	ADV
cblr-9114	472	52	oversee	oversee	VERB
cblr-9114	472	53	proxy	proxy	ADJ
cblr-9114	472	54	advisory	advisory	ADJ
cblr-9114	472	55	firms	firm	NOUN
cblr-9114	472	56	’	'	PUNCT
cblr-9114	472	57	actions	action	NOUN
cblr-9114	472	58	,	,	PUNCT
cblr-9114	472	59	the	the	DET
cblr-9114	472	60	substantial	substantial	ADJ
cblr-9114	472	61	proportion	proportion	NOUN
cblr-9114	472	62	that	that	PRON
cblr-9114	472	63	appear	appear	VERB
cblr-9114	472	64	to	to	PART
cblr-9114	472	65	conduct	conduct	VERB
cblr-9114	472	66	insufficient	insufficient	ADJ
cblr-9114	472	67	pose	pose	NOUN
cblr-9114	472	68	great	great	ADJ
cblr-9114	472	69	cause	cause	NOUN
cblr-9114	472	70	for	for	ADP
cblr-9114	472	71	concern	concern	NOUN
cblr-9114	472	72	.	.	PUNCT
cblr-9114	473	1	these	these	DET
cblr-9114	473	2	findings	finding	NOUN
cblr-9114	473	3	cast	cast	VERB
cblr-9114	473	4	additional	additional	ADJ
cblr-9114	473	5	doubt	doubt	NOUN
cblr-9114	473	6	on	on	ADP
cblr-9114	473	7	the	the	DET
cblr-9114	473	8	sec	sec	PROPN
cblr-9114	473	9	’s	’s	PART
cblr-9114	473	10	strategy	strategy	NOUN
cblr-9114	473	11	of	of	ADP
cblr-9114	473	12	mandating	mandate	VERB
cblr-9114	473	13	heightened	heightened	ADJ
cblr-9114	473	14	conflicts	conflict	NOUN
cblr-9114	473	15	of	of	ADP
cblr-9114	473	16	interest	interest	NOUN
cblr-9114	473	17	disclosures	disclosure	NOUN
cblr-9114	473	18	in	in	ADP
cblr-9114	473	19	order	order	NOUN
cblr-9114	473	20	to	to	PART
cblr-9114	473	21	address	address	VERB
cblr-9114	473	22	the	the	DET
cblr-9114	473	23	conflicts	conflict	NOUN
cblr-9114	473	24	of	of	ADP
cblr-9114	473	25	interest	interest	NOUN
cblr-9114	473	26	within	within	ADP
cblr-9114	473	27	the	the	DET
cblr-9114	473	28	proxy	proxy	ADJ
cblr-9114	473	29	advisory	advisory	ADJ
cblr-9114	473	30	firm	firm	ADJ
cblr-9114	473	31	market	market	NOUN
cblr-9114	473	32	.	.	PUNCT
cblr-9114	474	1	if	if	SCONJ
cblr-9114	474	2	a	a	DET
cblr-9114	474	3	single	single	ADJ
cblr-9114	474	4	study	study	NOUN
cblr-9114	474	5	identified	identify	VERB
cblr-9114	474	6	institutional	institutional	ADJ
cblr-9114	474	7	investors	investor	NOUN
cblr-9114	474	8	in	in	ADP
cblr-9114	474	9	control	control	NOUN
cblr-9114	474	10	of	of	ADP
cblr-9114	474	11	“	"	PUNCT
cblr-9114	474	12	over	over	ADP
cblr-9114	474	13	$	$	SYM
cblr-9114	474	14	200	200	NUM
cblr-9114	474	15	billion	billion	NUM
cblr-9114	474	16	of	of	ADP
cblr-9114	474	17	assets”144	assets”144	NOUN
cblr-9114	474	18	that	that	PRON
cblr-9114	474	19	appear	appear	VERB
cblr-9114	474	20	comfortable	comfortable	ADJ
cblr-9114	474	21	with	with	ADP
cblr-9114	474	22	effectively	effectively	ADV
cblr-9114	474	23	ceding	cede	VERB
cblr-9114	474	24	proxy	proxy	NOUN
cblr-9114	474	25	voting	voting	NOUN
cblr-9114	474	26	control	control	NOUN
cblr-9114	474	27	to	to	ADP
cblr-9114	474	28	the	the	DET
cblr-9114	474	29	whims	whim	NOUN
cblr-9114	474	30	of	of	ADP
cblr-9114	474	31	iss	iss	PROPN
cblr-9114	474	32	,	,	PUNCT
cblr-9114	474	33	there	there	PRON
cblr-9114	474	34	is	be	VERB
cblr-9114	474	35	little	little	ADJ
cblr-9114	474	36	indication	indication	NOUN
cblr-9114	474	37	that	that	SCONJ
cblr-9114	474	38	they	they	PRON
cblr-9114	474	39	will	will	AUX
cblr-9114	474	40	closely	closely	ADV
cblr-9114	474	41	scrutinize	scrutinize	VERB
cblr-9114	474	42	additional	additional	ADJ
cblr-9114	474	43	conflicts	conflict	NOUN
cblr-9114	474	44	of	of	ADP
cblr-9114	474	45	interest	interest	NOUN
cblr-9114	474	46	disclosures	disclosure	NOUN
cblr-9114	474	47	.	.	PUNCT
cblr-9114	475	1	the	the	DET
cblr-9114	475	2	convenience	convenience	NOUN
cblr-9114	475	3	and	and	CCONJ
cblr-9114	475	4	decreased	decrease	VERB
cblr-9114	475	5	costs	cost	NOUN
cblr-9114	475	6	of	of	ADP
cblr-9114	475	7	fully	fully	ADV
cblr-9114	475	8	outsourcing	outsource	VERB
cblr-9114	475	9	proxy	proxy	NOUN
cblr-9114	475	10	voting	voting	NOUN
cblr-9114	475	11	presents	present	VERB
cblr-9114	475	12	a	a	DET
cblr-9114	475	13	tantalizing	tantalizing	ADJ
cblr-9114	475	14	prospect	prospect	NOUN
cblr-9114	475	15	.	.	PUNCT
cblr-9114	476	1	141	141	NUM
cblr-9114	476	2	institutional	institutional	ADJ
cblr-9114	476	3	s’holder	s’holder	NOUN
cblr-9114	476	4	serv	serv	PROPN
cblr-9114	476	5	.	.	PROPN
cblr-9114	476	6	,	,	PUNCT
cblr-9114	476	7	supra	supra	PROPN
cblr-9114	476	8	note	note	PROPN
cblr-9114	476	9	23	23	NUM
cblr-9114	476	10	,	,	PUNCT
cblr-9114	476	11	at	at	ADP
cblr-9114	476	12	2	2	NUM
cblr-9114	476	13	.	.	NUM
cblr-9114	476	14	142	142	NUM
cblr-9114	476	15	shu	shu	NOUN
cblr-9114	476	16	,	,	PUNCT
cblr-9114	476	17	supra	supra	PROPN
cblr-9114	476	18	note	note	PROPN
cblr-9114	476	19	28	28	NUM
cblr-9114	476	20	(	(	PUNCT
cblr-9114	476	21	manuscript	manuscript	NOUN
cblr-9114	476	22	at	at	ADP
cblr-9114	476	23	3	3	NUM
cblr-9114	476	24	)	)	PUNCT
cblr-9114	476	25	.	.	PUNCT
cblr-9114	477	1	143	143	NUM
cblr-9114	478	1	i	i	PRON
cblr-9114	478	2	d.	d.	PROPN
cblr-9114	478	3	144	144	NUM
cblr-9114	479	1	i	i	PROPN
cblr-9114	479	2	d.	d.	PROPN
cblr-9114	479	3	(	(	PUNCT
cblr-9114	479	4	manuscript	manuscript	NOUN
cblr-9114	479	5	at	at	ADP
cblr-9114	479	6	12	12	NUM
cblr-9114	479	7	)	)	PUNCT
cblr-9114	479	8	.	.	PUNCT
cblr-9114	480	1	no	no	INTJ
cblr-9114	480	2	.	.	PUNCT
cblr-9114	481	1	3:1487	3:1487	NUM
cblr-9114	481	2	]	]	X
cblr-9114	481	3	proxy	proxy	ADJ
cblr-9114	481	4	advisory	advisory	ADJ
cblr-9114	481	5	firms	firm	NOUN
cblr-9114	481	6	’	'	PUNCT
cblr-9114	481	7	conflicts	conflict	NOUN
cblr-9114	481	8	of	of	ADP
cblr-9114	481	9	interest	interest	NOUN
cblr-9114	481	10	1521	1521	NUM
cblr-9114	481	11	as	as	SCONJ
cblr-9114	481	12	alluded	allude	VERB
cblr-9114	481	13	to	to	ADP
cblr-9114	481	14	by	by	ADP
cblr-9114	481	15	professor	professor	PROPN
cblr-9114	481	16	shu	shu	PROPN
cblr-9114	481	17	’s	’s	PART
cblr-9114	481	18	analysis	analysis	NOUN
cblr-9114	481	19	,	,	PUNCT
cblr-9114	481	20	robo	robo	NOUN
cblr-9114	481	21	-	-	PUNCT
cblr-9114	481	22	voting	voting	NOUN
cblr-9114	481	23	appears	appear	VERB
cblr-9114	481	24	particularly	particularly	ADV
cblr-9114	481	25	pervasive	pervasive	ADJ
cblr-9114	481	26	in	in	ADP
cblr-9114	481	27	passive	passive	ADJ
cblr-9114	481	28	index	index	NOUN
cblr-9114	481	29	funds	fund	NOUN
cblr-9114	481	30	,	,	PUNCT
cblr-9114	481	31	which	which	PRON
cblr-9114	481	32	are	be	AUX
cblr-9114	481	33	designed	design	VERB
cblr-9114	481	34	to	to	PART
cblr-9114	481	35	match	match	VERB
cblr-9114	481	36	the	the	DET
cblr-9114	481	37	performance	performance	NOUN
cblr-9114	481	38	of	of	ADP
cblr-9114	481	39	a	a	DET
cblr-9114	481	40	certain	certain	ADJ
cblr-9114	481	41	financial	financial	ADJ
cblr-9114	481	42	index	index	NOUN
cblr-9114	481	43	,	,	PUNCT
cblr-9114	481	44	such	such	ADJ
cblr-9114	481	45	as	as	ADP
cblr-9114	481	46	the	the	DET
cblr-9114	481	47	s&p	s&p	PROPN
cblr-9114	481	48	500	500	NUM
cblr-9114	481	49	or	or	CCONJ
cblr-9114	481	50	the	the	DET
cblr-9114	481	51	russell	russell	PROPN
cblr-9114	481	52	3000.145	3000.145	PROPN
cblr-9114	481	53	the	the	DET
cblr-9114	481	54	collective	collective	ADJ
cblr-9114	481	55	action	action	NOUN
cblr-9114	481	56	problem	problem	NOUN
cblr-9114	481	57	decreases	decrease	VERB
cblr-9114	481	58	the	the	DET
cblr-9114	481	59	profitability	profitability	NOUN
cblr-9114	481	60	of	of	ADP
cblr-9114	481	61	conducting	conduct	VERB
cblr-9114	481	62	increased	increase	VERB
cblr-9114	481	63	diligence	diligence	NOUN
cblr-9114	481	64	on	on	ADP
cblr-9114	481	65	shareholder	shareholder	NOUN
cblr-9114	481	66	voting.146	voting.146	NOUN
cblr-9114	481	67	due	due	ADP
cblr-9114	481	68	to	to	ADP
cblr-9114	481	69	the	the	DET
cblr-9114	481	70	diffuse	diffuse	NOUN
cblr-9114	481	71	ownership	ownership	NOUN
cblr-9114	481	72	structure	structure	NOUN
cblr-9114	481	73	of	of	ADP
cblr-9114	481	74	many	many	ADJ
cblr-9114	481	75	companies	company	NOUN
cblr-9114	481	76	,	,	PUNCT
cblr-9114	481	77	even	even	ADV
cblr-9114	481	78	large	large	ADJ
cblr-9114	481	79	institutional	institutional	ADJ
cblr-9114	481	80	investors	investor	NOUN
cblr-9114	481	81	will	will	AUX
cblr-9114	481	82	not	not	PART
cblr-9114	481	83	be	be	AUX
cblr-9114	481	84	able	able	ADJ
cblr-9114	481	85	to	to	PART
cblr-9114	481	86	singlehandedly	singlehandedly	ADV
cblr-9114	481	87	influence	influence	VERB
cblr-9114	481	88	the	the	DET
cblr-9114	481	89	outcome	outcome	NOUN
cblr-9114	481	90	of	of	ADP
cblr-9114	481	91	shareholder	shareholder	NOUN
cblr-9114	481	92	voting	voting	NOUN
cblr-9114	481	93	and	and	CCONJ
cblr-9114	481	94	therefore	therefore	ADV
cblr-9114	481	95	be	be	AUX
cblr-9114	481	96	unable	unable	ADJ
cblr-9114	481	97	to	to	PART
cblr-9114	481	98	profit	profit	VERB
cblr-9114	481	99	from	from	ADP
cblr-9114	481	100	increased	increase	VERB
cblr-9114	481	101	diligence	diligence	NOUN
cblr-9114	481	102	unless	unless	SCONJ
cblr-9114	481	103	they	they	PRON
cblr-9114	481	104	can	can	AUX
cblr-9114	481	105	garner	garner	VERB
cblr-9114	481	106	sufficient	sufficient	ADJ
cblr-9114	481	107	support	support	NOUN
cblr-9114	481	108	for	for	ADP
cblr-9114	481	109	their	their	PRON
cblr-9114	481	110	positions.147	positions.147	NOUN
cblr-9114	481	111	nonetheless	nonetheless	ADV
cblr-9114	481	112	,	,	PUNCT
cblr-9114	481	113	active	active	ADJ
cblr-9114	481	114	funds	fund	NOUN
cblr-9114	481	115	can	can	AUX
cblr-9114	481	116	expand	expand	VERB
cblr-9114	481	117	resources	resource	NOUN
cblr-9114	481	118	into	into	ADP
cblr-9114	481	119	governance	governance	NOUN
cblr-9114	481	120	quality	quality	NOUN
cblr-9114	481	121	analysis	analysis	NOUN
cblr-9114	481	122	as	as	ADP
cblr-9114	481	123	part	part	NOUN
cblr-9114	481	124	of	of	ADP
cblr-9114	481	125	their	their	PRON
cblr-9114	481	126	pre	pre	ADJ
cblr-9114	481	127	-	-	ADJ
cblr-9114	481	128	investment	investment	ADJ
cblr-9114	481	129	diligence	diligence	NOUN
cblr-9114	481	130	,	,	PUNCT
cblr-9114	481	131	allowing	allow	VERB
cblr-9114	481	132	them	they	PRON
cblr-9114	481	133	to	to	PART
cblr-9114	481	134	profit	profit	VERB
cblr-9114	481	135	by	by	ADP
cblr-9114	481	136	investing	invest	VERB
cblr-9114	481	137	in	in	ADP
cblr-9114	481	138	companies	company	NOUN
cblr-9114	481	139	with	with	ADP
cblr-9114	481	140	superior	superior	ADJ
cblr-9114	481	141	corporate	corporate	ADJ
cblr-9114	481	142	governance.148	governance.148	NOUN
cblr-9114	481	143	they	they	PRON
cblr-9114	481	144	can	can	AUX
cblr-9114	481	145	also	also	ADV
cblr-9114	481	146	continuously	continuously	ADV
cblr-9114	481	147	reevaluate	reevaluate	VERB
cblr-9114	481	148	their	their	PRON
cblr-9114	481	149	portfolios	portfolio	NOUN
cblr-9114	481	150	based	base	VERB
cblr-9114	481	151	on	on	ADP
cblr-9114	481	152	such	such	ADJ
cblr-9114	481	153	concerns	concern	NOUN
cblr-9114	481	154	.	.	PUNCT
cblr-9114	482	1	on	on	ADP
cblr-9114	482	2	the	the	DET
cblr-9114	482	3	other	other	ADJ
cblr-9114	482	4	hand	hand	NOUN
cblr-9114	482	5	,	,	PUNCT
cblr-9114	482	6	“	"	PUNCT
cblr-9114	482	7	[	[	X
cblr-9114	482	8	b]ecause	b]ecause	ADP
cblr-9114	482	9	a	a	DET
cblr-9114	482	10	passive	passive	ADJ
cblr-9114	482	11	fund	fund	NOUN
cblr-9114	482	12	seeks	seek	VERB
cblr-9114	482	13	only	only	ADV
cblr-9114	482	14	to	to	PART
cblr-9114	482	15	match	match	VERB
cblr-9114	482	16	the	the	DET
cblr-9114	482	17	performance	performance	NOUN
cblr-9114	482	18	of	of	ADP
cblr-9114	482	19	a	a	DET
cblr-9114	482	20	market	market	NOUN
cblr-9114	482	21	index	index	NOUN
cblr-9114	482	22	—	—	PUNCT
cblr-9114	482	23	not	not	PART
cblr-9114	482	24	outperform	outperform	VERB
cblr-9114	482	25	it	it	PRON
cblr-9114	482	26	—	—	PUNCT
cblr-9114	482	27	the	the	DET
cblr-9114	482	28	fund	fund	NOUN
cblr-9114	482	29	lacks	lack	VERB
cblr-9114	482	30	a	a	DET
cblr-9114	482	31	financial	financial	ADJ
cblr-9114	482	32	incentive	incentive	NOUN
cblr-9114	482	33	to	to	PART
cblr-9114	482	34	ensure	ensure	VERB
cblr-9114	482	35	that	that	SCONJ
cblr-9114	482	36	the	the	DET
cblr-9114	482	37	companies	company	NOUN
cblr-9114	482	38	in	in	ADP
cblr-9114	482	39	their	their	PRON
cblr-9114	482	40	portfolio	portfolio	NOUN
cblr-9114	482	41	are	be	AUX
cblr-9114	482	42	well	well	ADV
cblr-9114	482	43	run	run	VERB
cblr-9114	482	44	.	.	PUNCT
cblr-9114	483	1	”149	”149	PUNCT
cblr-9114	483	2	since	since	SCONJ
cblr-9114	483	3	these	these	DET
cblr-9114	483	4	funds	fund	NOUN
cblr-9114	483	5	do	do	AUX
cblr-9114	483	6	not	not	PART
cblr-9114	483	7	possess	possess	VERB
cblr-9114	483	8	any	any	DET
cblr-9114	483	9	competitive	competitive	ADJ
cblr-9114	483	10	advantage	advantage	NOUN
cblr-9114	483	11	in	in	ADP
cblr-9114	483	12	providing	provide	VERB
cblr-9114	483	13	higher	high	ADJ
cblr-9114	483	14	returns	return	NOUN
cblr-9114	483	15	for	for	ADP
cblr-9114	483	16	their	their	PRON
cblr-9114	483	17	clients	client	NOUN
cblr-9114	483	18	,	,	PUNCT
cblr-9114	483	19	they	they	PRON
cblr-9114	483	20	are	be	AUX
cblr-9114	483	21	left	leave	VERB
cblr-9114	483	22	to	to	PART
cblr-9114	483	23	compete	compete	VERB
cblr-9114	483	24	on	on	ADP
cblr-9114	483	25	cost.150	cost.150	NOUN
cblr-9114	483	26	consequently	consequently	ADV
cblr-9114	483	27	,	,	PUNCT
cblr-9114	483	28	expenditures	expenditure	NOUN
cblr-9114	483	29	on	on	ADP
cblr-9114	483	30	proxy	proxy	ADJ
cblr-9114	483	31	research	research	NOUN
cblr-9114	483	32	and	and	CCONJ
cblr-9114	483	33	analysis	analysis	NOUN
cblr-9114	483	34	merely	merely	ADV
cblr-9114	483	35	drives	drive	VERB
cblr-9114	483	36	up	up	ADP
cblr-9114	483	37	costs	cost	NOUN
cblr-9114	483	38	,	,	PUNCT
cblr-9114	483	39	necessitating	necessitate	VERB
cblr-9114	483	40	higher	high	ADJ
cblr-9114	483	41	fees	fee	NOUN
cblr-9114	483	42	,	,	PUNCT
cblr-9114	483	43	and	and	CCONJ
cblr-9114	483	44	decreasing	decrease	VERB
cblr-9114	483	45	demand	demand	NOUN
cblr-9114	483	46	for	for	ADP
cblr-9114	483	47	the	the	DET
cblr-9114	483	48	fund.151	fund.151	PROPN
cblr-9114	483	49	professor	professor	NOUN
cblr-9114	483	50	dorothy	dorothy	PROPN
cblr-9114	483	51	shapiro	shapiro	PROPN
cblr-9114	483	52	lund	lund	PROPN
cblr-9114	483	53	proposes	propose	VERB
cblr-9114	483	54	resolving	resolve	VERB
cblr-9114	483	55	this	this	DET
cblr-9114	483	56	issue	issue	NOUN
cblr-9114	483	57	by	by	ADP
cblr-9114	483	58	prohibiting	prohibit	VERB
cblr-9114	483	59	index	index	NOUN
cblr-9114	483	60	and	and	CCONJ
cblr-9114	483	61	other	other	ADJ
cblr-9114	483	62	passive	passive	ADJ
cblr-9114	483	63	funds	fund	NOUN
cblr-9114	483	64	from	from	ADP
cblr-9114	483	65	voting	vote	VERB
cblr-9114	483	66	their	their	PRON
cblr-9114	483	67	shares.152	shares.152	PROPN
cblr-9114	483	68	145	145	NUM
cblr-9114	483	69	giovanni	giovanni	PROPN
cblr-9114	483	70	strampelli	strampelli	PROPN
cblr-9114	483	71	,	,	PUNCT
cblr-9114	483	72	are	be	AUX
cblr-9114	483	73	passive	passive	ADJ
cblr-9114	483	74	index	index	NOUN
cblr-9114	483	75	funds	fund	NOUN
cblr-9114	483	76	active	active	ADJ
cblr-9114	483	77	owners	owner	NOUN
cblr-9114	483	78	?	?	PUNCT
cblr-9114	484	1	corporate	corporate	ADJ
cblr-9114	484	2	governance	governance	NOUN
cblr-9114	484	3	consequences	consequence	NOUN
cblr-9114	484	4	of	of	ADP
cblr-9114	484	5	passive	passive	ADJ
cblr-9114	484	6	investing	investing	NOUN
cblr-9114	484	7	,	,	PUNCT
cblr-9114	484	8	55	55	NUM
cblr-9114	484	9	san	san	PROPN
cblr-9114	484	10	diego	diego	PROPN
cblr-9114	484	11	l.	l.	PROPN
cblr-9114	484	12	rev	rev	PROPN
cblr-9114	484	13	.	.	PROPN
cblr-9114	484	14	803	803	NUM
cblr-9114	484	15	,	,	PUNCT
cblr-9114	484	16	809	809	NUM
cblr-9114	484	17	(	(	PUNCT
cblr-9114	484	18	2018	2018	NUM
cblr-9114	484	19	)	)	PUNCT
cblr-9114	484	20	(	(	PUNCT
cblr-9114	484	21	defining	define	VERB
cblr-9114	484	22	“	"	PUNCT
cblr-9114	484	23	passive	passive	ADJ
cblr-9114	484	24	index	index	NOUN
cblr-9114	484	25	fund	fund	NOUN
cblr-9114	484	26	”	"	PUNCT
cblr-9114	484	27	)	)	PUNCT
cblr-9114	484	28	.	.	PUNCT
cblr-9114	485	1	146	146	NUM
cblr-9114	485	2	dorothy	dorothy	PROPN
cblr-9114	485	3	s.	s.	PROPN
cblr-9114	485	4	lund	lund	PROPN
cblr-9114	485	5	,	,	PUNCT
cblr-9114	485	6	the	the	DET
cblr-9114	485	7	case	case	NOUN
cblr-9114	485	8	against	against	ADP
cblr-9114	485	9	passive	passive	ADJ
cblr-9114	485	10	shareholder	shareholder	NOUN
cblr-9114	485	11	voting	voting	NOUN
cblr-9114	485	12	,	,	PUNCT
cblr-9114	485	13	43	43	NUM
cblr-9114	485	14	j.	j.	PROPN
cblr-9114	485	15	corp	corp	PROPN
cblr-9114	485	16	.	.	PROPN
cblr-9114	485	17	l.	l.	PROPN
cblr-9114	485	18	493	493	NUM
cblr-9114	485	19	,	,	PUNCT
cblr-9114	485	20	511	511	NUM
cblr-9114	485	21	(	(	PUNCT
cblr-9114	485	22	2018	2018	NUM
cblr-9114	485	23	)	)	PUNCT
cblr-9114	485	24	.	.	PUNCT
cblr-9114	486	1	147	147	NUM
cblr-9114	487	1	i	i	PRON
cblr-9114	487	2	d.	d.	PROPN
cblr-9114	487	3	148	148	NUM
cblr-9114	487	4	i	i	PRON
cblr-9114	487	5	d.	d.	PROPN
cblr-9114	487	6	149	149	NUM
cblr-9114	488	1	i	i	PRON
cblr-9114	488	2	d.	d.	PROPN
cblr-9114	488	3	150	150	NUM
cblr-9114	488	4	see	see	VERB
cblr-9114	488	5	i	i	PRON
cblr-9114	488	6	d.	d.	PROPN
cblr-9114	488	7	at	at	ADP
cblr-9114	488	8	512	512	NUM
cblr-9114	488	9	.	.	PUNCT
cblr-9114	489	1	151	151	NUM
cblr-9114	489	2	i	i	NOUN
cblr-9114	489	3	d.	d.	PROPN
cblr-9114	489	4	152	152	NUM
cblr-9114	489	5	see	see	VERB
cblr-9114	489	6	i	i	PRON
cblr-9114	489	7	d.	d.	PROPN
cblr-9114	489	8	at	at	ADP
cblr-9114	489	9	528–29	528–29	PROPN
cblr-9114	489	10	.	.	PROPN
cblr-9114	490	1	1522	1522	NUM
cblr-9114	490	2	columbia	columbia	PROPN
cblr-9114	490	3	business	business	NOUN
cblr-9114	490	4	law	law	PROPN
cblr-9114	490	5	review	review	NOUN
cblr-9114	490	6	[	[	X
cblr-9114	490	7	vol	vol	NOUN
cblr-9114	490	8	.	.	PUNCT
cblr-9114	490	9	2021	2021	NUM
cblr-9114	490	10	professors	professor	NOUN
cblr-9114	490	11	edward	edward	PROPN
cblr-9114	490	12	rock	rock	PROPN
cblr-9114	490	13	and	and	CCONJ
cblr-9114	490	14	marcell	marcell	PROPN
cblr-9114	490	15	kahan	kahan	PROPN
cblr-9114	490	16	,	,	PUNCT
cblr-9114	490	17	on	on	ADP
cblr-9114	490	18	the	the	DET
cblr-9114	490	19	other	other	ADJ
cblr-9114	490	20	hand	hand	NOUN
cblr-9114	490	21	,	,	PUNCT
cblr-9114	490	22	argue	argue	VERB
cblr-9114	490	23	that	that	SCONJ
cblr-9114	490	24	investment	investment	NOUN
cblr-9114	490	25	advisers	adviser	NOUN
cblr-9114	490	26	who	who	PRON
cblr-9114	490	27	manage	manage	VERB
cblr-9114	490	28	the	the	DET
cblr-9114	490	29	“	"	PUNCT
cblr-9114	490	30	bulk	bulk	NOUN
cblr-9114	490	31	of	of	ADP
cblr-9114	490	32	assets	asset	NOUN
cblr-9114	490	33	held	hold	VERB
cblr-9114	490	34	in	in	ADP
cblr-9114	490	35	index	index	NOUN
cblr-9114	490	36	funds	fund	NOUN
cblr-9114	490	37	.	.	PUNCT
cblr-9114	490	38	.	.	PUNCT
cblr-9114	490	39	.	.	PUNCT
cblr-9114	491	1	have	have	VERB
cblr-9114	491	2	among	among	ADP
cblr-9114	491	3	the	the	DET
cblr-9114	491	4	best	good	ADJ
cblr-9114	491	5	incentives	incentive	NOUN
cblr-9114	491	6	to	to	PART
cblr-9114	491	7	acquire	acquire	VERB
cblr-9114	491	8	information	information	NOUN
cblr-9114	491	9	.	.	PUNCT
cblr-9114	491	10	”153	”153	PUNCT
cblr-9114	492	1	although	although	SCONJ
cblr-9114	492	2	“	"	PUNCT
cblr-9114	492	3	index	index	NOUN
cblr-9114	492	4	funds	fund	NOUN
cblr-9114	492	5	do	do	AUX
cblr-9114	492	6	not	not	PART
cblr-9114	492	7	gain	gain	VERB
cblr-9114	492	8	a	a	DET
cblr-9114	492	9	competitive	competitive	ADJ
cblr-9114	492	10	advantage	advantage	NOUN
cblr-9114	492	11	over	over	ADP
cblr-9114	492	12	other	other	ADJ
cblr-9114	492	13	index	index	NOUN
cblr-9114	492	14	funds	fund	NOUN
cblr-9114	492	15	by	by	ADP
cblr-9114	492	16	casting	cast	VERB
cblr-9114	492	17	informed	informed	ADJ
cblr-9114	492	18	votes	vote	NOUN
cblr-9114	492	19	,	,	PUNCT
cblr-9114	492	20	”	"	PUNCT
cblr-9114	492	21	index	index	NOUN
cblr-9114	492	22	fund	fund	NOUN
cblr-9114	492	23	advisors	advisor	NOUN
cblr-9114	492	24	still	still	ADV
cblr-9114	492	25	“	"	PUNCT
cblr-9114	492	26	have	have	VERB
cblr-9114	492	27	incentives	incentive	NOUN
cblr-9114	492	28	to	to	PART
cblr-9114	492	29	cast	cast	VERB
cblr-9114	492	30	informed	informed	ADJ
cblr-9114	492	31	votes	vote	NOUN
cblr-9114	492	32	because	because	SCONJ
cblr-9114	492	33	these	these	DET
cblr-9114	492	34	votes	vote	NOUN
cblr-9114	492	35	may	may	AUX
cblr-9114	492	36	raise	raise	VERB
cblr-9114	492	37	their	their	PRON
cblr-9114	492	38	fees	fee	NOUN
cblr-9114	492	39	from	from	ADP
cblr-9114	492	40	assets	asset	NOUN
cblr-9114	492	41	under	under	ADP
cblr-9114	492	42	management.154	management.154	NOUN
cblr-9114	492	43	while	while	SCONJ
cblr-9114	492	44	the	the	DET
cblr-9114	492	45	fees	fee	NOUN
cblr-9114	492	46	amount	amount	NOUN
cblr-9114	492	47	to	to	ADP
cblr-9114	492	48	a	a	DET
cblr-9114	492	49	far	far	ADV
cblr-9114	492	50	lower	low	ADJ
cblr-9114	492	51	percentage	percentage	NOUN
cblr-9114	492	52	of	of	ADP
cblr-9114	492	53	returns	return	NOUN
cblr-9114	492	54	than	than	ADP
cblr-9114	492	55	those	those	PRON
cblr-9114	492	56	of	of	ADP
cblr-9114	492	57	active	active	ADJ
cblr-9114	492	58	fund	fund	NOUN
cblr-9114	492	59	advisers	adviser	NOUN
cblr-9114	492	60	,	,	PUNCT
cblr-9114	492	61	they	they	PRON
cblr-9114	492	62	still	still	ADV
cblr-9114	492	63	align	align	VERB
cblr-9114	492	64	the	the	DET
cblr-9114	492	65	interests	interest	NOUN
cblr-9114	492	66	of	of	ADP
cblr-9114	492	67	index	index	NOUN
cblr-9114	492	68	fund	fund	NOUN
cblr-9114	492	69	advisers	adviser	NOUN
cblr-9114	492	70	and	and	CCONJ
cblr-9114	492	71	their	their	PRON
cblr-9114	492	72	clients	client	NOUN
cblr-9114	492	73	by	by	ADP
cblr-9114	492	74	allowing	allow	VERB
cblr-9114	492	75	the	the	DET
cblr-9114	492	76	advisers	adviser	NOUN
cblr-9114	492	77	to	to	PART
cblr-9114	492	78	profit	profit	VERB
cblr-9114	492	79	from	from	ADP
cblr-9114	492	80	improvements	improvement	NOUN
cblr-9114	492	81	in	in	ADP
cblr-9114	492	82	corporate	corporate	ADJ
cblr-9114	492	83	governance	governance	NOUN
cblr-9114	492	84	that	that	PRON
cblr-9114	492	85	increase	increase	VERB
cblr-9114	492	86	shareholder	shareholder	NOUN
cblr-9114	493	1	value.155	value.155	ADP
cblr-9114	493	2	moreover	moreover	ADV
cblr-9114	493	3	,	,	PUNCT
cblr-9114	493	4	although	although	SCONJ
cblr-9114	493	5	index	index	NOUN
cblr-9114	493	6	funds	fund	NOUN
cblr-9114	493	7	suffer	suffer	VERB
cblr-9114	493	8	from	from	ADP
cblr-9114	493	9	the	the	DET
cblr-9114	493	10	collective	collective	ADJ
cblr-9114	493	11	action	action	NOUN
cblr-9114	493	12	problem	problem	NOUN
cblr-9114	493	13	and	and	CCONJ
cblr-9114	493	14	can	can	AUX
cblr-9114	493	15	not	not	PART
cblr-9114	493	16	single	single	ADV
cblr-9114	493	17	-	-	PUNCT
cblr-9114	493	18	handedly	handedly	ADV
cblr-9114	493	19	influence	influence	NOUN
cblr-9114	493	20	votes	vote	NOUN
cblr-9114	493	21	,	,	PUNCT
cblr-9114	493	22	their	their	PRON
cblr-9114	493	23	voluminous	voluminous	ADJ
cblr-9114	493	24	holdings	holding	NOUN
cblr-9114	493	25	still	still	ADV
cblr-9114	493	26	grant	grant	VERB
cblr-9114	493	27	them	they	PRON
cblr-9114	493	28	far	far	ADV
cblr-9114	493	29	more	more	ADJ
cblr-9114	493	30	influence	influence	NOUN
cblr-9114	493	31	than	than	ADP
cblr-9114	493	32	most	most	ADJ
cblr-9114	493	33	investors.156	investors.156	NOUN
cblr-9114	493	34	nonetheless	nonetheless	ADV
cblr-9114	493	35	,	,	PUNCT
cblr-9114	493	36	the	the	DET
cblr-9114	493	37	prevalence	prevalence	NOUN
cblr-9114	493	38	of	of	ADP
cblr-9114	493	39	robo	robo	NOUN
cblr-9114	493	40	-	-	PUNCT
cblr-9114	493	41	voting	voting	NOUN
cblr-9114	493	42	in	in	ADP
cblr-9114	493	43	index	index	NOUN
cblr-9114	493	44	funds	fund	NOUN
cblr-9114	493	45	as	as	ADP
cblr-9114	493	46	compared	compare	VERB
cblr-9114	493	47	to	to	ADP
cblr-9114	493	48	active	active	ADJ
cblr-9114	493	49	funds	fund	NOUN
cblr-9114	493	50	suggests	suggest	VERB
cblr-9114	493	51	that	that	SCONJ
cblr-9114	493	52	these	these	DET
cblr-9114	493	53	incentives	incentive	NOUN
cblr-9114	493	54	may	may	AUX
cblr-9114	493	55	still	still	ADV
cblr-9114	493	56	be	be	AUX
cblr-9114	493	57	insufficient	insufficient	ADJ
cblr-9114	493	58	.	.	PUNCT
cblr-9114	494	1	much	much	ADJ
cblr-9114	494	2	of	of	ADP
cblr-9114	494	3	the	the	DET
cblr-9114	494	4	correlation	correlation	NOUN
cblr-9114	494	5	between	between	ADP
cblr-9114	494	6	proxy	proxy	ADJ
cblr-9114	494	7	advisory	advisory	ADJ
cblr-9114	494	8	firm	firm	ADJ
cblr-9114	494	9	recommendations	recommendation	NOUN
cblr-9114	494	10	and	and	CCONJ
cblr-9114	494	11	investment	investment	NOUN
cblr-9114	494	12	advisers	adviser	NOUN
cblr-9114	494	13	’	’	PART
cblr-9114	494	14	voting	voting	NOUN
cblr-9114	494	15	may	may	AUX
cblr-9114	494	16	be	be	AUX
cblr-9114	494	17	explained	explain	VERB
cblr-9114	494	18	by	by	ADP
cblr-9114	494	19	the	the	DET
cblr-9114	494	20	prevalence	prevalence	NOUN
cblr-9114	494	21	of	of	ADP
cblr-9114	494	22	trivial	trivial	ADJ
cblr-9114	494	23	votes	vote	NOUN
cblr-9114	494	24	that	that	PRON
cblr-9114	494	25	are	be	AUX
cblr-9114	494	26	unlikely	unlikely	ADJ
cblr-9114	494	27	to	to	PART
cblr-9114	494	28	impact	impact	VERB
cblr-9114	494	29	shareholder	shareholder	NOUN
cblr-9114	494	30	value	value	NOUN
cblr-9114	494	31	,	,	PUNCT
cblr-9114	494	32	meaning	mean	VERB
cblr-9114	494	33	that	that	SCONJ
cblr-9114	494	34	the	the	DET
cblr-9114	494	35	crux	crux	NOUN
cblr-9114	494	36	of	of	ADP
cblr-9114	494	37	the	the	DET
cblr-9114	494	38	issue	issue	NOUN
cblr-9114	494	39	lies	lie	VERB
cblr-9114	494	40	with	with	ADP
cblr-9114	494	41	investment	investment	NOUN
cblr-9114	494	42	advisors	advisor	NOUN
cblr-9114	494	43	’	'	PUNCT
cblr-9114	494	44	actions	action	NOUN
cblr-9114	494	45	in	in	ADP
cblr-9114	494	46	high	high	ADJ
cblr-9114	494	47	-	-	PUNCT
cblr-9114	494	48	stakes	stake	NOUN
cblr-9114	494	49	votes	vote	NOUN
cblr-9114	494	50	.	.	PUNCT
cblr-9114	495	1	a	a	DET
cblr-9114	495	2	proxy	proxy	NOUN
cblr-9114	495	3	fight	fight	NOUN
cblr-9114	495	4	,	,	PUNCT
cblr-9114	495	5	which	which	PRON
cblr-9114	495	6	places	place	VERB
cblr-9114	495	7	control	control	NOUN
cblr-9114	495	8	of	of	ADP
cblr-9114	495	9	a	a	DET
cblr-9114	495	10	company	company	NOUN
cblr-9114	495	11	on	on	ADP
cblr-9114	495	12	the	the	DET
cblr-9114	495	13	ballot	ballot	NOUN
cblr-9114	495	14	,	,	PUNCT
cblr-9114	495	15	is	be	AUX
cblr-9114	495	16	paradigmatic	paradigmatic	ADJ
cblr-9114	495	17	of	of	ADP
cblr-9114	495	18	a	a	DET
cblr-9114	495	19	high	high	ADJ
cblr-9114	495	20	-	-	PUNCT
cblr-9114	495	21	stakes	stake	NOUN
cblr-9114	495	22	vote	vote	NOUN
cblr-9114	495	23	.	.	PUNCT
cblr-9114	496	1	as	as	SCONJ
cblr-9114	496	2	analyzed	analyze	VERB
cblr-9114	496	3	by	by	ADP
cblr-9114	496	4	professors	professor	NOUN
cblr-9114	496	5	edwin	edwin	PROPN
cblr-9114	496	6	hu	hu	PROPN
cblr-9114	496	7	,	,	PUNCT
cblr-9114	496	8	joshua	joshua	PROPN
cblr-9114	496	9	mitts	mitt	NOUN
cblr-9114	496	10	and	and	CCONJ
cblr-9114	496	11	haley	haley	NOUN
cblr-9114	496	12	sylvester	sylvester	PROPN
cblr-9114	496	13	,	,	PUNCT
cblr-9114	496	14	the	the	DET
cblr-9114	496	15	2020	2020	NUM
cblr-9114	496	16	proxy	proxy	NOUN
cblr-9114	496	17	fight	fight	NOUN
cblr-9114	496	18	at	at	ADP
cblr-9114	496	19	gamestop	gamestop	NOUN
cblr-9114	496	20	illustrates	illustrate	VERB
cblr-9114	496	21	index	index	NOUN
cblr-9114	496	22	funds	fund	NOUN
cblr-9114	496	23	’	'	PUNCT
cblr-9114	496	24	low	low	ADJ
cblr-9114	496	25	prioritization	prioritization	NOUN
cblr-9114	496	26	of	of	ADP
cblr-9114	496	27	voting	vote	VERB
cblr-9114	496	28	their	their	PRON
cblr-9114	496	29	shares.157	shares.157	ADJ
cblr-9114	496	30	new	new	ADJ
cblr-9114	496	31	guidance	guidance	NOUN
cblr-9114	496	32	issued	issue	VERB
cblr-9114	496	33	153	153	NUM
cblr-9114	496	34	marcel	marcel	PROPN
cblr-9114	496	35	kahan	kahan	PROPN
cblr-9114	496	36	&	&	CCONJ
cblr-9114	496	37	edward	edward	PROPN
cblr-9114	496	38	b.	b.	PROPN
cblr-9114	496	39	rock	rock	PROPN
cblr-9114	496	40	,	,	PUNCT
cblr-9114	496	41	index	index	NOUN
cblr-9114	496	42	funds	fund	NOUN
cblr-9114	496	43	and	and	CCONJ
cblr-9114	496	44	corporate	corporate	ADJ
cblr-9114	496	45	governance	governance	NOUN
cblr-9114	496	46	:	:	PUNCT
cblr-9114	496	47	let	let	VERB
cblr-9114	496	48	shareholders	shareholder	NOUN
cblr-9114	496	49	be	be	AUX
cblr-9114	496	50	shareholders	shareholder	NOUN
cblr-9114	496	51	,	,	PUNCT
cblr-9114	496	52	100	100	NUM
cblr-9114	496	53	b.u	b.u	PROPN
cblr-9114	496	54	.	.	PROPN
cblr-9114	496	55	l.	l.	PROPN
cblr-9114	496	56	rev	rev	PROPN
cblr-9114	496	57	.	.	PROPN
cblr-9114	496	58	1771	1771	NUM
cblr-9114	496	59	,	,	PUNCT
cblr-9114	496	60	1776	1776	NUM
cblr-9114	496	61	(	(	PUNCT
cblr-9114	496	62	2020	2020	NUM
cblr-9114	496	63	)	)	PUNCT
cblr-9114	496	64	.	.	PUNCT
cblr-9114	497	1	154	154	NUM
cblr-9114	498	1	i	i	PRON
cblr-9114	498	2	d.	d.	PROPN
cblr-9114	498	3	at	at	ADP
cblr-9114	498	4	1792	1792	NUM
cblr-9114	498	5	.	.	PUNCT
cblr-9114	499	1	155	155	NUM
cblr-9114	500	1	i	i	PROPN
cblr-9114	500	2	d.	d.	PROPN
cblr-9114	500	3	156	156	NUM
cblr-9114	501	1	i	i	PRON
cblr-9114	501	2	d.	d.	PROPN
cblr-9114	501	3	at	at	ADP
cblr-9114	501	4	1793	1793	NUM
cblr-9114	501	5	.	.	PUNCT
cblr-9114	502	1	157	157	NUM
cblr-9114	502	2	edwin	edwin	PROPN
cblr-9114	502	3	hu	hu	PROPN
cblr-9114	502	4	,	,	PUNCT
cblr-9114	502	5	joshua	joshua	PROPN
cblr-9114	502	6	mitts	mitts	PROPN
cblr-9114	502	7	&	&	CCONJ
cblr-9114	502	8	haley	haley	PROPN
cblr-9114	502	9	sylvester	sylvester	PROPN
cblr-9114	502	10	,	,	PUNCT
cblr-9114	502	11	the	the	DET
cblr-9114	502	12	index	index	NOUN
cblr-9114	502	13	-	-	PUNCT
cblr-9114	502	14	fund	fund	NOUN
cblr-9114	502	15	dilemma	dilemma	NOUN
cblr-9114	502	16	:	:	PUNCT
cblr-9114	502	17	an	an	DET
cblr-9114	502	18	empirical	empirical	ADJ
cblr-9114	502	19	study	study	NOUN
cblr-9114	502	20	of	of	ADP
cblr-9114	502	21	the	the	DET
cblr-9114	502	22	lending	lending	NOUN
cblr-9114	502	23	-	-	PUNCT
cblr-9114	502	24	voting	vote	VERB
cblr-9114	502	25	tradeoff	tradeoff	NOUN
cblr-9114	502	26	16–17	16–17	NOUN
cblr-9114	502	27	(	(	PUNCT
cblr-9114	502	28	columbia	columbia	PROPN
cblr-9114	502	29	l.	l.	PROPN
cblr-9114	502	30	&	&	CCONJ
cblr-9114	502	31	economics	economics	PROPN
cblr-9114	502	32	working	working	PROPN
cblr-9114	502	33	paper	paper	PROPN
cblr-9114	502	34	no	no	INTJ
cblr-9114	502	35	.	.	PUNCT
cblr-9114	502	36	647	647	NUM
cblr-9114	502	37	,	,	PUNCT
cblr-9114	502	38	2020	2020	NUM
cblr-9114	502	39	)	)	PUNCT
cblr-9114	502	40	,	,	PUNCT
cblr-9114	502	41	https://ssrn.com/abstract=3673531	https://ssrn.com/abstract=3673531	X
cblr-9114	503	1	[	[	X
cblr-9114	503	2	https://perma.cc/2yds-j8c8	https://perma.cc/2yds-j8c8	X
cblr-9114	503	3	]	]	PUNCT
cblr-9114	503	4	.	.	PUNCT
cblr-9114	504	1	no	no	INTJ
cblr-9114	504	2	.	.	PUNCT
cblr-9114	505	1	3:1487	3:1487	NUM
cblr-9114	505	2	]	]	X
cblr-9114	505	3	proxy	proxy	ADJ
cblr-9114	505	4	advisory	advisory	ADJ
cblr-9114	505	5	firms	firm	NOUN
cblr-9114	505	6	’	'	PUNCT
cblr-9114	505	7	conflicts	conflict	NOUN
cblr-9114	505	8	of	of	ADP
cblr-9114	505	9	interest	interest	NOUN
cblr-9114	505	10	1523	1523	NUM
cblr-9114	505	11	by	by	ADP
cblr-9114	505	12	the	the	DET
cblr-9114	505	13	commission	commission	NOUN
cblr-9114	505	14	in	in	ADP
cblr-9114	505	15	2019158	2019158	NUM
cblr-9114	505	16	has	have	AUX
cblr-9114	505	17	given	give	VERB
cblr-9114	505	18	funds	fund	NOUN
cblr-9114	505	19	“	"	PUNCT
cblr-9114	505	20	more	more	ADJ
cblr-9114	505	21	legal	legal	ADJ
cblr-9114	505	22	flexibility	flexibility	NOUN
cblr-9114	505	23	”	"	PUNCT
cblr-9114	505	24	in	in	ADP
cblr-9114	505	25	making	make	VERB
cblr-9114	505	26	the	the	DET
cblr-9114	505	27	tradeoff	tradeoff	NOUN
cblr-9114	505	28	between	between	ADP
cblr-9114	505	29	voting	voting	NOUN
cblr-9114	505	30	and	and	CCONJ
cblr-9114	505	31	lending	lend	VERB
cblr-9114	505	32	their	their	PRON
cblr-9114	505	33	shares.159	shares.159	NOUN
cblr-9114	505	34	this	this	PRON
cblr-9114	505	35	has	have	AUX
cblr-9114	505	36	heightened	heighten	VERB
cblr-9114	505	37	the	the	DET
cblr-9114	505	38	incentive	incentive	NOUN
cblr-9114	505	39	for	for	SCONJ
cblr-9114	505	40	index	index	NOUN
cblr-9114	505	41	funds	fund	NOUN
cblr-9114	505	42	to	to	PART
cblr-9114	505	43	profit	profit	VERB
cblr-9114	505	44	from	from	ADP
cblr-9114	505	45	lending	lend	VERB
cblr-9114	505	46	their	their	PRON
cblr-9114	505	47	shares	share	NOUN
cblr-9114	505	48	rather	rather	ADV
cblr-9114	505	49	than	than	ADP
cblr-9114	505	50	voting	vote	VERB
cblr-9114	505	51	them	they	PRON
cblr-9114	505	52	.	.	PUNCT
cblr-9114	506	1	in	in	ADP
cblr-9114	506	2	line	line	NOUN
cblr-9114	506	3	with	with	ADP
cblr-9114	506	4	these	these	DET
cblr-9114	506	5	incentives	incentive	NOUN
cblr-9114	506	6	,	,	PUNCT
cblr-9114	506	7	index	index	NOUN
cblr-9114	506	8	funds	fund	NOUN
cblr-9114	506	9	significantly	significantly	ADV
cblr-9114	506	10	increased	increase	VERB
cblr-9114	506	11	the	the	DET
cblr-9114	506	12	shares	share	NOUN
cblr-9114	506	13	made	make	VERB
cblr-9114	506	14	available	available	ADJ
cblr-9114	506	15	for	for	ADP
cblr-9114	506	16	lending	lending	NOUN
cblr-9114	506	17	in	in	ADP
cblr-9114	506	18	2020160	2020160	NUM
cblr-9114	506	19	despite	despite	SCONJ
cblr-9114	506	20	the	the	DET
cblr-9114	506	21	upcoming	upcoming	ADJ
cblr-9114	506	22	proxy	proxy	NOUN
cblr-9114	506	23	fight	fight	NOUN
cblr-9114	506	24	,	,	PUNCT
cblr-9114	506	25	resulting	result	VERB
cblr-9114	506	26	in	in	ADP
cblr-9114	506	27	a	a	DET
cblr-9114	506	28	likely	likely	ADJ
cblr-9114	506	29	suboptimal	suboptimal	ADJ
cblr-9114	506	30	outcome	outcome	NOUN
cblr-9114	506	31	:	:	PUNCT
cblr-9114	506	32	the	the	DET
cblr-9114	506	33	gamestop	gamestop	NOUN
cblr-9114	506	34	case	case	NOUN
cblr-9114	506	35	is	be	AUX
cblr-9114	506	36	a	a	DET
cblr-9114	506	37	good	good	ADJ
cblr-9114	506	38	example	example	NOUN
cblr-9114	506	39	of	of	ADP
cblr-9114	506	40	where	where	SCONJ
cblr-9114	506	41	individually	individually	ADV
cblr-9114	506	42	rational	rational	ADJ
cblr-9114	506	43	behavior	behavior	NOUN
cblr-9114	506	44	can	can	AUX
cblr-9114	506	45	lead	lead	VERB
cblr-9114	506	46	to	to	ADP
cblr-9114	506	47	suboptimal	suboptimal	ADJ
cblr-9114	506	48	outcomes	outcome	NOUN
cblr-9114	506	49	.	.	PUNCT
cblr-9114	507	1	the	the	DET
cblr-9114	507	2	two	two	NUM
cblr-9114	507	3	activists	activist	NOUN
cblr-9114	507	4	on	on	ADP
cblr-9114	507	5	the	the	DET
cblr-9114	507	6	ballot	ballot	NOUN
cblr-9114	507	7	in	in	ADP
cblr-9114	507	8	june	june	PROPN
cblr-9114	507	9	had	have	AUX
cblr-9114	507	10	been	be	AUX
cblr-9114	507	11	on	on	ADP
cblr-9114	507	12	the	the	DET
cblr-9114	507	13	ballot	ballot	NOUN
cblr-9114	507	14	previously	previously	ADV
cblr-9114	507	15	.	.	PUNCT
cblr-9114	508	1	in	in	ADP
cblr-9114	508	2	prior	prior	ADJ
cblr-9114	508	3	years	year	NOUN
cblr-9114	508	4	,	,	PUNCT
cblr-9114	508	5	the	the	DET
cblr-9114	508	6	institutional	institutional	ADJ
cblr-9114	508	7	investors	investor	NOUN
cblr-9114	508	8	holding	hold	VERB
cblr-9114	508	9	gamestop	gamestop	NOUN
cblr-9114	508	10	’s	’s	PART
cblr-9114	508	11	stock	stock	NOUN
cblr-9114	508	12	had	have	AUX
cblr-9114	508	13	opposed	oppose	VERB
cblr-9114	508	14	these	these	DET
cblr-9114	508	15	candidates	candidate	NOUN
cblr-9114	508	16	.	.	PUNCT
cblr-9114	509	1	and	and	CCONJ
cblr-9114	509	2	seeing	see	VERB
cblr-9114	509	3	as	as	SCONJ
cblr-9114	509	4	the	the	DET
cblr-9114	509	5	candidates	candidate	NOUN
cblr-9114	509	6	are	be	AUX
cblr-9114	509	7	seeking	seek	VERB
cblr-9114	509	8	to	to	PART
cblr-9114	509	9	cut	cut	VERB
cblr-9114	509	10	costs	cost	NOUN
cblr-9114	509	11	and	and	CCONJ
cblr-9114	509	12	repurchase	repurchase	NOUN
cblr-9114	509	13	shares	share	NOUN
cblr-9114	509	14	,	,	PUNCT
cblr-9114	509	15	the	the	DET
cblr-9114	509	16	institutions	institution	NOUN
cblr-9114	509	17	likely	likely	ADV
cblr-9114	509	18	determined	determine	VERB
cblr-9114	509	19	that	that	SCONJ
cblr-9114	509	20	these	these	DET
cblr-9114	509	21	candidates	candidate	NOUN
cblr-9114	509	22	would	would	AUX
cblr-9114	509	23	not	not	PART
cblr-9114	509	24	create	create	VERB
cblr-9114	509	25	value	value	NOUN
cblr-9114	509	26	for	for	ADP
cblr-9114	509	27	the	the	DET
cblr-9114	509	28	firm	firm	NOUN
cblr-9114	509	29	in	in	ADP
cblr-9114	509	30	the	the	DET
cblr-9114	509	31	long	long	ADJ
cblr-9114	509	32	term	term	NOUN
cblr-9114	509	33	.	.	PUNCT
cblr-9114	510	1	but	but	CCONJ
cblr-9114	510	2	this	this	DET
cblr-9114	510	3	year	year	NOUN
cblr-9114	510	4	,	,	PUNCT
cblr-9114	510	5	the	the	DET
cblr-9114	510	6	institutions	institution	NOUN
cblr-9114	510	7	did	do	AUX
cblr-9114	510	8	not	not	PART
cblr-9114	510	9	show	show	VERB
cblr-9114	510	10	up	up	ADP
cblr-9114	510	11	to	to	PART
cblr-9114	510	12	vote	vote	VERB
cblr-9114	510	13	—	—	PUNCT
cblr-9114	510	14	and	and	CCONJ
cblr-9114	510	15	the	the	DET
cblr-9114	510	16	activist	activist	NOUN
cblr-9114	510	17	’s	’s	PART
cblr-9114	510	18	candidates	candidate	NOUN
cblr-9114	510	19	won.161	won.161	ADJ
cblr-9114	510	20	while	while	SCONJ
cblr-9114	510	21	one	one	PRON
cblr-9114	510	22	can	can	AUX
cblr-9114	510	23	argue	argue	VERB
cblr-9114	510	24	that	that	SCONJ
cblr-9114	510	25	this	this	DET
cblr-9114	510	26	practice	practice	NOUN
cblr-9114	510	27	demonstrates	demonstrate	VERB
cblr-9114	510	28	investment	investment	NOUN
cblr-9114	510	29	advisers	adviser	NOUN
cblr-9114	510	30	acting	act	VERB
cblr-9114	510	31	in	in	ADP
cblr-9114	510	32	the	the	DET
cblr-9114	510	33	best	good	ADJ
cblr-9114	510	34	interests	interest	NOUN
cblr-9114	510	35	of	of	ADP
cblr-9114	510	36	their	their	PRON
cblr-9114	510	37	clients	client	NOUN
cblr-9114	510	38	,	,	PUNCT
cblr-9114	510	39	it	it	PRON
cblr-9114	510	40	also	also	ADV
cblr-9114	510	41	illustrates	illustrate	VERB
cblr-9114	510	42	the	the	DET
cblr-9114	510	43	insufficient	insufficient	ADJ
cblr-9114	510	44	incentives	incentive	NOUN
cblr-9114	510	45	for	for	SCONJ
cblr-9114	510	46	them	they	PRON
cblr-9114	510	47	to	to	PART
cblr-9114	510	48	diligently	diligently	ADV
cblr-9114	510	49	research	research	VERB
cblr-9114	510	50	and	and	CCONJ
cblr-9114	510	51	vote	vote	VERB
cblr-9114	510	52	shares	share	NOUN
cblr-9114	510	53	in	in	ADP
cblr-9114	510	54	a	a	DET
cblr-9114	510	55	manner	manner	NOUN
cblr-9114	510	56	that	that	PRON
cblr-9114	510	57	will	will	AUX
cblr-9114	510	58	increase	increase	VERB
cblr-9114	510	59	long	long	ADJ
cblr-9114	510	60	-	-	PUNCT
cblr-9114	510	61	term	term	NOUN
cblr-9114	510	62	shareholder	shareholder	NOUN
cblr-9114	510	63	value	value	NOUN
cblr-9114	510	64	.	.	PUNCT
cblr-9114	511	1	this	this	DET
cblr-9114	511	2	lack	lack	NOUN
cblr-9114	511	3	of	of	ADP
cblr-9114	511	4	priority	priority	NOUN
cblr-9114	511	5	given	give	VERB
cblr-9114	511	6	to	to	ADP
cblr-9114	511	7	voting	vote	VERB
cblr-9114	511	8	shares	share	NOUN
cblr-9114	511	9	likely	likely	ADV
cblr-9114	511	10	carries	carry	VERB
cblr-9114	511	11	over	over	ADP
cblr-9114	511	12	to	to	PART
cblr-9114	511	13	overreliance	overreliance	VERB
cblr-9114	511	14	on	on	ADP
cblr-9114	511	15	proxy	proxy	ADJ
cblr-9114	511	16	advisory	advisory	ADJ
cblr-9114	511	17	firms	firm	NOUN
cblr-9114	511	18	’	’	PART
cblr-9114	511	19	voting	voting	NOUN
cblr-9114	511	20	recommendations	recommendation	NOUN
cblr-9114	511	21	.	.	PUNCT
cblr-9114	512	1	fortunately	fortunately	ADV
cblr-9114	512	2	,	,	PUNCT
cblr-9114	512	3	the	the	DET
cblr-9114	512	4	mere	mere	ADJ
cblr-9114	512	5	utilization	utilization	NOUN
cblr-9114	512	6	of	of	ADP
cblr-9114	512	7	proxy	proxy	ADJ
cblr-9114	512	8	advisory	advisory	ADJ
cblr-9114	512	9	firms	firm	NOUN
cblr-9114	512	10	does	do	AUX
cblr-9114	512	11	not	not	PART
cblr-9114	512	12	preclude	preclude	VERB
cblr-9114	512	13	independent	independent	ADJ
cblr-9114	512	14	analysis	analysis	NOUN
cblr-9114	512	15	and	and	CCONJ
cblr-9114	512	16	research	research	NOUN
cblr-9114	512	17	by	by	ADP
cblr-9114	512	18	investment	investment	NOUN
cblr-9114	512	19	advisors	advisor	NOUN
cblr-9114	512	20	,	,	PUNCT
cblr-9114	512	21	as	as	SCONJ
cblr-9114	512	22	the	the	DET
cblr-9114	512	23	majority	majority	NOUN
cblr-9114	512	24	of	of	ADP
cblr-9114	512	25	funds	fund	NOUN
cblr-9114	512	26	do	do	AUX
cblr-9114	512	27	not	not	PART
cblr-9114	512	28	consistently	consistently	ADV
cblr-9114	512	29	vote	vote	VERB
cblr-9114	512	30	in	in	ADP
cblr-9114	512	31	line	line	NOUN
cblr-9114	512	32	with	with	ADP
cblr-9114	512	33	their	their	PRON
cblr-9114	512	34	proxy	proxy	ADJ
cblr-9114	512	35	advisory	advisory	ADJ
cblr-9114	512	36	firms	firm	NOUN
cblr-9114	512	37	’	'	PUNCT
cblr-9114	512	38	recommendations.162	recommendations.162	NOUN
cblr-9114	512	39	for	for	ADP
cblr-9114	512	40	example	example	NOUN
cblr-9114	512	41	,	,	PUNCT
cblr-9114	512	42	blackrock	blackrock	NOUN
cblr-9114	512	43	,	,	PUNCT
cblr-9114	512	44	one	one	NUM
cblr-9114	512	45	of	of	ADP
cblr-9114	512	46	the	the	DET
cblr-9114	512	47	158	158	NUM
cblr-9114	512	48	commission	commission	NOUN
cblr-9114	512	49	guidance	guidance	NOUN
cblr-9114	512	50	regarding	regard	VERB
cblr-9114	512	51	proxy	proxy	NOUN
cblr-9114	512	52	voting	voting	NOUN
cblr-9114	512	53	responsibilities	responsibility	NOUN
cblr-9114	512	54	of	of	ADP
cblr-9114	512	55	investment	investment	NOUN
cblr-9114	512	56	advisers	adviser	NOUN
cblr-9114	512	57	,	,	PUNCT
cblr-9114	512	58	investment	investment	NOUN
cblr-9114	512	59	company	company	NOUN
cblr-9114	512	60	act	act	VERB
cblr-9114	512	61	release	release	VERB
cblr-9114	512	62	no	no	PRON
cblr-9114	512	63	.	.	NOUN
cblr-9114	512	64	33,605	33,605	NUM
cblr-9114	512	65	,	,	PUNCT
cblr-9114	512	66	84	84	NUM
cblr-9114	512	67	fed	feed	VERB
cblr-9114	512	68	.	.	PUNCT
cblr-9114	513	1	reg	reg	PROPN
cblr-9114	513	2	.	.	PROPN
cblr-9114	513	3	47,420	47,420	NUM
cblr-9114	513	4	(	(	PUNCT
cblr-9114	513	5	sept	sept	PROPN
cblr-9114	513	6	.	.	PROPN
cblr-9114	513	7	10	10	NUM
cblr-9114	513	8	,	,	PUNCT
cblr-9114	513	9	2019	2019	NUM
cblr-9114	513	10	)	)	PUNCT
cblr-9114	513	11	.	.	PUNCT
cblr-9114	514	1	159	159	NUM
cblr-9114	514	2	edwin	edwin	PROPN
cblr-9114	514	3	hu	hu	PROPN
cblr-9114	514	4	,	,	PUNCT
cblr-9114	514	5	joshua	joshua	PROPN
cblr-9114	514	6	mitts	mitts	PROPN
cblr-9114	514	7	&	&	CCONJ
cblr-9114	514	8	haley	haley	PROPN
cblr-9114	514	9	sylvester	sylvester	PROPN
cblr-9114	514	10	,	,	PUNCT
cblr-9114	514	11	supra	supra	PROPN
cblr-9114	514	12	note	note	PROPN
cblr-9114	514	13	157	157	NUM
cblr-9114	514	14	,	,	PUNCT
cblr-9114	514	15	at	at	ADP
cblr-9114	514	16	3	3	NUM
cblr-9114	514	17	.	.	NOUN
cblr-9114	514	18	160	160	NUM
cblr-9114	515	1	i	i	NOUN
cblr-9114	515	2	d.	d.	PROPN
cblr-9114	515	3	at	at	ADP
cblr-9114	515	4	17	17	NUM
cblr-9114	515	5	.	.	PUNCT
cblr-9114	516	1	161	161	NUM
cblr-9114	517	1	i	i	PRON
cblr-9114	517	2	d.	d.	PROPN
cblr-9114	517	3	at	at	ADP
cblr-9114	517	4	17	17	NUM
cblr-9114	517	5	n.45	n.45	NOUN
cblr-9114	517	6	.	.	PROPN
cblr-9114	518	1	162	162	NUM
cblr-9114	518	2	see	see	VERB
cblr-9114	518	3	shu	shu	PROPN
cblr-9114	518	4	,	,	PUNCT
cblr-9114	518	5	supra	supra	PROPN
cblr-9114	518	6	note	note	PROPN
cblr-9114	518	7	28	28	NUM
cblr-9114	518	8	,	,	PUNCT
cblr-9114	518	9	at	at	ADP
cblr-9114	518	10	23	23	NUM
cblr-9114	518	11	.	.	SYM
cblr-9114	518	12	1524	1524	NUM
cblr-9114	518	13	columbia	columbia	PROPN
cblr-9114	518	14	business	business	NOUN
cblr-9114	518	15	law	law	PROPN
cblr-9114	518	16	review	review	NOUN
cblr-9114	519	1	[	[	X
cblr-9114	519	2	vol	vol	NOUN
cblr-9114	519	3	.	.	PUNCT
cblr-9114	519	4	2021	2021	NUM
cblr-9114	519	5	largest	large	ADJ
cblr-9114	519	6	investment	investment	NOUN
cblr-9114	519	7	management	management	NOUN
cblr-9114	519	8	companies	company	NOUN
cblr-9114	519	9	in	in	ADP
cblr-9114	519	10	the	the	DET
cblr-9114	519	11	world,163	world,163	PROPN
cblr-9114	519	12	has	have	AUX
cblr-9114	519	13	evinced	evince	VERB
cblr-9114	519	14	its	its	PRON
cblr-9114	519	15	emphasis	emphasis	NOUN
cblr-9114	519	16	on	on	ADP
cblr-9114	519	17	independent	independent	ADJ
cblr-9114	519	18	research	research	NOUN
cblr-9114	519	19	and	and	CCONJ
cblr-9114	519	20	has	have	AUX
cblr-9114	519	21	denounced	denounce	VERB
cblr-9114	519	22	blind	blind	ADJ
cblr-9114	519	23	reliance	reliance	NOUN
cblr-9114	519	24	on	on	ADP
cblr-9114	519	25	proxy	proxy	ADJ
cblr-9114	519	26	advisory	advisory	NOUN
cblr-9114	519	27	firms:164	firms:164	ADP
cblr-9114	519	28	blackrock	blackrock	NOUN
cblr-9114	519	29	analysts	analyst	NOUN
cblr-9114	519	30	do	do	AUX
cblr-9114	519	31	n’t	not	PART
cblr-9114	519	32	comb	comb	VERB
cblr-9114	519	33	through	through	ADP
cblr-9114	519	34	every	every	DET
cblr-9114	519	35	shareholder	shareholder	NOUN
cblr-9114	519	36	proposal	proposal	NOUN
cblr-9114	519	37	.	.	PUNCT
cblr-9114	520	1	rather	rather	ADV
cblr-9114	520	2	.	.	PUNCT
cblr-9114	520	3	.	.	PUNCT
cblr-9114	520	4	.	.	PUNCT
cblr-9114	521	1	the	the	DET
cblr-9114	521	2	firm	firm	NOUN
cblr-9114	521	3	uses	use	VERB
cblr-9114	521	4	the	the	DET
cblr-9114	521	5	advisory	advisory	ADJ
cblr-9114	521	6	services	service	NOUN
cblr-9114	521	7	i.s.s	i.s.s	PROPN
cblr-9114	521	8	.	.	PUNCT
cblr-9114	521	9	and	and	CCONJ
cblr-9114	521	10	glass	glass	NOUN
cblr-9114	521	11	,	,	PUNCT
cblr-9114	521	12	lewis	lewis	PROPN
cblr-9114	521	13	&	&	CCONJ
cblr-9114	521	14	company	company	PROPN
cblr-9114	521	15	to	to	PART
cblr-9114	521	16	help	help	VERB
cblr-9114	521	17	summarize	summarize	VERB
cblr-9114	521	18	proxy	proxy	ADJ
cblr-9114	521	19	statements	statement	NOUN
cblr-9114	521	20	.	.	PUNCT
cblr-9114	522	1	once	once	SCONJ
cblr-9114	522	2	those	those	DET
cblr-9114	522	3	services	service	NOUN
cblr-9114	522	4	have	have	AUX
cblr-9114	522	5	identified	identify	VERB
cblr-9114	522	6	an	an	DET
cblr-9114	522	7	issue	issue	NOUN
cblr-9114	522	8	,	,	PUNCT
cblr-9114	522	9	blackrock	blackrock	NOUN
cblr-9114	522	10	assigns	assign	VERB
cblr-9114	522	11	an	an	DET
cblr-9114	522	12	analyst	analyst	NOUN
cblr-9114	522	13	to	to	PART
cblr-9114	522	14	it.165	it.165	VERB
cblr-9114	522	15	thus	thus	ADV
cblr-9114	522	16	,	,	PUNCT
cblr-9114	522	17	through	through	ADP
cblr-9114	522	18	the	the	DET
cblr-9114	522	19	services	service	NOUN
cblr-9114	522	20	of	of	ADP
cblr-9114	522	21	the	the	DET
cblr-9114	522	22	proxy	proxy	ADJ
cblr-9114	522	23	advisory	advisory	ADJ
cblr-9114	522	24	firms	firm	NOUN
cblr-9114	522	25	,	,	PUNCT
cblr-9114	522	26	blackrock	blackrock	NOUN
cblr-9114	522	27	saves	save	VERB
cblr-9114	522	28	the	the	DET
cblr-9114	522	29	time	time	NOUN
cblr-9114	522	30	and	and	CCONJ
cblr-9114	522	31	expense	expense	NOUN
cblr-9114	522	32	of	of	ADP
cblr-9114	522	33	individually	individually	ADV
cblr-9114	522	34	researching	research	VERB
cblr-9114	522	35	noncontentious	noncontentious	ADJ
cblr-9114	522	36	issues	issue	NOUN
cblr-9114	522	37	,	,	PUNCT
cblr-9114	522	38	applying	apply	VERB
cblr-9114	522	39	its	its	PRON
cblr-9114	522	40	own	own	ADJ
cblr-9114	522	41	reasoning	reasoning	NOUN
cblr-9114	522	42	for	for	ADP
cblr-9114	522	43	controversial	controversial	ADJ
cblr-9114	522	44	matters	matter	NOUN
cblr-9114	522	45	,	,	PUNCT
cblr-9114	522	46	thereby	thereby	ADV
cblr-9114	522	47	ensuring	ensure	VERB
cblr-9114	522	48	its	its	PRON
cblr-9114	522	49	votes	vote	NOUN
cblr-9114	522	50	are	be	AUX
cblr-9114	522	51	targeted	target	VERB
cblr-9114	522	52	to	to	PART
cblr-9114	522	53	maximize	maximize	VERB
cblr-9114	522	54	shareholder	shareholder	NOUN
cblr-9114	522	55	value	value	NOUN
cblr-9114	522	56	.	.	PUNCT
cblr-9114	523	1	while	while	SCONJ
cblr-9114	523	2	automated	automate	VERB
cblr-9114	523	3	voting	voting	NOUN
cblr-9114	523	4	need	need	AUX
cblr-9114	523	5	not	not	PART
cblr-9114	523	6	necessarily	necessarily	ADV
cblr-9114	523	7	result	result	VERB
cblr-9114	523	8	in	in	ADP
cblr-9114	523	9	robovoting166	robovoting166	PROPN
cblr-9114	523	10	with	with	ADP
cblr-9114	523	11	no	no	DET
cblr-9114	523	12	oversight	oversight	NOUN
cblr-9114	523	13	by	by	ADP
cblr-9114	523	14	investment	investment	NOUN
cblr-9114	523	15	advisers	adviser	NOUN
cblr-9114	523	16	over	over	ADP
cblr-9114	523	17	proxy	proxy	ADJ
cblr-9114	523	18	advisory	advisory	ADJ
cblr-9114	523	19	firms	firm	NOUN
cblr-9114	523	20	’	’	PART
cblr-9114	523	21	recommendations	recommendation	NOUN
cblr-9114	523	22	,	,	PUNCT
cblr-9114	523	23	the	the	DET
cblr-9114	523	24	need	need	NOUN
cblr-9114	523	25	for	for	ADP
cblr-9114	523	26	an	an	DET
cblr-9114	523	27	affirmative	affirmative	ADJ
cblr-9114	523	28	163	163	NUM
cblr-9114	523	29	introduction	introduction	NOUN
cblr-9114	523	30	to	to	ADP
cblr-9114	523	31	blackrock	blackrock	PROPN
cblr-9114	523	32	,	,	PUNCT
cblr-9114	523	33	blackrock	blackrock	PROPN
cblr-9114	523	34	,	,	PUNCT
cblr-9114	523	35	https://www.blackrock.com/sg/en/introduction-to-blackrock	https://www.blackrock.com/sg/en/introduction-to-blackrock	PROPN
cblr-9114	523	36	[	[	X
cblr-9114	523	37	https://perma.cc/8tjh-4btz	https://perma.cc/8tjh-4btz	PROPN
cblr-9114	523	38	]	]	X
cblr-9114	523	39	(	(	PUNCT
cblr-9114	523	40	last	last	ADV
cblr-9114	523	41	visited	visit	VERB
cblr-9114	523	42	nov	nov	PROPN
cblr-9114	523	43	.	.	PROPN
cblr-9114	523	44	21	21	NUM
cblr-9114	523	45	,	,	PUNCT
cblr-9114	523	46	2021	2021	NUM
cblr-9114	523	47	)	)	PUNCT
cblr-9114	523	48	.	.	PUNCT
cblr-9114	524	1	164	164	NUM
cblr-9114	524	2	see	see	VERB
cblr-9114	524	3	susanne	susanne	PROPN
cblr-9114	524	4	craig	craig	PROPN
cblr-9114	524	5	,	,	PUNCT
cblr-9114	524	6	the	the	DET
cblr-9114	524	7	giant	giant	NOUN
cblr-9114	524	8	of	of	ADP
cblr-9114	524	9	shareholders	shareholder	NOUN
cblr-9114	524	10	quietly	quietly	ADV
cblr-9114	524	11	stirring	stir	VERB
cblr-9114	524	12	,	,	PUNCT
cblr-9114	524	13	n.y	n.y	PROPN
cblr-9114	524	14	.	.	PROPN
cblr-9114	524	15	times	times	PROPN
cblr-9114	524	16	(	(	PUNCT
cblr-9114	524	17	may	may	PROPN
cblr-9114	524	18	18	18	NUM
cblr-9114	524	19	,	,	PUNCT
cblr-9114	524	20	2013	2013	NUM
cblr-9114	524	21	)	)	PUNCT
cblr-9114	524	22	,	,	PUNCT
cblr-9114	524	23	http://www.nytimes.com/2013/05/19/business/blackrock-a-shareholdinggiant-is-quietly-stirringhtml	http://www.nytimes.com/2013/05/19/business/blackrock-a-shareholdinggiant-is-quietly-stirringhtml	X
cblr-9114	525	1	[	[	X
cblr-9114	525	2	https://perma.cc/6hj4-jl7e	https://perma.cc/6hj4-jl7e	X
cblr-9114	525	3	]	]	X
cblr-9114	525	4	(	(	PUNCT
cblr-9114	525	5	“	"	PUNCT
cblr-9114	525	6	we	we	PRON
cblr-9114	525	7	reach	reach	VERB
cblr-9114	525	8	our	our	PRON
cblr-9114	525	9	voting	voting	NOUN
cblr-9114	525	10	decisions	decision	NOUN
cblr-9114	525	11	independently	independently	ADV
cblr-9114	525	12	of	of	ADP
cblr-9114	525	13	proxy	proxy	ADJ
cblr-9114	525	14	advisory	advisory	ADJ
cblr-9114	525	15	firms	firm	NOUN
cblr-9114	525	16	[	[	X
cblr-9114	525	17	.	.	X
cblr-9114	525	18	]	]	X
cblr-9114	525	19	”	"	PUNCT
cblr-9114	525	20	)	)	PUNCT
cblr-9114	525	21	.	.	PUNCT
cblr-9114	526	1	the	the	DET
cblr-9114	526	2	team	team	NOUN
cblr-9114	526	3	does	do	AUX
cblr-9114	526	4	not	not	PART
cblr-9114	526	5	follow	follow	VERB
cblr-9114	526	6	the	the	DET
cblr-9114	526	7	recommendations	recommendation	NOUN
cblr-9114	526	8	of	of	ADP
cblr-9114	526	9	any	any	DET
cblr-9114	526	10	single	single	ADJ
cblr-9114	526	11	proxy	proxy	NOUN
cblr-9114	526	12	advisor	advisor	NOUN
cblr-9114	526	13	.	.	PUNCT
cblr-9114	527	1	while	while	SCONJ
cblr-9114	527	2	we	we	PRON
cblr-9114	527	3	subscribe	subscribe	VERB
cblr-9114	527	4	to	to	PART
cblr-9114	527	5	research	research	VERB
cblr-9114	527	6	from	from	ADP
cblr-9114	527	7	several	several	ADJ
cblr-9114	527	8	proxy	proxy	ADJ
cblr-9114	527	9	advisory	advisory	ADJ
cblr-9114	527	10	firms	firm	NOUN
cblr-9114	527	11	,	,	PUNCT
cblr-9114	527	12	their	their	PRON
cblr-9114	527	13	research	research	NOUN
cblr-9114	527	14	is	be	AUX
cblr-9114	527	15	one	one	NUM
cblr-9114	527	16	among	among	ADP
cblr-9114	527	17	many	many	ADJ
cblr-9114	527	18	inputs	input	NOUN
cblr-9114	527	19	into	into	ADP
cblr-9114	527	20	our	our	PRON
cblr-9114	527	21	vote	vote	NOUN
cblr-9114	527	22	analysis	analysis	NOUN
cblr-9114	527	23	process	process	NOUN
cblr-9114	527	24	.	.	PUNCT
cblr-9114	528	1	we	we	PRON
cblr-9114	528	2	do	do	AUX
cblr-9114	528	3	not	not	PART
cblr-9114	528	4	blindly	blindly	ADV
cblr-9114	528	5	follow	follow	VERB
cblr-9114	528	6	proxy	proxy	ADJ
cblr-9114	528	7	advisors	advisor	NOUN
cblr-9114	528	8	’	'	PUNCT
cblr-9114	528	9	recommendations	recommendation	NOUN
cblr-9114	528	10	on	on	ADP
cblr-9114	528	11	how	how	SCONJ
cblr-9114	528	12	to	to	PART
cblr-9114	528	13	vote	vote	VERB
cblr-9114	528	14	.	.	PUNCT
cblr-9114	529	1	we	we	PRON
cblr-9114	529	2	use	use	VERB
cblr-9114	529	3	proxy	proxy	ADJ
cblr-9114	529	4	research	research	NOUN
cblr-9114	529	5	firms	firm	NOUN
cblr-9114	529	6	primarily	primarily	ADV
cblr-9114	529	7	to	to	PART
cblr-9114	529	8	synthesize	synthesize	VERB
cblr-9114	529	9	corporate	corporate	ADJ
cblr-9114	529	10	governance	governance	NOUN
cblr-9114	529	11	information	information	NOUN
cblr-9114	529	12	and	and	CCONJ
cblr-9114	529	13	analysis	analysis	NOUN
cblr-9114	529	14	into	into	ADP
cblr-9114	529	15	a	a	DET
cblr-9114	529	16	concise	concise	ADJ
cblr-9114	529	17	,	,	PUNCT
cblr-9114	529	18	easily	easily	ADV
cblr-9114	529	19	reviewable	reviewable	ADJ
cblr-9114	529	20	format	format	NOUN
cblr-9114	529	21	so	so	SCONJ
cblr-9114	529	22	that	that	SCONJ
cblr-9114	529	23	our	our	PRON
cblr-9114	529	24	analysts	analyst	NOUN
cblr-9114	529	25	can	can	AUX
cblr-9114	529	26	readily	readily	ADV
cblr-9114	529	27	identify	identify	VERB
cblr-9114	529	28	and	and	CCONJ
cblr-9114	529	29	prioritize	prioritize	VERB
cblr-9114	529	30	those	those	DET
cblr-9114	529	31	companies	company	NOUN
cblr-9114	529	32	where	where	SCONJ
cblr-9114	529	33	our	our	PRON
cblr-9114	529	34	own	own	ADJ
cblr-9114	529	35	additional	additional	ADJ
cblr-9114	529	36	research	research	NOUN
cblr-9114	529	37	and	and	CCONJ
cblr-9114	529	38	engagement	engagement	NOUN
cblr-9114	529	39	would	would	AUX
cblr-9114	529	40	be	be	AUX
cblr-9114	529	41	beneficial	beneficial	ADJ
cblr-9114	529	42	.	.	PUNCT
cblr-9114	530	1	blackrock	blackrock	NOUN
cblr-9114	530	2	,	,	PUNCT
cblr-9114	530	3	proxy	proxy	NOUN
cblr-9114	530	4	voting	voting	NOUN
cblr-9114	530	5	and	and	CCONJ
cblr-9114	530	6	shareholder	shareholder	NOUN
cblr-9114	530	7	engagement	engagement	NOUN
cblr-9114	530	8	faq	faq	PROPN
cblr-9114	530	9	3	3	NUM
cblr-9114	530	10	(	(	PUNCT
cblr-9114	530	11	2021	2021	NUM
cblr-9114	530	12	)	)	PUNCT
cblr-9114	530	13	,	,	PUNCT
cblr-9114	530	14	https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsibleinvestment-faq-global.pdf	https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsibleinvestment-faq-global.pdf	PROPN
cblr-9114	531	1	[	[	X
cblr-9114	531	2	https://perma.cc/6gjh-2ka8	https://perma.cc/6gjh-2ka8	X
cblr-9114	531	3	]	]	X
cblr-9114	531	4	.	.	PUNCT
cblr-9114	532	1	165	165	NUM
cblr-9114	532	2	craig	craig	NOUN
cblr-9114	532	3	,	,	PUNCT
cblr-9114	532	4	supra	supra	PROPN
cblr-9114	532	5	note	note	PROPN
cblr-9114	532	6	164	164	NUM
cblr-9114	532	7	.	.	PUNCT
cblr-9114	533	1	166	166	NUM
cblr-9114	533	2	see	see	VERB
cblr-9114	533	3	supra	supra	PROPN
cblr-9114	533	4	part	part	PROPN
cblr-9114	533	5	iii.c	iii.c	PROPN
cblr-9114	533	6	for	for	ADP
cblr-9114	533	7	a	a	DET
cblr-9114	533	8	definition	definition	NOUN
cblr-9114	533	9	of	of	ADP
cblr-9114	533	10	robo	robo	NOUN
cblr-9114	533	11	-	-	PUNCT
cblr-9114	533	12	voting	voting	NOUN
cblr-9114	533	13	.	.	PUNCT
cblr-9114	534	1	no	no	INTJ
cblr-9114	534	2	.	.	PUNCT
cblr-9114	535	1	3:1487	3:1487	NUM
cblr-9114	535	2	]	]	X
cblr-9114	535	3	proxy	proxy	ADJ
cblr-9114	535	4	advisory	advisory	ADJ
cblr-9114	535	5	firms	firm	NOUN
cblr-9114	535	6	’	'	PUNCT
cblr-9114	535	7	conflicts	conflict	NOUN
cblr-9114	535	8	of	of	ADP
cblr-9114	535	9	interest	interest	NOUN
cblr-9114	535	10	1525	1525	NUM
cblr-9114	535	11	act	act	NOUN
cblr-9114	535	12	by	by	ADP
cblr-9114	535	13	the	the	DET
cblr-9114	535	14	investment	investment	NOUN
cblr-9114	535	15	adviser	adviser	NOUN
cblr-9114	535	16	to	to	PART
cblr-9114	535	17	override	override	VERB
cblr-9114	535	18	proxy	proxy	ADJ
cblr-9114	535	19	advisory	advisory	ADJ
cblr-9114	535	20	firms	firm	NOUN
cblr-9114	535	21	’	'	PUNCT
cblr-9114	535	22	recommendations	recommendation	NOUN
cblr-9114	535	23	appears	appear	VERB
cblr-9114	535	24	to	to	PART
cblr-9114	535	25	have	have	AUX
cblr-9114	535	26	proven	prove	VERB
cblr-9114	535	27	tempting	tempting	ADJ
cblr-9114	535	28	for	for	ADP
cblr-9114	535	29	many	many	ADJ
cblr-9114	535	30	institutional	institutional	ADJ
cblr-9114	535	31	investors	investor	NOUN
cblr-9114	535	32	.	.	PUNCT
cblr-9114	536	1	nevertheless	nevertheless	ADV
cblr-9114	536	2	,	,	PUNCT
cblr-9114	536	3	as	as	SCONJ
cblr-9114	536	4	articulated	articulate	VERB
cblr-9114	536	5	by	by	ADP
cblr-9114	536	6	the	the	DET
cblr-9114	536	7	supreme	supreme	PROPN
cblr-9114	536	8	court	court	PROPN
cblr-9114	536	9	,	,	PUNCT
cblr-9114	536	10	an	an	DET
cblr-9114	536	11	investment	investment	NOUN
cblr-9114	536	12	advisor	advisor	NOUN
cblr-9114	536	13	is	be	AUX
cblr-9114	536	14	a	a	DET
cblr-9114	536	15	fiduciary	fiduciary	ADJ
cblr-9114	536	16	,	,	PUNCT
cblr-9114	536	17	and	and	CCONJ
cblr-9114	536	18	“	"	PUNCT
cblr-9114	536	19	[	[	PUNCT
cblr-9114	536	20	c]ourts	c]ourt	NOUN
cblr-9114	536	21	have	have	AUX
cblr-9114	536	22	imposed	impose	VERB
cblr-9114	536	23	on	on	ADP
cblr-9114	536	24	a	a	DET
cblr-9114	536	25	fiduciary	fiduciary	ADJ
cblr-9114	536	26	an	an	DET
cblr-9114	536	27	affirmative	affirmative	ADJ
cblr-9114	536	28	duty	duty	NOUN
cblr-9114	536	29	of	of	ADP
cblr-9114	536	30	utmost	utmost	ADJ
cblr-9114	536	31	good	good	ADJ
cblr-9114	536	32	faith	faith	NOUN
cblr-9114	536	33	,	,	PUNCT
cblr-9114	536	34	and	and	CCONJ
cblr-9114	536	35	full	full	ADJ
cblr-9114	536	36	and	and	CCONJ
cblr-9114	536	37	fair	fair	ADJ
cblr-9114	536	38	disclosure	disclosure	NOUN
cblr-9114	536	39	of	of	ADP
cblr-9114	536	40	all	all	DET
cblr-9114	536	41	material	material	NOUN
cblr-9114	536	42	facts[.]”167	facts[.]”167	ADJ
cblr-9114	536	43	investment	investment	NOUN
cblr-9114	536	44	advisers	adviser	NOUN
cblr-9114	536	45	’	’	PART
cblr-9114	536	46	fiduciary	fiduciary	ADJ
cblr-9114	536	47	duties	duty	NOUN
cblr-9114	536	48	,	,	PUNCT
cblr-9114	536	49	coupled	couple	VERB
cblr-9114	536	50	with	with	ADP
cblr-9114	536	51	rule	rule	NOUN
cblr-9114	536	52	206(4)-6,168	206(4)-6,168	NUM
cblr-9114	536	53	likely	likely	ADV
cblr-9114	536	54	prohibit	prohibit	VERB
cblr-9114	536	55	them	they	PRON
cblr-9114	536	56	from	from	ADP
cblr-9114	536	57	completely	completely	ADV
cblr-9114	536	58	outsourcing	outsource	VERB
cblr-9114	536	59	proxy	proxy	NOUN
cblr-9114	536	60	voting	voting	NOUN
cblr-9114	536	61	responsibilities	responsibility	NOUN
cblr-9114	536	62	to	to	ADP
cblr-9114	536	63	their	their	PRON
cblr-9114	536	64	proxy	proxy	ADJ
cblr-9114	536	65	advisory	advisory	ADJ
cblr-9114	536	66	firm	firm	NOUN
cblr-9114	536	67	of	of	ADP
cblr-9114	536	68	choice	choice	NOUN
cblr-9114	536	69	.	.	PUNCT
cblr-9114	537	1	under	under	ADP
cblr-9114	537	2	rule	rule	NOUN
cblr-9114	537	3	206(4)-(7	206(4)-(7	PROPN
cblr-9114	537	4	)	)	PUNCT
cblr-9114	537	5	,	,	PUNCT
cblr-9114	537	6	investment	investment	NOUN
cblr-9114	537	7	advisers	adviser	NOUN
cblr-9114	537	8	must	must	AUX
cblr-9114	537	9	also	also	ADV
cblr-9114	537	10	“	"	PUNCT
cblr-9114	537	11	[	[	X
cblr-9114	537	12	a]dopt	a]dopt	NOUN
cblr-9114	537	13	and	and	CCONJ
cblr-9114	537	14	implement	implement	VERB
cblr-9114	537	15	written	write	VERB
cblr-9114	537	16	policies	policy	NOUN
cblr-9114	537	17	and	and	CCONJ
cblr-9114	537	18	procedures	procedure	NOUN
cblr-9114	537	19	reasonably	reasonably	ADV
cblr-9114	537	20	designed	design	VERB
cblr-9114	537	21	to	to	PART
cblr-9114	537	22	prevent	prevent	VERB
cblr-9114	537	23	violation	violation	NOUN
cblr-9114	537	24	.	.	PUNCT
cblr-9114	537	25	.	.	PUNCT
cblr-9114	538	1	.	.	PUNCT
cblr-9114	539	1	of	of	ADP
cblr-9114	539	2	the	the	DET
cblr-9114	539	3	act	act	NOUN
cblr-9114	539	4	and	and	CCONJ
cblr-9114	539	5	the	the	DET
cblr-9114	539	6	rules	rule	NOUN
cblr-9114	539	7	that	that	PRON
cblr-9114	539	8	the	the	DET
cblr-9114	539	9	commission	commission	NOUN
cblr-9114	539	10	has	have	AUX
cblr-9114	539	11	adopted	adopt	VERB
cblr-9114	539	12	under	under	ADP
cblr-9114	539	13	the	the	DET
cblr-9114	539	14	act[.]”169	act[.]”169	NOUN
cblr-9114	539	15	in	in	ADP
cblr-9114	539	16	fact	fact	NOUN
cblr-9114	539	17	,	,	PUNCT
cblr-9114	539	18	even	even	ADV
cblr-9114	539	19	prior	prior	ADV
cblr-9114	539	20	to	to	ADP
cblr-9114	539	21	the	the	DET
cblr-9114	539	22	sec	sec	PROPN
cblr-9114	539	23	’s	’s	PART
cblr-9114	539	24	issuance	issuance	NOUN
cblr-9114	539	25	of	of	ADP
cblr-9114	539	26	guidance	guidance	NOUN
cblr-9114	539	27	regarding	regard	VERB
cblr-9114	539	28	automated	automate	VERB
cblr-9114	539	29	voting	voting	NOUN
cblr-9114	539	30	in	in	ADP
cblr-9114	539	31	2019	2019	NUM
cblr-9114	539	32	and	and	CCONJ
cblr-9114	539	33	2020	2020	NUM
cblr-9114	539	34	,	,	PUNCT
cblr-9114	539	35	the	the	DET
cblr-9114	539	36	commission	commission	NOUN
cblr-9114	539	37	had	have	AUX
cblr-9114	539	38	already	already	ADV
cblr-9114	539	39	evinced	evince	VERB
cblr-9114	539	40	its	its	PRON
cblr-9114	539	41	view	view	NOUN
cblr-9114	539	42	that	that	SCONJ
cblr-9114	539	43	full	full	ADJ
cblr-9114	539	44	delegation	delegation	NOUN
cblr-9114	539	45	of	of	ADP
cblr-9114	539	46	proxy	proxy	NOUN
cblr-9114	539	47	voting	voting	NOUN
cblr-9114	539	48	without	without	ADP
cblr-9114	539	49	oversight	oversight	NOUN
cblr-9114	539	50	would	would	AUX
cblr-9114	539	51	be	be	AUX
cblr-9114	539	52	a	a	DET
cblr-9114	539	53	violation	violation	NOUN
cblr-9114	539	54	of	of	ADP
cblr-9114	539	55	investment	investment	NOUN
cblr-9114	539	56	advisors	advisor	NOUN
cblr-9114	539	57	’	'	PUNCT
cblr-9114	539	58	fiduciary	fiduciary	ADJ
cblr-9114	539	59	duties	duty	NOUN
cblr-9114	539	60	under	under	ADP
cblr-9114	539	61	rule	rule	NOUN
cblr-9114	539	62	206(4)-7.170	206(4)-7.170	NUM
cblr-9114	539	63	in	in	ADP
cblr-9114	539	64	staff	staff	NOUN
cblr-9114	539	65	legal	legal	ADJ
cblr-9114	539	66	bulletin	bulletin	NOUN
cblr-9114	539	67	no	no	INTJ
cblr-9114	539	68	.	.	PROPN
cblr-9114	539	69	20	20	NUM
cblr-9114	539	70	,	,	PUNCT
cblr-9114	539	71	the	the	DET
cblr-9114	539	72	commission	commission	NOUN
cblr-9114	539	73	stated	state	VERB
cblr-9114	539	74	that	that	SCONJ
cblr-9114	539	75	investment	investment	NOUN
cblr-9114	539	76	advisors	advisor	NOUN
cblr-9114	539	77	must	must	AUX
cblr-9114	539	78	“	"	PUNCT
cblr-9114	539	79	adopt	adopt	VERB
cblr-9114	539	80	and	and	CCONJ
cblr-9114	539	81	implement	implement	VERB
cblr-9114	539	82	policies	policy	NOUN
cblr-9114	539	83	and	and	CCONJ
cblr-9114	539	84	procedures	procedure	NOUN
cblr-9114	539	85	that	that	PRON
cblr-9114	539	86	are	be	AUX
cblr-9114	539	87	reasonably	reasonably	ADV
cblr-9114	539	88	designed	design	VERB
cblr-9114	539	89	to	to	PART
cblr-9114	539	90	provide	provide	VERB
cblr-9114	539	91	sufficient	sufficient	ADJ
cblr-9114	539	92	ongoing	ongoing	ADJ
cblr-9114	539	93	oversight	oversight	NOUN
cblr-9114	539	94	of	of	ADP
cblr-9114	539	95	the	the	DET
cblr-9114	539	96	third	third	ADJ
cblr-9114	539	97	party	party	NOUN
cblr-9114	539	98	in	in	ADP
cblr-9114	539	99	order	order	NOUN
cblr-9114	539	100	to	to	PART
cblr-9114	539	101	ensure	ensure	VERB
cblr-9114	539	102	that	that	SCONJ
cblr-9114	539	103	the	the	DET
cblr-9114	539	104	investment	investment	NOUN
cblr-9114	539	105	adviser	adviser	NOUN
cblr-9114	539	106	,	,	PUNCT
cblr-9114	539	107	acting	act	VERB
cblr-9114	539	108	through	through	ADP
cblr-9114	539	109	the	the	DET
cblr-9114	539	110	third	third	ADJ
cblr-9114	539	111	party	party	NOUN
cblr-9114	539	112	,	,	PUNCT
cblr-9114	539	113	continues	continue	VERB
cblr-9114	539	114	to	to	PART
cblr-9114	539	115	vote	vote	VERB
cblr-9114	539	116	proxies	proxy	NOUN
cblr-9114	539	117	in	in	ADP
cblr-9114	539	118	the	the	DET
cblr-9114	539	119	best	good	ADJ
cblr-9114	539	120	interests	interest	NOUN
cblr-9114	539	121	of	of	ADP
cblr-9114	539	122	its	its	PRON
cblr-9114	539	123	clients	client	NOUN
cblr-9114	539	124	.	.	PUNCT
cblr-9114	539	125	”171	”171	PROPN
cblr-9114	540	1	in	in	ADP
cblr-9114	540	2	addition	addition	NOUN
cblr-9114	540	3	,	,	PUNCT
cblr-9114	540	4	“	"	PUNCT
cblr-9114	540	5	investment	investment	NOUN
cblr-9114	540	6	advisers	adviser	NOUN
cblr-9114	540	7	should	should	AUX
cblr-9114	540	8	establish	establish	VERB
cblr-9114	540	9	and	and	CCONJ
cblr-9114	540	10	implement	implement	VERB
cblr-9114	540	11	measures	measure	NOUN
cblr-9114	540	12	reasonably	reasonably	ADV
cblr-9114	540	13	designed	design	VERB
cblr-9114	540	14	to	to	PART
cblr-9114	540	15	identify	identify	VERB
cblr-9114	540	16	and	and	CCONJ
cblr-9114	540	17	address	address	VERB
cblr-9114	540	18	the	the	DET
cblr-9114	540	19	proxy	proxy	ADJ
cblr-9114	540	20	advisory	advisory	ADJ
cblr-9114	540	21	firm	firm	NOUN
cblr-9114	540	22	’s	’s	PART
cblr-9114	540	23	conflicts	conflict	NOUN
cblr-9114	540	24	that	that	PRON
cblr-9114	540	25	can	can	AUX
cblr-9114	540	26	arise	arise	VERB
cblr-9114	540	27	on	on	ADP
cblr-9114	540	28	an	an	DET
cblr-9114	540	29	ongoing	ongoing	ADJ
cblr-9114	540	30	basis[.]”172	basis[.]”172	PRON
cblr-9114	540	31	167	167	NUM
cblr-9114	540	32	sec	sec	PROPN
cblr-9114	540	33	.	.	PROPN
cblr-9114	540	34	&	&	CCONJ
cblr-9114	540	35	exch	exch	PROPN
cblr-9114	540	36	.	.	PUNCT
cblr-9114	540	37	comm’n	comm’n	PROPN
cblr-9114	541	1	v.	v.	ADP
cblr-9114	541	2	cap	cap	NOUN
cblr-9114	541	3	.	.	PUNCT
cblr-9114	542	1	gains	gain	NOUN
cblr-9114	542	2	rsch	rsch	PROPN
cblr-9114	542	3	bureau	bureau	PROPN
cblr-9114	542	4	,	,	PUNCT
cblr-9114	542	5	inc	inc	PROPN
cblr-9114	542	6	.	.	PROPN
cblr-9114	542	7	,	,	PUNCT
cblr-9114	542	8	375	375	NUM
cblr-9114	542	9	u.s	u.s	PROPN
cblr-9114	542	10	.	.	PROPN
cblr-9114	542	11	180	180	NUM
cblr-9114	542	12	,	,	PUNCT
cblr-9114	542	13	194	194	NUM
cblr-9114	542	14	(	(	PUNCT
cblr-9114	542	15	1963	1963	NUM
cblr-9114	542	16	)	)	PUNCT
cblr-9114	542	17	(	(	PUNCT
cblr-9114	542	18	internal	internal	ADJ
cblr-9114	542	19	quotation	quotation	NOUN
cblr-9114	542	20	marks	mark	NOUN
cblr-9114	542	21	omitted	omit	VERB
cblr-9114	542	22	)	)	PUNCT
cblr-9114	542	23	.	.	PUNCT
cblr-9114	543	1	168	168	NUM
cblr-9114	543	2	proxy	proxy	NOUN
cblr-9114	543	3	voting	voting	NOUN
cblr-9114	543	4	,	,	PUNCT
cblr-9114	543	5	17	17	NUM
cblr-9114	543	6	c.f.r	c.f.r	NOUN
cblr-9114	543	7	.	.	PUNCT
cblr-9114	544	1	§	§	PROPN
cblr-9114	544	2	275.206(4)-6	275.206(4)-6	NUM
cblr-9114	544	3	(	(	PUNCT
cblr-9114	544	4	2021	2021	NUM
cblr-9114	544	5	)	)	PUNCT
cblr-9114	544	6	.	.	PUNCT
cblr-9114	545	1	169	169	NUM
cblr-9114	545	2	compliance	compliance	NOUN
cblr-9114	545	3	procedures	procedure	NOUN
cblr-9114	545	4	and	and	CCONJ
cblr-9114	545	5	practices	practice	NOUN
cblr-9114	545	6	,	,	PUNCT
cblr-9114	545	7	17	17	NUM
cblr-9114	545	8	c.f.r	c.f.r	NOUN
cblr-9114	545	9	.	.	PUNCT
cblr-9114	546	1	§	§	PROPN
cblr-9114	546	2	275.206(4)-7	275.206(4)-7	NUM
cblr-9114	546	3	(	(	PUNCT
cblr-9114	546	4	2021	2021	NUM
cblr-9114	546	5	)	)	PUNCT
cblr-9114	546	6	.	.	PUNCT
cblr-9114	547	1	170	170	NUM
cblr-9114	547	2	see	see	VERB
cblr-9114	547	3	sec	sec	PROPN
cblr-9114	547	4	staff	staff	NOUN
cblr-9114	547	5	legal	legal	ADJ
cblr-9114	547	6	bulletin	bulletin	NOUN
cblr-9114	547	7	no	no	INTJ
cblr-9114	547	8	.	.	PROPN
cblr-9114	547	9	20	20	NUM
cblr-9114	547	10	(	(	PUNCT
cblr-9114	547	11	june	june	PROPN
cblr-9114	547	12	30	30	NUM
cblr-9114	547	13	,	,	PUNCT
cblr-9114	547	14	2014	2014	NUM
cblr-9114	547	15	)	)	PUNCT
cblr-9114	548	1	https://www.sec.gov/investment/slb20-proxy-voting-responsibilitiesinvestment-advisers	https://www.sec.gov/investment/slb20-proxy-voting-responsibilitiesinvestment-adviser	VERB
cblr-9114	549	1	[	[	X
cblr-9114	549	2	https://perma.cc/6p39-abbb	https://perma.cc/6p39-abbb	NOUN
cblr-9114	549	3	]	]	X
cblr-9114	549	4	.	.	PUNCT
cblr-9114	550	1	171	171	NUM
cblr-9114	551	1	i	i	PRON
cblr-9114	551	2	d.	d.	PROPN
cblr-9114	551	3	172	172	NUM
cblr-9114	552	1	i	i	PROPN
cblr-9114	552	2	d.	d.	PROPN
cblr-9114	552	3	1526	1526	NUM
cblr-9114	552	4	columbia	columbia	PROPN
cblr-9114	552	5	business	business	PROPN
cblr-9114	552	6	law	law	PROPN
cblr-9114	552	7	review	review	NOUN
cblr-9114	552	8	[	[	X
cblr-9114	552	9	vol	vol	NOUN
cblr-9114	552	10	.	.	NOUN
cblr-9114	552	11	2021	2021	NUM
cblr-9114	552	12	in	in	ADP
cblr-9114	552	13	2019	2019	NUM
cblr-9114	552	14	,	,	PUNCT
cblr-9114	552	15	the	the	DET
cblr-9114	552	16	sec	sec	PROPN
cblr-9114	552	17	provided	provide	VERB
cblr-9114	552	18	additional	additional	ADJ
cblr-9114	552	19	guidance	guidance	NOUN
cblr-9114	552	20	in	in	ADP
cblr-9114	552	21	the	the	DET
cblr-9114	552	22	commission	commission	NOUN
cblr-9114	552	23	guidance	guidance	NOUN
cblr-9114	552	24	regarding	regard	VERB
cblr-9114	552	25	proxy	proxy	NOUN
cblr-9114	552	26	voting	voting	NOUN
cblr-9114	552	27	responsibilities	responsibility	NOUN
cblr-9114	552	28	of	of	ADP
cblr-9114	552	29	investment	investment	NOUN
cblr-9114	552	30	advisers.173	advisers.173	NOUN
cblr-9114	552	31	the	the	DET
cblr-9114	552	32	sec	sec	PROPN
cblr-9114	552	33	delineated	delineate	VERB
cblr-9114	552	34	its	its	PRON
cblr-9114	552	35	view	view	NOUN
cblr-9114	552	36	that	that	SCONJ
cblr-9114	552	37	[	[	X
cblr-9114	552	38	a]n	a]n	ADJ
cblr-9114	552	39	investment	investment	NOUN
cblr-9114	552	40	adviser	adviser	NOUN
cblr-9114	552	41	that	that	PRON
cblr-9114	552	42	retains	retain	VERB
cblr-9114	552	43	a	a	DET
cblr-9114	552	44	proxy	proxy	ADJ
cblr-9114	552	45	advisory	advisory	ADJ
cblr-9114	552	46	firm	firm	NOUN
cblr-9114	552	47	to	to	PART
cblr-9114	552	48	provide	provide	VERB
cblr-9114	552	49	voting	voting	NOUN
cblr-9114	552	50	recommendations	recommendation	NOUN
cblr-9114	552	51	or	or	CCONJ
cblr-9114	552	52	voting	voting	NOUN
cblr-9114	552	53	execution	execution	NOUN
cblr-9114	552	54	services	service	NOUN
cblr-9114	552	55	also	also	ADV
cblr-9114	552	56	should	should	AUX
cblr-9114	552	57	consider	consider	VERB
cblr-9114	552	58	additional	additional	ADJ
cblr-9114	552	59	steps	step	NOUN
cblr-9114	552	60	to	to	PART
cblr-9114	552	61	evaluate	evaluate	VERB
cblr-9114	552	62	whether	whether	SCONJ
cblr-9114	552	63	the	the	DET
cblr-9114	552	64	investment	investment	NOUN
cblr-9114	552	65	adviser	adviser	NOUN
cblr-9114	552	66	’s	’s	PART
cblr-9114	552	67	voting	voting	NOUN
cblr-9114	552	68	determinations	determination	NOUN
cblr-9114	552	69	are	be	AUX
cblr-9114	552	70	consistent	consistent	ADJ
cblr-9114	552	71	with	with	ADP
cblr-9114	552	72	its	its	PRON
cblr-9114	552	73	voting	voting	NOUN
cblr-9114	552	74	policies	policy	NOUN
cblr-9114	552	75	and	and	CCONJ
cblr-9114	552	76	procedures	procedure	NOUN
cblr-9114	552	77	and	and	CCONJ
cblr-9114	552	78	in	in	ADP
cblr-9114	552	79	the	the	DET
cblr-9114	552	80	client	client	NOUN
cblr-9114	552	81	’s	’s	PART
cblr-9114	552	82	best	good	ADJ
cblr-9114	552	83	interest	interest	NOUN
cblr-9114	552	84	before	before	SCONJ
cblr-9114	552	85	the	the	DET
cblr-9114	552	86	votes	vote	NOUN
cblr-9114	552	87	are	be	AUX
cblr-9114	552	88	cast.174	cast.174	ADJ
cblr-9114	552	89	some	some	PRON
cblr-9114	552	90	of	of	ADP
cblr-9114	552	91	these	these	PRON
cblr-9114	552	92	suggested	suggest	VERB
cblr-9114	552	93	additional	additional	ADJ
cblr-9114	552	94	steps	step	NOUN
cblr-9114	552	95	include	include	VERB
cblr-9114	552	96	assessing	assess	VERB
cblr-9114	552	97	“	"	PUNCT
cblr-9114	552	98	‘	'	PUNCT
cblr-9114	552	99	pre	pre	ADJ
cblr-9114	552	100	-	-	ADJ
cblr-9114	552	101	populated	populated	ADJ
cblr-9114	552	102	’	'	PUNCT
cblr-9114	552	103	votes	vote	NOUN
cblr-9114	552	104	shown	show	VERB
cblr-9114	552	105	on	on	ADP
cblr-9114	552	106	the	the	DET
cblr-9114	552	107	proxy	proxy	ADJ
cblr-9114	552	108	advisory	advisory	ADJ
cblr-9114	552	109	firm	firm	NOUN
cblr-9114	552	110	’s	’s	PART
cblr-9114	552	111	electronic	electronic	ADJ
cblr-9114	552	112	voting	voting	NOUN
cblr-9114	552	113	platform	platform	NOUN
cblr-9114	552	114	before	before	SCONJ
cblr-9114	552	115	such	such	ADJ
cblr-9114	552	116	votes	vote	NOUN
cblr-9114	552	117	are	be	AUX
cblr-9114	552	118	cast	cast	VERB
cblr-9114	552	119	,	,	PUNCT
cblr-9114	552	120	such	such	ADJ
cblr-9114	552	121	as	as	ADP
cblr-9114	552	122	through	through	ADP
cblr-9114	552	123	periodic	periodic	ADJ
cblr-9114	552	124	sampling	sampling	NOUN
cblr-9114	552	125	of	of	ADP
cblr-9114	552	126	the	the	DET
cblr-9114	552	127	proxy	proxy	ADJ
cblr-9114	552	128	advisory	advisory	ADJ
cblr-9114	552	129	firm	firm	NOUN
cblr-9114	552	130	’s	’s	PART
cblr-9114	552	131	prepopulated	prepopulate	VERB
cblr-9114	552	132	votes	vote	NOUN
cblr-9114	552	133	,	,	PUNCT
cblr-9114	552	134	”	"	PUNCT
cblr-9114	552	135	and	and	CCONJ
cblr-9114	552	136	considering	consider	VERB
cblr-9114	552	137	“	"	PUNCT
cblr-9114	552	138	whether	whether	SCONJ
cblr-9114	552	139	a	a	DET
cblr-9114	552	140	higher	high	ADJ
cblr-9114	552	141	degree	degree	NOUN
cblr-9114	552	142	of	of	ADP
cblr-9114	552	143	analysis	analysis	NOUN
cblr-9114	552	144	may	may	AUX
cblr-9114	552	145	be	be	AUX
cblr-9114	552	146	necessary	necessary	ADJ
cblr-9114	552	147	or	or	CCONJ
cblr-9114	552	148	appropriate	appropriate	ADJ
cblr-9114	552	149	.	.	PUNCT
cblr-9114	552	150	.	.	PUNCT
cblr-9114	552	151	.	.	PUNCT
cblr-9114	552	152	”	"	PUNCT
cblr-9114	553	1	in	in	ADP
cblr-9114	553	2	certain	certain	ADJ
cblr-9114	553	3	situations	situation	NOUN
cblr-9114	553	4	,	,	PUNCT
cblr-9114	553	5	such	such	ADJ
cblr-9114	553	6	as	as	ADP
cblr-9114	553	7	when	when	SCONJ
cblr-9114	553	8	“	"	PUNCT
cblr-9114	553	9	the	the	DET
cblr-9114	553	10	matter	matter	NOUN
cblr-9114	553	11	is	be	AUX
cblr-9114	553	12	highly	highly	ADV
cblr-9114	553	13	contested	contested	ADJ
cblr-9114	553	14	or	or	CCONJ
cblr-9114	553	15	controversial	controversial	ADJ
cblr-9114	553	16	.	.	PUNCT
cblr-9114	553	17	”175	”175	PUNCT
cblr-9114	554	1	the	the	DET
cblr-9114	554	2	sec	sec	PROPN
cblr-9114	554	3	also	also	ADV
cblr-9114	554	4	provided	provide	VERB
cblr-9114	554	5	additional	additional	ADJ
cblr-9114	554	6	guidance	guidance	NOUN
cblr-9114	554	7	regarding	regard	VERB
cblr-9114	554	8	disclosure	disclosure	NOUN
cblr-9114	554	9	requirements	requirement	NOUN
cblr-9114	554	10	for	for	ADP
cblr-9114	554	11	investment	investment	NOUN
cblr-9114	554	12	advisers	adviser	NOUN
cblr-9114	554	13	in	in	ADP
cblr-9114	554	14	its	its	PRON
cblr-9114	554	15	2020	2020	NUM
cblr-9114	554	16	supplement	supplement	NOUN
cblr-9114	554	17	to	to	ADP
cblr-9114	554	18	commission	commission	NOUN
cblr-9114	554	19	guidance	guidance	NOUN
cblr-9114	554	20	regarding	regard	VERB
cblr-9114	554	21	proxy	proxy	NOUN
cblr-9114	554	22	voting	voting	NOUN
cblr-9114	554	23	responsibilities	responsibility	NOUN
cblr-9114	554	24	of	of	ADP
cblr-9114	554	25	investment	investment	NOUN
cblr-9114	554	26	advisers	adviser	NOUN
cblr-9114	554	27	:	:	PUNCT
cblr-9114	555	1	[	[	X
cblr-9114	555	2	a]n	a]n	NOUN
cblr-9114	555	3	investment	investment	NOUN
cblr-9114	555	4	adviser	adviser	NOUN
cblr-9114	555	5	that	that	PRON
cblr-9114	555	6	uses	use	VERB
cblr-9114	555	7	automated	automate	VERB
cblr-9114	555	8	voting	voting	NOUN
cblr-9114	555	9	should	should	AUX
cblr-9114	555	10	consider	consider	VERB
cblr-9114	555	11	disclosing	disclose	VERB
cblr-9114	555	12	:	:	PUNCT
cblr-9114	555	13	(	(	PUNCT
cblr-9114	555	14	1	1	X
cblr-9114	555	15	)	)	PUNCT
cblr-9114	555	16	[	[	X
cblr-9114	555	17	t]he	t]he	ADV
cblr-9114	555	18	extent	extent	NOUN
cblr-9114	555	19	of	of	ADP
cblr-9114	555	20	that	that	DET
cblr-9114	555	21	use	use	NOUN
cblr-9114	555	22	and	and	CCONJ
cblr-9114	555	23	under	under	ADP
cblr-9114	555	24	what	what	DET
cblr-9114	555	25	circumstances	circumstance	NOUN
cblr-9114	555	26	it	it	PRON
cblr-9114	555	27	uses	use	VERB
cblr-9114	555	28	automated	automate	VERB
cblr-9114	555	29	voting	voting	NOUN
cblr-9114	555	30	;	;	PUNCT
cblr-9114	555	31	and	and	CCONJ
cblr-9114	555	32	(	(	PUNCT
cblr-9114	555	33	2	2	X
cblr-9114	555	34	)	)	PUNCT
cblr-9114	555	35	how	how	SCONJ
cblr-9114	555	36	its	its	PRON
cblr-9114	555	37	policies	policy	NOUN
cblr-9114	555	38	and	and	CCONJ
cblr-9114	555	39	procedures	procedure	NOUN
cblr-9114	555	40	address	address	VERB
cblr-9114	555	41	the	the	DET
cblr-9114	555	42	use	use	NOUN
cblr-9114	555	43	of	of	ADP
cblr-9114	555	44	automated	automate	VERB
cblr-9114	555	45	voting	voting	NOUN
cblr-9114	555	46	in	in	ADP
cblr-9114	555	47	cases	case	NOUN
cblr-9114	555	48	where	where	SCONJ
cblr-9114	555	49	it	it	PRON
cblr-9114	555	50	becomes	become	VERB
cblr-9114	555	51	aware	aware	ADJ
cblr-9114	555	52	before	before	ADP
cblr-9114	555	53	the	the	DET
cblr-9114	555	54	submission	submission	NOUN
cblr-9114	555	55	deadline	deadline	NOUN
cblr-9114	555	56	for	for	SCONJ
cblr-9114	555	57	proxies	proxy	NOUN
cblr-9114	555	58	to	to	PART
cblr-9114	555	59	be	be	AUX
cblr-9114	555	60	voted	vote	VERB
cblr-9114	555	61	at	at	ADP
cblr-9114	555	62	the	the	DET
cblr-9114	555	63	shareholder	shareholder	NOUN
cblr-9114	555	64	meeting	meeting	NOUN
cblr-9114	555	65	that	that	SCONJ
cblr-9114	555	66	an	an	DET
cblr-9114	555	67	issuer	issuer	NOUN
cblr-9114	555	68	intends	intend	VERB
cblr-9114	555	69	to	to	PART
cblr-9114	555	70	file	file	VERB
cblr-9114	555	71	or	or	CCONJ
cblr-9114	555	72	has	have	AUX
cblr-9114	555	73	filed	file	VERB
cblr-9114	555	74	additional	additional	ADJ
cblr-9114	555	75	soliciting	solicit	VERB
cblr-9114	555	76	173	173	NUM
cblr-9114	555	77	see	see	NOUN
cblr-9114	555	78	commission	commission	NOUN
cblr-9114	555	79	guidance	guidance	NOUN
cblr-9114	555	80	regarding	regard	VERB
cblr-9114	555	81	proxy	proxy	NOUN
cblr-9114	555	82	voting	voting	NOUN
cblr-9114	555	83	responsibilities	responsibility	NOUN
cblr-9114	555	84	of	of	ADP
cblr-9114	555	85	investment	investment	NOUN
cblr-9114	555	86	advisers	adviser	NOUN
cblr-9114	555	87	,	,	PUNCT
cblr-9114	555	88	investment	investment	NOUN
cblr-9114	555	89	company	company	NOUN
cblr-9114	555	90	act	act	VERB
cblr-9114	555	91	release	release	VERB
cblr-9114	555	92	no	no	PRON
cblr-9114	555	93	.	.	NOUN
cblr-9114	555	94	33,605	33,605	NUM
cblr-9114	555	95	,	,	PUNCT
cblr-9114	555	96	84	84	NUM
cblr-9114	555	97	fed	feed	VERB
cblr-9114	555	98	.	.	PUNCT
cblr-9114	556	1	reg	reg	PROPN
cblr-9114	556	2	.	.	PUNCT
cblr-9114	557	1	47	47	NUM
cblr-9114	557	2	,	,	PUNCT
cblr-9114	557	3	420	420	NUM
cblr-9114	557	4	(	(	PUNCT
cblr-9114	557	5	sept	sept	PROPN
cblr-9114	557	6	.	.	PROPN
cblr-9114	557	7	10	10	NUM
cblr-9114	557	8	,	,	PUNCT
cblr-9114	557	9	2019	2019	NUM
cblr-9114	557	10	)	)	PUNCT
cblr-9114	557	11	.	.	PUNCT
cblr-9114	558	1	174	174	NUM
cblr-9114	559	1	i	i	PRON
cblr-9114	559	2	d.	d.	PROPN
cblr-9114	559	3	at	at	ADP
cblr-9114	559	4	47,424	47,424	NUM
cblr-9114	559	5	.	.	PUNCT
cblr-9114	560	1	175	175	NUM
cblr-9114	561	1	i	i	PRON
cblr-9114	561	2	d.	d.	PROPN
cblr-9114	561	3	no	no	INTJ
cblr-9114	561	4	.	.	PUNCT
cblr-9114	562	1	3:1487	3:1487	NUM
cblr-9114	562	2	]	]	X
cblr-9114	562	3	proxy	proxy	ADJ
cblr-9114	562	4	advisory	advisory	ADJ
cblr-9114	562	5	firms	firm	NOUN
cblr-9114	562	6	’	'	PUNCT
cblr-9114	562	7	conflicts	conflict	NOUN
cblr-9114	562	8	of	of	ADP
cblr-9114	562	9	interest	interest	NOUN
cblr-9114	562	10	1527	1527	NUM
cblr-9114	562	11	materials	material	NOUN
cblr-9114	562	12	with	with	ADP
cblr-9114	562	13	the	the	DET
cblr-9114	562	14	commission	commission	NOUN
cblr-9114	562	15	regarding	regard	VERB
cblr-9114	562	16	a	a	DET
cblr-9114	562	17	matter	matter	NOUN
cblr-9114	562	18	to	to	PART
cblr-9114	562	19	be	be	AUX
cblr-9114	562	20	voted	vote	VERB
cblr-9114	562	21	upon.176	upon.176	NOUN
cblr-9114	562	22	implementing	implement	VERB
cblr-9114	562	23	both	both	CCONJ
cblr-9114	562	24	the	the	DET
cblr-9114	562	25	increased	increase	VERB
cblr-9114	562	26	scrutiny	scrutiny	NOUN
cblr-9114	562	27	of	of	ADP
cblr-9114	562	28	votes	vote	NOUN
cblr-9114	562	29	by	by	ADP
cblr-9114	562	30	proxy	proxy	ADJ
cblr-9114	562	31	advisory	advisory	ADJ
cblr-9114	562	32	firms	firm	NOUN
cblr-9114	562	33	and	and	CCONJ
cblr-9114	562	34	heightened	heighten	VERB
cblr-9114	562	35	disclosure	disclosure	NOUN
cblr-9114	562	36	requirements	requirement	NOUN
cblr-9114	562	37	would	would	AUX
cblr-9114	562	38	amount	amount	VERB
cblr-9114	562	39	to	to	ADP
cblr-9114	562	40	a	a	DET
cblr-9114	562	41	substantial	substantial	ADJ
cblr-9114	562	42	improvement	improvement	NOUN
cblr-9114	562	43	in	in	ADP
cblr-9114	562	44	oversight	oversight	NOUN
cblr-9114	562	45	by	by	ADP
cblr-9114	562	46	investment	investment	NOUN
cblr-9114	562	47	advisors	advisor	NOUN
cblr-9114	562	48	.	.	PUNCT
cblr-9114	563	1	sampling	sample	VERB
cblr-9114	563	2	the	the	DET
cblr-9114	563	3	pre	pre	ADJ
cblr-9114	563	4	-	-	ADJ
cblr-9114	563	5	populated	populated	ADJ
cblr-9114	563	6	votes	vote	NOUN
cblr-9114	563	7	allows	allow	VERB
cblr-9114	563	8	investment	investment	NOUN
cblr-9114	563	9	advisors	advisor	NOUN
cblr-9114	563	10	to	to	PART
cblr-9114	563	11	uphold	uphold	VERB
cblr-9114	563	12	their	their	PRON
cblr-9114	563	13	fiduciary	fiduciary	ADJ
cblr-9114	563	14	duties	duty	NOUN
cblr-9114	563	15	in	in	ADP
cblr-9114	563	16	a	a	DET
cblr-9114	563	17	fairly	fairly	ADV
cblr-9114	563	18	costeffective	costeffective	ADJ
cblr-9114	563	19	manner	manner	NOUN
cblr-9114	563	20	.	.	PUNCT
cblr-9114	564	1	taking	take	VERB
cblr-9114	564	2	this	this	DET
cblr-9114	564	3	step	step	NOUN
cblr-9114	564	4	will	will	AUX
cblr-9114	564	5	not	not	PART
cblr-9114	564	6	dramatically	dramatically	ADV
cblr-9114	564	7	increase	increase	VERB
cblr-9114	564	8	costs	cost	NOUN
cblr-9114	564	9	and	and	CCONJ
cblr-9114	564	10	may	may	AUX
cblr-9114	564	11	identify	identify	VERB
cblr-9114	564	12	certain	certain	ADJ
cblr-9114	564	13	long	long	ADJ
cblr-9114	564	14	-	-	PUNCT
cblr-9114	564	15	term	term	NOUN
cblr-9114	564	16	biases	bias	NOUN
cblr-9114	564	17	in	in	ADP
cblr-9114	564	18	proxy	proxy	ADJ
cblr-9114	564	19	advisory	advisory	ADJ
cblr-9114	564	20	firms	firm	NOUN
cblr-9114	564	21	’	’	PART
cblr-9114	564	22	recommendations	recommendation	NOUN
cblr-9114	564	23	.	.	PUNCT
cblr-9114	565	1	for	for	ADP
cblr-9114	565	2	example	example	NOUN
cblr-9114	565	3	,	,	PUNCT
cblr-9114	565	4	if	if	SCONJ
cblr-9114	565	5	a	a	DET
cblr-9114	565	6	proxy	proxy	ADJ
cblr-9114	565	7	advisory	advisory	ADJ
cblr-9114	565	8	firm	firm	NOUN
cblr-9114	565	9	with	with	ADP
cblr-9114	565	10	both	both	DET
cblr-9114	565	11	voting	voting	NOUN
cblr-9114	565	12	advice	advice	NOUN
cblr-9114	565	13	and	and	CCONJ
cblr-9114	565	14	governance	governance	NOUN
cblr-9114	565	15	consulting	consult	VERB
cblr-9114	565	16	arms	arm	NOUN
cblr-9114	565	17	consistently	consistently	ADV
cblr-9114	565	18	votes	vote	NOUN
cblr-9114	565	19	against	against	ADP
cblr-9114	565	20	an	an	DET
cblr-9114	565	21	issuer	issuer	NOUN
cblr-9114	565	22	’s	’s	PART
cblr-9114	565	23	proposals	proposal	NOUN
cblr-9114	565	24	as	as	ADP
cblr-9114	565	25	punishment	punishment	NOUN
cblr-9114	565	26	for	for	ADP
cblr-9114	565	27	not	not	PART
cblr-9114	565	28	purchasing	purchase	VERB
cblr-9114	565	29	consulting	consulting	NOUN
cblr-9114	565	30	services	service	NOUN
cblr-9114	565	31	,	,	PUNCT
cblr-9114	565	32	regular	regular	ADJ
cblr-9114	565	33	sampling	sampling	NOUN
cblr-9114	565	34	is	be	AUX
cblr-9114	565	35	likely	likely	ADJ
cblr-9114	565	36	to	to	PART
cblr-9114	565	37	determine	determine	VERB
cblr-9114	565	38	that	that	SCONJ
cblr-9114	565	39	the	the	DET
cblr-9114	565	40	proxy	proxy	ADJ
cblr-9114	565	41	adviser	adviser	NOUN
cblr-9114	565	42	may	may	AUX
cblr-9114	565	43	not	not	PART
cblr-9114	565	44	be	be	AUX
cblr-9114	565	45	voting	vote	VERB
cblr-9114	565	46	in	in	ADP
cblr-9114	565	47	shareholders	shareholder	NOUN
cblr-9114	565	48	’	'	PUNCT
cblr-9114	565	49	best	good	ADJ
cblr-9114	565	50	interests	interest	NOUN
cblr-9114	565	51	on	on	ADP
cblr-9114	565	52	this	this	DET
cblr-9114	565	53	matter	matter	NOUN
cblr-9114	565	54	.	.	PUNCT
cblr-9114	566	1	a	a	DET
cblr-9114	566	2	“	"	PUNCT
cblr-9114	566	3	higher	high	ADJ
cblr-9114	566	4	degree	degree	NOUN
cblr-9114	566	5	of	of	ADP
cblr-9114	566	6	analysis”177	analysis”177	NOUN
cblr-9114	566	7	will	will	AUX
cblr-9114	566	8	thus	thus	ADV
cblr-9114	566	9	be	be	AUX
cblr-9114	566	10	required	require	VERB
cblr-9114	566	11	prior	prior	ADV
cblr-9114	566	12	to	to	ADP
cblr-9114	566	13	voting	vote	VERB
cblr-9114	566	14	shares	share	NOUN
cblr-9114	566	15	in	in	ADP
cblr-9114	566	16	that	that	DET
cblr-9114	566	17	company	company	NOUN
cblr-9114	566	18	.	.	PUNCT
cblr-9114	567	1	engaging	engage	VERB
cblr-9114	567	2	in	in	ADP
cblr-9114	567	3	a	a	DET
cblr-9114	567	4	higher	high	ADJ
cblr-9114	567	5	degree	degree	NOUN
cblr-9114	567	6	of	of	ADP
cblr-9114	567	7	analysis	analysis	NOUN
cblr-9114	567	8	for	for	ADP
cblr-9114	567	9	highly	highly	ADV
cblr-9114	567	10	controversial	controversial	ADJ
cblr-9114	567	11	or	or	CCONJ
cblr-9114	567	12	contested	contest	VERB
cblr-9114	567	13	matters	matter	NOUN
cblr-9114	567	14	also	also	ADV
cblr-9114	567	15	serves	serve	VERB
cblr-9114	567	16	as	as	ADP
cblr-9114	567	17	a	a	DET
cblr-9114	567	18	costeffective	costeffective	ADJ
cblr-9114	567	19	oversight	oversight	NOUN
cblr-9114	567	20	enhancement	enhancement	NOUN
cblr-9114	567	21	.	.	PUNCT
cblr-9114	568	1	the	the	DET
cblr-9114	568	2	most	most	ADV
cblr-9114	568	3	contested	contest	VERB
cblr-9114	568	4	matters	matter	NOUN
cblr-9114	568	5	are	be	AUX
cblr-9114	568	6	likely	likely	ADJ
cblr-9114	568	7	to	to	PART
cblr-9114	568	8	be	be	AUX
cblr-9114	568	9	the	the	DET
cblr-9114	568	10	most	most	ADV
cblr-9114	568	11	important	important	ADJ
cblr-9114	568	12	to	to	ADP
cblr-9114	568	13	shareholders	shareholder	NOUN
cblr-9114	568	14	,	,	PUNCT
cblr-9114	568	15	and	and	CCONJ
cblr-9114	568	16	increased	increase	VERB
cblr-9114	568	17	diligence	diligence	NOUN
cblr-9114	568	18	in	in	ADP
cblr-9114	568	19	these	these	DET
cblr-9114	568	20	matters	matter	NOUN
cblr-9114	568	21	will	will	AUX
cblr-9114	568	22	create	create	VERB
cblr-9114	568	23	outsized	outsized	ADJ
cblr-9114	568	24	benefits	benefit	NOUN
cblr-9114	568	25	.	.	PUNCT
cblr-9114	569	1	nonetheless	nonetheless	ADV
cblr-9114	569	2	,	,	PUNCT
cblr-9114	569	3	this	this	PRON
cblr-9114	569	4	certainly	certainly	ADV
cblr-9114	569	5	will	will	AUX
cblr-9114	569	6	not	not	PART
cblr-9114	569	7	catch	catch	VERB
cblr-9114	569	8	all	all	DET
cblr-9114	569	9	recommendations	recommendation	NOUN
cblr-9114	569	10	stemming	stem	VERB
cblr-9114	569	11	from	from	ADP
cblr-9114	569	12	biases	bias	NOUN
cblr-9114	569	13	or	or	CCONJ
cblr-9114	569	14	errors	error	NOUN
cblr-9114	569	15	.	.	PUNCT
cblr-9114	570	1	in	in	ADP
cblr-9114	570	2	addition	addition	NOUN
cblr-9114	570	3	,	,	PUNCT
cblr-9114	570	4	enhancing	enhance	VERB
cblr-9114	570	5	disclosures	disclosure	NOUN
cblr-9114	570	6	by	by	ADP
cblr-9114	570	7	investment	investment	NOUN
cblr-9114	570	8	advisers	adviser	NOUN
cblr-9114	570	9	regarding	regard	VERB
cblr-9114	570	10	their	their	PRON
cblr-9114	570	11	use	use	NOUN
cblr-9114	570	12	of	of	ADP
cblr-9114	570	13	automated	automate	VERB
cblr-9114	570	14	voting	voting	NOUN
cblr-9114	570	15	would	would	AUX
cblr-9114	570	16	bolster	bolster	VERB
cblr-9114	570	17	the	the	DET
cblr-9114	570	18	disclosures	disclosure	NOUN
cblr-9114	570	19	required	require	VERB
cblr-9114	570	20	for	for	ADP
cblr-9114	570	21	proxy	proxy	ADJ
cblr-9114	570	22	advisory	advisory	ADJ
cblr-9114	570	23	firms	firm	NOUN
cblr-9114	570	24	under	under	ADP
cblr-9114	570	25	final	final	ADJ
cblr-9114	570	26	rule	rule	NOUN
cblr-9114	570	27	14a-2(b)(9)(i	14a-2(b)(9)(i	NUM
cblr-9114	570	28	)	)	PUNCT
cblr-9114	570	29	.	.	PUNCT
cblr-9114	571	1	shareholders	shareholder	NOUN
cblr-9114	571	2	who	who	PRON
cblr-9114	571	3	have	have	VERB
cblr-9114	571	4	concerns	concern	NOUN
cblr-9114	571	5	regarding	regard	VERB
cblr-9114	571	6	proxy	proxy	ADJ
cblr-9114	571	7	advisory	advisory	ADJ
cblr-9114	571	8	firms	firm	NOUN
cblr-9114	571	9	’	'	PUNCT
cblr-9114	571	10	conflicts	conflict	NOUN
cblr-9114	571	11	of	of	ADP
cblr-9114	571	12	interest	interest	NOUN
cblr-9114	571	13	and	and	CCONJ
cblr-9114	571	14	general	general	ADJ
cblr-9114	571	15	voting	voting	NOUN
cblr-9114	571	16	recommendations	recommendation	NOUN
cblr-9114	571	17	are	be	AUX
cblr-9114	571	18	free	free	ADJ
cblr-9114	571	19	to	to	PART
cblr-9114	571	20	select	select	VERB
cblr-9114	571	21	investment	investment	NOUN
cblr-9114	571	22	advisors	advisor	NOUN
cblr-9114	571	23	who	who	PRON
cblr-9114	571	24	engage	engage	VERB
cblr-9114	571	25	in	in	ADP
cblr-9114	571	26	greater	great	ADJ
cblr-9114	571	27	diligence	diligence	NOUN
cblr-9114	571	28	when	when	SCONJ
cblr-9114	571	29	voting	vote	VERB
cblr-9114	571	30	their	their	PRON
cblr-9114	571	31	shares	share	NOUN
cblr-9114	571	32	.	.	PUNCT
cblr-9114	572	1	shareholders	shareholder	NOUN
cblr-9114	572	2	can	can	AUX
cblr-9114	572	3	also	also	ADV
cblr-9114	572	4	use	use	VERB
cblr-9114	572	5	these	these	DET
cblr-9114	572	6	disclosures	disclosure	NOUN
cblr-9114	572	7	to	to	PART
cblr-9114	572	8	decide	decide	VERB
cblr-9114	572	9	whether	whether	SCONJ
cblr-9114	572	10	176	176	NUM
cblr-9114	572	11	supplement	supplement	NOUN
cblr-9114	572	12	to	to	ADP
cblr-9114	572	13	commission	commission	NOUN
cblr-9114	572	14	guidance	guidance	NOUN
cblr-9114	572	15	regarding	regard	VERB
cblr-9114	572	16	proxy	proxy	NOUN
cblr-9114	572	17	voting	voting	NOUN
cblr-9114	572	18	responsibilities	responsibility	NOUN
cblr-9114	572	19	of	of	ADP
cblr-9114	572	20	investment	investment	NOUN
cblr-9114	572	21	advisers	adviser	NOUN
cblr-9114	572	22	,	,	PUNCT
cblr-9114	572	23	85	85	NUM
cblr-9114	572	24	fed	feed	VERB
cblr-9114	572	25	.	.	PUNCT
cblr-9114	573	1	reg	reg	PROPN
cblr-9114	573	2	.	.	PROPN
cblr-9114	574	1	55,155	55,155	NUM
cblr-9114	574	2	,	,	PUNCT
cblr-9114	574	3	55,156	55,156	NUM
cblr-9114	574	4	(	(	PUNCT
cblr-9114	574	5	sept	sept	PROPN
cblr-9114	574	6	.	.	PROPN
cblr-9114	574	7	3	3	NUM
cblr-9114	574	8	,	,	PUNCT
cblr-9114	574	9	2020	2020	NUM
cblr-9114	574	10	)	)	PUNCT
cblr-9114	574	11	.	.	PUNCT
cblr-9114	575	1	177	177	NUM
cblr-9114	575	2	commission	commission	NOUN
cblr-9114	575	3	guidance	guidance	NOUN
cblr-9114	575	4	regarding	regard	VERB
cblr-9114	575	5	proxy	proxy	NOUN
cblr-9114	575	6	voting	voting	NOUN
cblr-9114	575	7	responsibilities	responsibility	NOUN
cblr-9114	575	8	of	of	ADP
cblr-9114	575	9	investment	investment	NOUN
cblr-9114	575	10	advisers	adviser	NOUN
cblr-9114	575	11	,	,	PUNCT
cblr-9114	575	12	investment	investment	NOUN
cblr-9114	575	13	company	company	NOUN
cblr-9114	575	14	act	act	VERB
cblr-9114	575	15	release	release	VERB
cblr-9114	575	16	no	no	PRON
cblr-9114	575	17	.	.	NOUN
cblr-9114	575	18	33,605	33,605	NUM
cblr-9114	575	19	,	,	PUNCT
cblr-9114	575	20	84	84	NUM
cblr-9114	575	21	fed	feed	VERB
cblr-9114	575	22	.	.	PUNCT
cblr-9114	576	1	reg	reg	PROPN
cblr-9114	576	2	.	.	PROPN
cblr-9114	576	3	47,420	47,420	NUM
cblr-9114	576	4	,	,	PUNCT
cblr-9114	576	5	47,424	47,424	NUM
cblr-9114	576	6	(	(	PUNCT
cblr-9114	576	7	sept	sept	PROPN
cblr-9114	576	8	.	.	PROPN
cblr-9114	576	9	10	10	NUM
cblr-9114	576	10	,	,	PUNCT
cblr-9114	576	11	2019	2019	NUM
cblr-9114	576	12	)	)	PUNCT
cblr-9114	576	13	.	.	PUNCT
cblr-9114	577	1	1528	1528	NUM
cblr-9114	577	2	columbia	columbia	PROPN
cblr-9114	577	3	business	business	NOUN
cblr-9114	577	4	law	law	PROPN
cblr-9114	577	5	review	review	NOUN
cblr-9114	577	6	[	[	X
cblr-9114	577	7	vol	vol	NOUN
cblr-9114	577	8	.	.	PUNCT
cblr-9114	577	9	2021	2021	NUM
cblr-9114	577	10	they	they	PRON
cblr-9114	577	11	would	would	AUX
cblr-9114	577	12	prefer	prefer	VERB
cblr-9114	577	13	not	not	PART
cblr-9114	577	14	to	to	PART
cblr-9114	577	15	grant	grant	VERB
cblr-9114	577	16	an	an	DET
cblr-9114	577	17	investment	investment	NOUN
cblr-9114	577	18	advisor	advisor	NOUN
cblr-9114	577	19	authority	authority	NOUN
cblr-9114	577	20	to	to	PART
cblr-9114	577	21	vote	vote	VERB
cblr-9114	577	22	their	their	PRON
cblr-9114	577	23	shares	share	NOUN
cblr-9114	577	24	at	at	ADV
cblr-9114	577	25	all	all	ADV
cblr-9114	577	26	.	.	PUNCT
cblr-9114	578	1	unfortunately	unfortunately	ADV
cblr-9114	578	2	,	,	PUNCT
cblr-9114	578	3	the	the	DET
cblr-9114	578	4	guidance	guidance	NOUN
cblr-9114	578	5	issued	issue	VERB
cblr-9114	578	6	by	by	ADP
cblr-9114	578	7	the	the	DET
cblr-9114	578	8	sec	sec	PROPN
cblr-9114	578	9	remains	remain	VERB
cblr-9114	578	10	extremely	extremely	ADV
cblr-9114	578	11	vague	vague	ADJ
cblr-9114	578	12	.	.	PUNCT
cblr-9114	579	1	stating	state	VERB
cblr-9114	579	2	that	that	SCONJ
cblr-9114	579	3	investment	investment	NOUN
cblr-9114	579	4	advisers	adviser	NOUN
cblr-9114	579	5	should	should	AUX
cblr-9114	579	6	“	"	PUNCT
cblr-9114	579	7	consider	consider	VERB
cblr-9114	579	8	”	"	PUNCT
cblr-9114	579	9	additional	additional	ADJ
cblr-9114	579	10	diligence	diligence	NOUN
cblr-9114	579	11	and	and	CCONJ
cblr-9114	579	12	disclosures	disclosure	NOUN
cblr-9114	579	13	when	when	SCONJ
cblr-9114	579	14	engaging	engage	VERB
cblr-9114	579	15	in	in	ADP
cblr-9114	579	16	automated	automate	VERB
cblr-9114	579	17	voting	voting	NOUN
cblr-9114	579	18	is	be	AUX
cblr-9114	579	19	a	a	DET
cblr-9114	579	20	far	far	ADJ
cblr-9114	579	21	cry	cry	NOUN
cblr-9114	579	22	from	from	ADP
cblr-9114	579	23	specific	specific	ADJ
cblr-9114	579	24	guidance	guidance	NOUN
cblr-9114	579	25	that	that	PRON
cblr-9114	579	26	will	will	AUX
cblr-9114	579	27	prompt	prompt	VERB
cblr-9114	579	28	many	many	ADJ
cblr-9114	579	29	investment	investment	NOUN
cblr-9114	579	30	advisers	adviser	NOUN
cblr-9114	579	31	to	to	PART
cblr-9114	579	32	significantly	significantly	ADV
cblr-9114	579	33	bolster	bolster	VERB
cblr-9114	579	34	their	their	PRON
cblr-9114	579	35	current	current	ADJ
cblr-9114	579	36	practices.178	practices.178	NOUN
cblr-9114	579	37	while	while	SCONJ
cblr-9114	579	38	more	more	ADJ
cblr-9114	579	39	specific	specific	ADJ
cblr-9114	579	40	guidance	guidance	NOUN
cblr-9114	579	41	risks	risk	NOUN
cblr-9114	579	42	eschewing	eschew	VERB
cblr-9114	579	43	the	the	DET
cblr-9114	579	44	nuances	nuance	NOUN
cblr-9114	579	45	of	of	ADP
cblr-9114	579	46	investment	investment	NOUN
cblr-9114	579	47	advisors	advisor	NOUN
cblr-9114	579	48	’	'	PUNCT
cblr-9114	579	49	specific	specific	ADJ
cblr-9114	579	50	situations	situation	NOUN
cblr-9114	579	51	and	and	CCONJ
cblr-9114	579	52	practices	practice	NOUN
cblr-9114	579	53	,	,	PUNCT
cblr-9114	579	54	the	the	DET
cblr-9114	579	55	guidance	guidance	NOUN
cblr-9114	579	56	would	would	AUX
cblr-9114	579	57	greatly	greatly	ADV
cblr-9114	579	58	benefit	benefit	VERB
cblr-9114	579	59	from	from	ADP
cblr-9114	579	60	increased	increase	VERB
cblr-9114	579	61	strictness	strictness	NOUN
cblr-9114	579	62	.	.	PUNCT
cblr-9114	580	1	if	if	SCONJ
cblr-9114	580	2	the	the	DET
cblr-9114	580	3	commission	commission	NOUN
cblr-9114	580	4	desires	desire	NOUN
cblr-9114	580	5	to	to	PART
cblr-9114	580	6	maintain	maintain	VERB
cblr-9114	580	7	a	a	DET
cblr-9114	580	8	more	more	ADV
cblr-9114	580	9	general	general	ADJ
cblr-9114	580	10	framework	framework	NOUN
cblr-9114	580	11	,	,	PUNCT
cblr-9114	580	12	as	as	SCONJ
cblr-9114	580	13	it	it	PRON
cblr-9114	580	14	has	have	VERB
cblr-9114	580	15	with	with	ADP
cblr-9114	580	16	its	its	PRON
cblr-9114	580	17	final	final	ADJ
cblr-9114	580	18	rule	rule	NOUN
cblr-9114	580	19	conflicts	conflict	NOUN
cblr-9114	580	20	of	of	ADP
cblr-9114	580	21	interest	interest	NOUN
cblr-9114	580	22	disclosures	disclosure	NOUN
cblr-9114	580	23	for	for	ADP
cblr-9114	580	24	proxy	proxy	ADJ
cblr-9114	580	25	advisory	advisory	NOUN
cblr-9114	580	26	firms,179	firms,179	NOUN
cblr-9114	580	27	this	this	PRON
cblr-9114	580	28	can	can	AUX
cblr-9114	580	29	still	still	ADV
cblr-9114	580	30	be	be	AUX
cblr-9114	580	31	accomplished	accomplish	VERB
cblr-9114	580	32	without	without	ADP
cblr-9114	580	33	sacrificing	sacrifice	VERB
cblr-9114	580	34	more	more	ADV
cblr-9114	580	35	stringent	stringent	ADJ
cblr-9114	580	36	guidelines	guideline	NOUN
cblr-9114	580	37	.	.	PUNCT
cblr-9114	581	1	for	for	ADP
cblr-9114	581	2	example	example	NOUN
cblr-9114	581	3	,	,	PUNCT
cblr-9114	581	4	the	the	DET
cblr-9114	581	5	commission	commission	NOUN
cblr-9114	581	6	could	could	AUX
cblr-9114	581	7	require	require	VERB
cblr-9114	581	8	any	any	DET
cblr-9114	581	9	investment	investment	NOUN
cblr-9114	581	10	advisers	adviser	NOUN
cblr-9114	581	11	engaging	engage	VERB
cblr-9114	581	12	in	in	ADP
cblr-9114	581	13	automated	automate	VERB
cblr-9114	581	14	voting	voting	NOUN
cblr-9114	581	15	to	to	PART
cblr-9114	581	16	engage	engage	VERB
cblr-9114	581	17	in	in	ADP
cblr-9114	581	18	their	their	PRON
cblr-9114	581	19	choice	choice	NOUN
cblr-9114	581	20	of	of	ADP
cblr-9114	581	21	certain	certain	ADJ
cblr-9114	581	22	reviews	review	NOUN
cblr-9114	581	23	,	,	PUNCT
cblr-9114	581	24	such	such	ADJ
cblr-9114	581	25	as	as	ADP
cblr-9114	581	26	sampling	sample	VERB
cblr-9114	581	27	or	or	CCONJ
cblr-9114	581	28	analyzing	analyze	VERB
cblr-9114	581	29	contentious	contentious	ADJ
cblr-9114	581	30	proposals	proposal	NOUN
cblr-9114	581	31	,	,	PUNCT
cblr-9114	581	32	rather	rather	ADV
cblr-9114	581	33	than	than	ADP
cblr-9114	581	34	merely	merely	ADV
cblr-9114	581	35	suggesting	suggest	VERB
cblr-9114	581	36	a	a	DET
cblr-9114	581	37	consideration	consideration	NOUN
cblr-9114	581	38	of	of	ADP
cblr-9114	581	39	these	these	DET
cblr-9114	581	40	potential	potential	ADJ
cblr-9114	581	41	steps	step	NOUN
cblr-9114	581	42	.	.	PUNCT
cblr-9114	582	1	the	the	DET
cblr-9114	582	2	same	same	ADJ
cblr-9114	582	3	holds	hold	VERB
cblr-9114	582	4	true	true	ADJ
cblr-9114	582	5	for	for	ADP
cblr-9114	582	6	the	the	DET
cblr-9114	582	7	guidance	guidance	NOUN
cblr-9114	582	8	regarding	regard	VERB
cblr-9114	582	9	disclosures	disclosure	NOUN
cblr-9114	582	10	on	on	ADP
cblr-9114	582	11	automated	automate	VERB
cblr-9114	582	12	voting	voting	NOUN
cblr-9114	582	13	policies	policy	NOUN
cblr-9114	582	14	.	.	PUNCT
cblr-9114	583	1	moreover	moreover	ADV
cblr-9114	583	2	,	,	PUNCT
cblr-9114	583	3	additional	additional	ADJ
cblr-9114	583	4	reforms	reform	NOUN
cblr-9114	583	5	appear	appear	VERB
cblr-9114	583	6	necessary	necessary	ADJ
cblr-9114	583	7	for	for	ADP
cblr-9114	583	8	ensuring	ensure	VERB
cblr-9114	583	9	shareholder	shareholder	NOUN
cblr-9114	583	10	value	value	NOUN
cblr-9114	583	11	maximization	maximization	NOUN
cblr-9114	583	12	through	through	ADP
cblr-9114	583	13	voting	voting	NOUN
cblr-9114	583	14	while	while	SCONJ
cblr-9114	583	15	continuing	continue	VERB
cblr-9114	583	16	to	to	PART
cblr-9114	583	17	minimize	minimize	VERB
cblr-9114	583	18	information	information	NOUN
cblr-9114	583	19	costs	cost	NOUN
cblr-9114	583	20	.	.	PUNCT
cblr-9114	584	1	iv	iv	X
cblr-9114	584	2	.	.	PUNCT
cblr-9114	584	3	potential	potential	ADJ
cblr-9114	584	4	reforms	reform	NOUN
cblr-9114	584	5	a.	a.	NOUN
cblr-9114	584	6	considerations	consideration	NOUN
cblr-9114	584	7	for	for	ADP
cblr-9114	584	8	developing	develop	VERB
cblr-9114	584	9	reforms	reform	NOUN
cblr-9114	584	10	on	on	ADP
cblr-9114	584	11	june	june	PROPN
cblr-9114	584	12	1	1	NUM
cblr-9114	584	13	,	,	PUNCT
cblr-9114	584	14	2021	2021	NUM
cblr-9114	584	15	,	,	PUNCT
cblr-9114	584	16	sec	sec	PROPN
cblr-9114	584	17	chair	chair	NOUN
cblr-9114	584	18	gary	gary	PROPN
cblr-9114	584	19	gensler	gensler	PROPN
cblr-9114	584	20	issued	issue	VERB
cblr-9114	584	21	a	a	DET
cblr-9114	584	22	statement	statement	NOUN
cblr-9114	584	23	regarding	regard	VERB
cblr-9114	584	24	the	the	DET
cblr-9114	584	25	2019	2019	NUM
cblr-9114	584	26	interpretation	interpretation	NOUN
cblr-9114	584	27	and	and	CCONJ
cblr-9114	584	28	guidance	guidance	NOUN
cblr-9114	584	29	and	and	CCONJ
cblr-9114	584	30	the	the	DET
cblr-9114	584	31	2020	2020	NUM
cblr-9114	584	32	rule	rule	NOUN
cblr-9114	584	33	amendments	amendment	NOUN
cblr-9114	584	34	:	:	PUNCT
cblr-9114	584	35	i	i	PRON
cblr-9114	584	36	am	be	AUX
cblr-9114	584	37	now	now	ADV
cblr-9114	584	38	directing	direct	VERB
cblr-9114	584	39	the	the	DET
cblr-9114	584	40	staff	staff	NOUN
cblr-9114	584	41	to	to	PART
cblr-9114	584	42	consider	consider	VERB
cblr-9114	584	43	whether	whether	SCONJ
cblr-9114	584	44	to	to	PART
cblr-9114	584	45	recommend	recommend	VERB
cblr-9114	584	46	further	further	ADJ
cblr-9114	584	47	regulatory	regulatory	ADJ
cblr-9114	584	48	action	action	NOUN
cblr-9114	584	49	regarding	regard	VERB
cblr-9114	584	50	proxy	proxy	NOUN
cblr-9114	584	51	178	178	NUM
cblr-9114	584	52	i	i	PROPN
cblr-9114	584	53	d.	d.	PROPN
cblr-9114	584	54	(	(	PUNCT
cblr-9114	584	55	investment	investment	NOUN
cblr-9114	584	56	advisors	advisor	NOUN
cblr-9114	584	57	“	"	PUNCT
cblr-9114	584	58	could	could	AUX
cblr-9114	584	59	consider	consider	VERB
cblr-9114	584	60	whether	whether	SCONJ
cblr-9114	584	61	a	a	DET
cblr-9114	584	62	higher	high	ADJ
cblr-9114	584	63	degree	degree	NOUN
cblr-9114	584	64	of	of	ADP
cblr-9114	584	65	analysis	analysis	NOUN
cblr-9114	584	66	may	may	AUX
cblr-9114	584	67	be	be	AUX
cblr-9114	584	68	necessary	necessary	ADJ
cblr-9114	584	69	or	or	CCONJ
cblr-9114	584	70	appropriate	appropriate	ADJ
cblr-9114	584	71	to	to	PART
cblr-9114	584	72	assess	assess	VERB
cblr-9114	584	73	whether	whether	SCONJ
cblr-9114	584	74	any	any	DET
cblr-9114	584	75	votes	vote	NOUN
cblr-9114	584	76	it	it	PRON
cblr-9114	584	77	casts	cast	VERB
cblr-9114	584	78	on	on	ADP
cblr-9114	584	79	behalf	behalf	NOUN
cblr-9114	584	80	of	of	ADP
cblr-9114	584	81	its	its	PRON
cblr-9114	584	82	client	client	NOUN
cblr-9114	584	83	are	be	AUX
cblr-9114	584	84	cast	cast	VERB
cblr-9114	584	85	in	in	ADP
cblr-9114	584	86	the	the	DET
cblr-9114	584	87	client	client	NOUN
cblr-9114	584	88	’s	’s	PART
cblr-9114	584	89	best	good	ADJ
cblr-9114	584	90	interest	interest	NOUN
cblr-9114	584	91	.	.	PUNCT
cblr-9114	584	92	”	"	PUNCT
cblr-9114	584	93	)	)	PUNCT
cblr-9114	584	94	.	.	PUNCT
cblr-9114	585	1	179	179	NUM
cblr-9114	585	2	17	17	NUM
cblr-9114	585	3	c.f.r	c.f.r	NOUN
cblr-9114	585	4	.	.	PUNCT
cblr-9114	586	1	§	§	PROPN
cblr-9114	586	2	240.14a-2(b)(3	240.14a-2(b)(3	NUM
cblr-9114	586	3	)	)	PUNCT
cblr-9114	586	4	(	(	PUNCT
cblr-9114	586	5	2021	2021	NUM
cblr-9114	586	6	)	)	PUNCT
cblr-9114	586	7	.	.	PUNCT
cblr-9114	587	1	no	no	INTJ
cblr-9114	587	2	.	.	PUNCT
cblr-9114	588	1	3:1487	3:1487	NUM
cblr-9114	588	2	]	]	X
cblr-9114	588	3	proxy	proxy	ADJ
cblr-9114	588	4	advisory	advisory	ADJ
cblr-9114	588	5	firms	firm	NOUN
cblr-9114	588	6	’	'	PUNCT
cblr-9114	588	7	conflicts	conflict	NOUN
cblr-9114	588	8	of	of	ADP
cblr-9114	588	9	interest	interest	NOUN
cblr-9114	588	10	1529	1529	NUM
cblr-9114	588	11	voting	voting	NOUN
cblr-9114	588	12	advice	advice	NOUN
cblr-9114	588	13	.	.	PUNCT
cblr-9114	589	1	in	in	ADP
cblr-9114	589	2	particular	particular	ADJ
cblr-9114	589	3	,	,	PUNCT
cblr-9114	589	4	the	the	DET
cblr-9114	589	5	staff	staff	NOUN
cblr-9114	589	6	should	should	AUX
cblr-9114	589	7	consider	consider	VERB
cblr-9114	589	8	whether	whether	SCONJ
cblr-9114	589	9	to	to	PART
cblr-9114	589	10	recommend	recommend	VERB
cblr-9114	589	11	that	that	SCONJ
cblr-9114	589	12	the	the	DET
cblr-9114	589	13	commission	commission	NOUN
cblr-9114	589	14	revisit	revisit	VERB
cblr-9114	589	15	its	its	PRON
cblr-9114	589	16	2020	2020	NUM
cblr-9114	589	17	codification	codification	NOUN
cblr-9114	589	18	of	of	ADP
cblr-9114	589	19	the	the	DET
cblr-9114	589	20	definition	definition	NOUN
cblr-9114	589	21	of	of	ADP
cblr-9114	589	22	solicitation	solicitation	NOUN
cblr-9114	589	23	as	as	ADP
cblr-9114	589	24	encompassing	encompass	VERB
cblr-9114	589	25	proxy	proxy	ADJ
cblr-9114	589	26	voting	voting	NOUN
cblr-9114	589	27	advice	advice	NOUN
cblr-9114	589	28	,	,	PUNCT
cblr-9114	589	29	the	the	DET
cblr-9114	589	30	2019	2019	NUM
cblr-9114	589	31	interpretation	interpretation	NOUN
cblr-9114	589	32	and	and	CCONJ
cblr-9114	589	33	guidance	guidance	NOUN
cblr-9114	589	34	regarding	regard	VERB
cblr-9114	589	35	that	that	DET
cblr-9114	589	36	definition	definition	NOUN
cblr-9114	589	37	,	,	PUNCT
cblr-9114	589	38	and	and	CCONJ
cblr-9114	589	39	the	the	DET
cblr-9114	589	40	conditions	condition	NOUN
cblr-9114	589	41	on	on	ADP
cblr-9114	589	42	exemptions	exemption	NOUN
cblr-9114	589	43	from	from	ADP
cblr-9114	589	44	the	the	DET
cblr-9114	589	45	information	information	NOUN
cblr-9114	589	46	and	and	CCONJ
cblr-9114	589	47	filing	filing	NOUN
cblr-9114	589	48	requirements	requirement	NOUN
cblr-9114	589	49	in	in	ADP
cblr-9114	589	50	the	the	DET
cblr-9114	589	51	2020	2020	NUM
cblr-9114	589	52	rule	rule	NOUN
cblr-9114	589	53	amendments	amendment	NOUN
cblr-9114	589	54	,	,	PUNCT
cblr-9114	589	55	among	among	ADP
cblr-9114	589	56	other	other	ADJ
cblr-9114	589	57	matters.180	matters.180	NOUN
cblr-9114	589	58	the	the	DET
cblr-9114	589	59	sec	sec	PROPN
cblr-9114	589	60	division	division	NOUN
cblr-9114	589	61	of	of	ADP
cblr-9114	589	62	corporation	corporation	NOUN
cblr-9114	589	63	finance	finance	NOUN
cblr-9114	589	64	,	,	PUNCT
cblr-9114	589	65	in	in	ADP
cblr-9114	589	66	turn	turn	NOUN
cblr-9114	589	67	,	,	PUNCT
cblr-9114	589	68	stated	state	VERB
cblr-9114	589	69	that	that	SCONJ
cblr-9114	589	70	it	it	PRON
cblr-9114	589	71	is	be	AUX
cblr-9114	589	72	“	"	PUNCT
cblr-9114	589	73	now	now	ADV
cblr-9114	589	74	considering	consider	VERB
cblr-9114	589	75	whether	whether	SCONJ
cblr-9114	589	76	to	to	PART
cblr-9114	589	77	recommend	recommend	VERB
cblr-9114	589	78	that	that	SCONJ
cblr-9114	589	79	the	the	DET
cblr-9114	589	80	commission	commission	NOUN
cblr-9114	589	81	revisit	revisit	VERB
cblr-9114	589	82	the	the	DET
cblr-9114	589	83	2019	2019	NUM
cblr-9114	589	84	interpretation	interpretation	NOUN
cblr-9114	589	85	and	and	CCONJ
cblr-9114	589	86	guidance	guidance	NOUN
cblr-9114	589	87	and	and	CCONJ
cblr-9114	589	88	the	the	DET
cblr-9114	589	89	2020	2020	NUM
cblr-9114	589	90	rule	rule	NOUN
cblr-9114	589	91	amendments	amendment	NOUN
cblr-9114	589	92	.	.	PUNCT
cblr-9114	590	1	”181	”181	VERB
cblr-9114	590	2	the	the	DET
cblr-9114	590	3	division	division	NOUN
cblr-9114	590	4	of	of	ADP
cblr-9114	590	5	corporation	corporation	NOUN
cblr-9114	590	6	finance	finance	NOUN
cblr-9114	590	7	also	also	ADV
cblr-9114	590	8	announced	announce	VERB
cblr-9114	590	9	a	a	DET
cblr-9114	590	10	delay	delay	NOUN
cblr-9114	590	11	in	in	ADP
cblr-9114	590	12	its	its	PRON
cblr-9114	590	13	recommendation	recommendation	NOUN
cblr-9114	590	14	of	of	ADP
cblr-9114	590	15	relevant	relevant	ADJ
cblr-9114	590	16	enforcement	enforcement	NOUN
cblr-9114	590	17	actions	action	NOUN
cblr-9114	590	18	to	to	ADP
cblr-9114	590	19	the	the	DET
cblr-9114	590	20	commission	commission	NOUN
cblr-9114	590	21	:	:	PUNCT
cblr-9114	591	1	[	[	X
cblr-9114	591	2	t]he	t]he	X
cblr-9114	591	3	division	division	NOUN
cblr-9114	591	4	of	of	ADP
cblr-9114	591	5	corporation	corporation	NOUN
cblr-9114	591	6	finance	finance	NOUN
cblr-9114	591	7	has	have	AUX
cblr-9114	591	8	determined	determine	VERB
cblr-9114	591	9	that	that	SCONJ
cblr-9114	591	10	it	it	PRON
cblr-9114	591	11	will	will	AUX
cblr-9114	591	12	not	not	PART
cblr-9114	591	13	recommend	recommend	VERB
cblr-9114	591	14	enforcement	enforcement	NOUN
cblr-9114	591	15	action	action	NOUN
cblr-9114	591	16	to	to	ADP
cblr-9114	591	17	the	the	DET
cblr-9114	591	18	commission	commission	NOUN
cblr-9114	591	19	based	base	VERB
cblr-9114	591	20	on	on	ADP
cblr-9114	591	21	the	the	DET
cblr-9114	591	22	2019	2019	NUM
cblr-9114	591	23	interpretation	interpretation	NOUN
cblr-9114	591	24	and	and	CCONJ
cblr-9114	591	25	guidance	guidance	NOUN
cblr-9114	591	26	or	or	CCONJ
cblr-9114	591	27	the	the	DET
cblr-9114	591	28	2020	2020	NUM
cblr-9114	591	29	rule	rule	NOUN
cblr-9114	591	30	amendments	amendment	NOUN
cblr-9114	591	31	during	during	ADP
cblr-9114	591	32	the	the	DET
cblr-9114	591	33	period	period	NOUN
cblr-9114	591	34	in	in	ADP
cblr-9114	591	35	which	which	PRON
cblr-9114	591	36	the	the	DET
cblr-9114	591	37	commission	commission	NOUN
cblr-9114	591	38	is	be	AUX
cblr-9114	591	39	considering	consider	VERB
cblr-9114	591	40	further	further	ADJ
cblr-9114	591	41	regulatory	regulatory	ADJ
cblr-9114	591	42	action	action	NOUN
cblr-9114	591	43	in	in	ADP
cblr-9114	591	44	this	this	DET
cblr-9114	591	45	area	area	NOUN
cblr-9114	591	46	.	.	PUNCT
cblr-9114	591	47	.	.	PUNCT
cblr-9114	591	48	.	.	PUNCT
cblr-9114	591	49	.	.	PUNCT
cblr-9114	592	1	[	[	X
cblr-9114	592	2	i]n	i]n	X
cblr-9114	592	3	the	the	DET
cblr-9114	592	4	event	event	NOUN
cblr-9114	592	5	that	that	PRON
cblr-9114	592	6	new	new	ADJ
cblr-9114	592	7	regulatory	regulatory	ADJ
cblr-9114	592	8	action	action	NOUN
cblr-9114	592	9	leaves	leave	VERB
cblr-9114	592	10	the	the	DET
cblr-9114	592	11	2020	2020	NUM
cblr-9114	592	12	exemption	exemption	NOUN
cblr-9114	592	13	conditions	condition	NOUN
cblr-9114	592	14	in	in	ADP
cblr-9114	592	15	place	place	NOUN
cblr-9114	592	16	with	with	ADP
cblr-9114	592	17	the	the	DET
cblr-9114	592	18	current	current	ADJ
cblr-9114	592	19	december	december	PROPN
cblr-9114	592	20	1	1	NUM
cblr-9114	592	21	,	,	PUNCT
cblr-9114	592	22	2021	2021	NUM
cblr-9114	592	23	compliance	compliance	NOUN
cblr-9114	592	24	date	date	NOUN
cblr-9114	592	25	,	,	PUNCT
cblr-9114	592	26	the	the	DET
cblr-9114	592	27	staff	staff	NOUN
cblr-9114	592	28	will	will	AUX
cblr-9114	592	29	not	not	PART
cblr-9114	592	30	recommend	recommend	VERB
cblr-9114	592	31	any	any	DET
cblr-9114	592	32	enforcement	enforcement	NOUN
cblr-9114	592	33	action	action	NOUN
cblr-9114	592	34	based	base	VERB
cblr-9114	592	35	on	on	ADP
cblr-9114	592	36	those	those	DET
cblr-9114	592	37	conditions	condition	NOUN
cblr-9114	592	38	for	for	ADP
cblr-9114	592	39	a	a	DET
cblr-9114	592	40	reasonable	reasonable	ADJ
cblr-9114	592	41	period	period	NOUN
cblr-9114	592	42	of	of	ADP
cblr-9114	592	43	time	time	NOUN
cblr-9114	592	44	after	after	ADP
cblr-9114	592	45	any	any	DET
cblr-9114	592	46	resumption	resumption	NOUN
cblr-9114	592	47	by	by	ADP
cblr-9114	592	48	institutional	institutional	ADJ
cblr-9114	592	49	shareholder	shareholder	PROPN
cblr-9114	592	50	services	services	PROPN
cblr-9114	592	51	inc	inc	PROPN
cblr-9114	592	52	.	.	PROPN
cblr-9114	592	53	of	of	ADP
cblr-9114	592	54	its	its	PRON
cblr-9114	592	55	litigation	litigation	NOUN
cblr-9114	592	56	challenging	challenge	VERB
cblr-9114	592	57	the	the	DET
cblr-9114	592	58	2020	2020	NUM
cblr-9114	592	59	amendments	amendment	NOUN
cblr-9114	592	60	and	and	CCONJ
cblr-9114	592	61	the	the	DET
cblr-9114	592	62	2019	2019	NUM
cblr-9114	592	63	interpretation	interpretation	NOUN
cblr-9114	592	64	and	and	CCONJ
cblr-9114	592	65	guidance.182	guidance.182	NOUN
cblr-9114	592	66	180	180	NUM
cblr-9114	592	67	gary	gary	PROPN
cblr-9114	592	68	gensler	gensler	NOUN
cblr-9114	592	69	,	,	PUNCT
cblr-9114	592	70	statement	statement	NOUN
cblr-9114	592	71	on	on	ADP
cblr-9114	592	72	the	the	DET
cblr-9114	592	73	application	application	NOUN
cblr-9114	592	74	of	of	ADP
cblr-9114	592	75	the	the	DET
cblr-9114	592	76	proxy	proxy	NOUN
cblr-9114	592	77	rules	rule	NOUN
cblr-9114	592	78	to	to	PART
cblr-9114	592	79	proxy	proxy	VERB
cblr-9114	592	80	voting	voting	NOUN
cblr-9114	592	81	advice	advice	NOUN
cblr-9114	592	82	,	,	PUNCT
cblr-9114	592	83	u.s	u.s	PROPN
cblr-9114	592	84	.	.	PROPN
cblr-9114	592	85	sec	sec	PROPN
cblr-9114	592	86	.	.	PROPN
cblr-9114	592	87	&	&	CCONJ
cblr-9114	592	88	exch	exch	PROPN
cblr-9114	592	89	.	.	PUNCT
cblr-9114	593	1	comm’n	comm’n	PROPN
cblr-9114	593	2	(	(	PUNCT
cblr-9114	593	3	june	june	PROPN
cblr-9114	593	4	1	1	NUM
cblr-9114	593	5	,	,	PUNCT
cblr-9114	593	6	2021	2021	NUM
cblr-9114	593	7	)	)	PUNCT
cblr-9114	593	8	https://www.sec.gov/news/public-statement/gensler-proxy-2021-06-01	https://www.sec.gov/news/public-statement/gensler-proxy-2021-06-01	PUNCT
cblr-9114	594	1	[	[	X
cblr-9114	594	2	https://perma.cc/6nlm-dres	https://perma.cc/6nlm-dre	NOUN
cblr-9114	594	3	]	]	PUNCT
cblr-9114	594	4	.	.	PUNCT
cblr-9114	595	1	181	181	NUM
cblr-9114	595	2	sec	sec	PROPN
cblr-9114	595	3	div	div	PROPN
cblr-9114	595	4	.	.	PROPN
cblr-9114	595	5	of	of	ADP
cblr-9114	595	6	corp	corp	PROPN
cblr-9114	595	7	.	.	PROPN
cblr-9114	595	8	fin	fin	PROPN
cblr-9114	595	9	.	.	PUNCT
cblr-9114	595	10	,	,	PUNCT
cblr-9114	595	11	statement	statement	NOUN
cblr-9114	595	12	on	on	ADP
cblr-9114	595	13	compliance	compliance	NOUN
cblr-9114	595	14	with	with	ADP
cblr-9114	595	15	the	the	DET
cblr-9114	595	16	commission	commission	NOUN
cblr-9114	595	17	’s	’s	PART
cblr-9114	595	18	2019	2019	NUM
cblr-9114	595	19	interpretation	interpretation	NOUN
cblr-9114	595	20	and	and	CCONJ
cblr-9114	595	21	guidance	guidance	NOUN
cblr-9114	595	22	regarding	regard	VERB
cblr-9114	595	23	the	the	DET
cblr-9114	595	24	applicability	applicability	NOUN
cblr-9114	595	25	of	of	ADP
cblr-9114	595	26	the	the	DET
cblr-9114	595	27	proxy	proxy	NOUN
cblr-9114	595	28	rules	rule	NOUN
cblr-9114	595	29	to	to	PART
cblr-9114	595	30	proxy	proxy	VERB
cblr-9114	595	31	voting	voting	NOUN
cblr-9114	595	32	advice	advice	NOUN
cblr-9114	595	33	and	and	CCONJ
cblr-9114	595	34	amended	amend	VERB
cblr-9114	595	35	rules	rule	NOUN
cblr-9114	595	36	14a-1(1	14a-1(1	NUM
cblr-9114	595	37	)	)	PUNCT
cblr-9114	595	38	,	,	PUNCT
cblr-9114	595	39	14a-2(b	14a-2(b	NUM
cblr-9114	595	40	)	)	PUNCT
cblr-9114	595	41	,	,	PUNCT
cblr-9114	595	42	14a-9	14a-9	NUM
cblr-9114	595	43	,	,	PUNCT
cblr-9114	595	44	u.s	u.s	PROPN
cblr-9114	595	45	.	.	PROPN
cblr-9114	595	46	sec	sec	PROPN
cblr-9114	595	47	.	.	PROPN
cblr-9114	595	48	&	&	CCONJ
cblr-9114	595	49	exch	exch	PROPN
cblr-9114	595	50	.	.	PUNCT
cblr-9114	596	1	comm’n	comm’n	PROPN
cblr-9114	596	2	(	(	PUNCT
cblr-9114	596	3	june	june	PROPN
cblr-9114	596	4	1	1	NUM
cblr-9114	596	5	,	,	PUNCT
cblr-9114	596	6	2021	2021	NUM
cblr-9114	596	7	)	)	PUNCT
cblr-9114	596	8	https://www.sec.gov/news/public-statement/corp-fin-proxy-rules-2021-0601?utm_medium=email&utm_source=govdelivery	https://www.sec.gov/news/public-statement/corp-fin-proxy-rules-2021-0601?utm_medium=email&utm_source=govdelivery	NOUN
cblr-9114	597	1	[	[	X
cblr-9114	597	2	https://perma.cc/7nac8pqx	https://perma.cc/7nac8pqx	X
cblr-9114	597	3	]	]	X
cblr-9114	597	4	182	182	NUM
cblr-9114	597	5	i	i	PROPN
cblr-9114	597	6	d.	d.	PROPN
cblr-9114	597	7	1530	1530	NUM
cblr-9114	597	8	columbia	columbia	PROPN
cblr-9114	597	9	business	business	PROPN
cblr-9114	597	10	law	law	PROPN
cblr-9114	597	11	review	review	NOUN
cblr-9114	597	12	[	[	X
cblr-9114	597	13	vol	vol	NOUN
cblr-9114	597	14	.	.	PUNCT
cblr-9114	597	15	2021	2021	NUM
cblr-9114	597	16	this	this	DET
cblr-9114	597	17	part	part	NOUN
cblr-9114	597	18	discusses	discuss	VERB
cblr-9114	597	19	potential	potential	ADJ
cblr-9114	597	20	reforms	reform	NOUN
cblr-9114	597	21	for	for	ADP
cblr-9114	597	22	minimizing	minimize	VERB
cblr-9114	597	23	proxy	proxy	ADJ
cblr-9114	597	24	advisory	advisory	ADJ
cblr-9114	597	25	firms	firm	NOUN
cblr-9114	597	26	’	'	PUNCT
cblr-9114	597	27	conflicts	conflict	NOUN
cblr-9114	597	28	of	of	ADP
cblr-9114	597	29	interest	interest	NOUN
cblr-9114	597	30	and	and	CCONJ
cblr-9114	597	31	their	their	PRON
cblr-9114	597	32	potential	potential	ADJ
cblr-9114	597	33	negative	negative	ADJ
cblr-9114	597	34	impact	impact	NOUN
cblr-9114	597	35	on	on	ADP
cblr-9114	597	36	shareholder	shareholder	NOUN
cblr-9114	597	37	value	value	NOUN
cblr-9114	597	38	.	.	PUNCT
cblr-9114	598	1	it	it	PRON
cblr-9114	598	2	recommends	recommend	VERB
cblr-9114	598	3	changes	change	NOUN
cblr-9114	598	4	to	to	ADP
cblr-9114	598	5	the	the	DET
cblr-9114	598	6	sec	sec	PROPN
cblr-9114	598	7	’s	’s	PART
cblr-9114	598	8	rules	rule	NOUN
cblr-9114	598	9	and	and	CCONJ
cblr-9114	598	10	guidance	guidance	NOUN
cblr-9114	598	11	for	for	ADP
cblr-9114	598	12	investment	investment	NOUN
cblr-9114	598	13	advisers	adviser	NOUN
cblr-9114	598	14	and	and	CCONJ
cblr-9114	598	15	the	the	DET
cblr-9114	598	16	proxy	proxy	ADJ
cblr-9114	598	17	advisory	advisory	ADJ
cblr-9114	598	18	firms	firm	NOUN
cblr-9114	598	19	they	they	PRON
cblr-9114	598	20	employ	employ	VERB
cblr-9114	598	21	,	,	PUNCT
cblr-9114	598	22	with	with	ADP
cblr-9114	598	23	a	a	DET
cblr-9114	598	24	focus	focus	NOUN
cblr-9114	598	25	on	on	ADP
cblr-9114	598	26	the	the	DET
cblr-9114	598	27	costs	cost	NOUN
cblr-9114	598	28	and	and	CCONJ
cblr-9114	598	29	benefits	benefit	NOUN
cblr-9114	598	30	of	of	ADP
cblr-9114	598	31	two	two	NUM
cblr-9114	598	32	specific	specific	ADJ
cblr-9114	598	33	recommendations	recommendation	NOUN
cblr-9114	598	34	:	:	PUNCT
cblr-9114	598	35	(	(	PUNCT
cblr-9114	598	36	i	i	NOUN
cblr-9114	598	37	)	)	PUNCT
cblr-9114	598	38	the	the	DET
cblr-9114	598	39	established	establish	VERB
cblr-9114	598	40	proposal	proposal	NOUN
cblr-9114	598	41	of	of	ADP
cblr-9114	598	42	prohibiting	prohibit	VERB
cblr-9114	598	43	proxy	proxy	ADJ
cblr-9114	598	44	advisory	advisory	ADJ
cblr-9114	598	45	firms	firm	NOUN
cblr-9114	598	46	from	from	ADP
cblr-9114	598	47	providing	provide	VERB
cblr-9114	598	48	corporate	corporate	ADJ
cblr-9114	598	49	governance	governance	NOUN
cblr-9114	598	50	consulting	consulting	NOUN
cblr-9114	598	51	services	service	NOUN
cblr-9114	598	52	and	and	CCONJ
cblr-9114	598	53	(	(	PUNCT
cblr-9114	598	54	ii	ii	NOUN
cblr-9114	598	55	)	)	PUNCT
cblr-9114	598	56	a	a	DET
cblr-9114	598	57	novel	novel	ADJ
cblr-9114	598	58	reform	reform	NOUN
cblr-9114	598	59	mandating	mandate	VERB
cblr-9114	598	60	that	that	SCONJ
cblr-9114	598	61	investment	investment	NOUN
cblr-9114	598	62	advisers	adviser	NOUN
cblr-9114	598	63	employ	employ	VERB
cblr-9114	598	64	the	the	DET
cblr-9114	598	65	services	service	NOUN
cblr-9114	598	66	of	of	ADP
cblr-9114	598	67	more	more	ADJ
cblr-9114	598	68	than	than	ADP
cblr-9114	598	69	one	one	NUM
cblr-9114	598	70	proxy	proxy	ADJ
cblr-9114	598	71	advisory	advisory	ADJ
cblr-9114	598	72	firm	firm	NOUN
cblr-9114	598	73	.	.	PUNCT
cblr-9114	599	1	rules	rule	NOUN
cblr-9114	599	2	requiring	require	VERB
cblr-9114	599	3	investment	investment	NOUN
cblr-9114	599	4	advisers	adviser	NOUN
cblr-9114	599	5	to	to	PART
cblr-9114	599	6	vote	vote	VERB
cblr-9114	599	7	their	their	PRON
cblr-9114	599	8	shares	share	NOUN
cblr-9114	599	9	in	in	ADP
cblr-9114	599	10	the	the	DET
cblr-9114	599	11	best	good	ADJ
cblr-9114	599	12	interests	interest	NOUN
cblr-9114	599	13	of	of	ADP
cblr-9114	599	14	their	their	PRON
cblr-9114	599	15	clients183	clients183	PROPN
cblr-9114	599	16	stem	stem	NOUN
cblr-9114	599	17	from	from	ADP
cblr-9114	599	18	the	the	DET
cblr-9114	599	19	recognition	recognition	NOUN
cblr-9114	599	20	that	that	SCONJ
cblr-9114	599	21	effective	effective	ADJ
cblr-9114	599	22	corporate	corporate	ADJ
cblr-9114	599	23	governance	governance	NOUN
cblr-9114	599	24	can	can	AUX
cblr-9114	599	25	dramatically	dramatically	ADV
cblr-9114	599	26	impact	impact	VERB
cblr-9114	599	27	shareholder	shareholder	NOUN
cblr-9114	599	28	value	value	NOUN
cblr-9114	599	29	.	.	PUNCT
cblr-9114	600	1	in	in	ADP
cblr-9114	600	2	the	the	DET
cblr-9114	600	3	same	same	ADJ
cblr-9114	600	4	vein	vein	NOUN
cblr-9114	600	5	,	,	PUNCT
cblr-9114	600	6	the	the	DET
cblr-9114	600	7	emergence	emergence	NOUN
cblr-9114	600	8	of	of	ADP
cblr-9114	600	9	proxy	proxy	ADJ
cblr-9114	600	10	advisory	advisory	ADJ
cblr-9114	600	11	firms	firm	NOUN
cblr-9114	600	12	resulted	result	VERB
cblr-9114	600	13	from	from	ADP
cblr-9114	600	14	the	the	DET
cblr-9114	600	15	recognition	recognition	NOUN
cblr-9114	600	16	that	that	SCONJ
cblr-9114	600	17	outsourcing	outsource	VERB
cblr-9114	600	18	voting	voting	NOUN
cblr-9114	600	19	recommendations	recommendation	NOUN
cblr-9114	600	20	to	to	ADP
cblr-9114	600	21	firms	firm	NOUN
cblr-9114	600	22	specializing	specialize	VERB
cblr-9114	600	23	in	in	ADP
cblr-9114	600	24	their	their	PRON
cblr-9114	600	25	development	development	NOUN
cblr-9114	600	26	was	be	AUX
cblr-9114	600	27	necessary	necessary	ADJ
cblr-9114	600	28	for	for	ADP
cblr-9114	600	29	maintaining	maintain	VERB
cblr-9114	600	30	serviceable	serviceable	ADJ
cblr-9114	600	31	research	research	NOUN
cblr-9114	600	32	costs	cost	NOUN
cblr-9114	600	33	.	.	PUNCT
cblr-9114	601	1	as	as	ADP
cblr-9114	601	2	such	such	ADJ
cblr-9114	601	3	,	,	PUNCT
cblr-9114	601	4	for	for	SCONJ
cblr-9114	601	5	shareholders	shareholder	NOUN
cblr-9114	601	6	to	to	PART
cblr-9114	601	7	truly	truly	ADV
cblr-9114	601	8	benefit	benefit	VERB
cblr-9114	601	9	from	from	ADP
cblr-9114	601	10	reforms	reform	NOUN
cblr-9114	601	11	to	to	ADP
cblr-9114	601	12	proxy	proxy	NOUN
cblr-9114	601	13	voting	voting	NOUN
cblr-9114	601	14	rules	rule	NOUN
cblr-9114	601	15	and/or	and/or	CCONJ
cblr-9114	601	16	guidance	guidance	NOUN
cblr-9114	601	17	,	,	PUNCT
cblr-9114	601	18	the	the	DET
cblr-9114	601	19	benefits	benefit	NOUN
cblr-9114	601	20	of	of	ADP
cblr-9114	601	21	the	the	DET
cblr-9114	601	22	reforms	reform	NOUN
cblr-9114	601	23	must	must	AUX
cblr-9114	601	24	exceed	exceed	VERB
cblr-9114	601	25	any	any	DET
cblr-9114	601	26	costs	cost	NOUN
cblr-9114	601	27	associated	associate	VERB
cblr-9114	601	28	with	with	ADP
cblr-9114	601	29	their	their	PRON
cblr-9114	601	30	implementation	implementation	NOUN
cblr-9114	601	31	.	.	PUNCT
cblr-9114	602	1	prior	prior	ADV
cblr-9114	602	2	to	to	ADP
cblr-9114	602	3	the	the	DET
cblr-9114	602	4	establishment	establishment	NOUN
cblr-9114	602	5	of	of	ADP
cblr-9114	602	6	proxy	proxy	ADJ
cblr-9114	602	7	advisory	advisory	ADJ
cblr-9114	602	8	firms	firm	NOUN
cblr-9114	602	9	,	,	PUNCT
cblr-9114	602	10	institutional	institutional	ADJ
cblr-9114	602	11	investors	investor	NOUN
cblr-9114	602	12	tended	tend	VERB
cblr-9114	602	13	to	to	PART
cblr-9114	602	14	follow	follow	VERB
cblr-9114	602	15	the	the	DET
cblr-9114	602	16	so	so	ADV
cblr-9114	602	17	-	-	PUNCT
cblr-9114	602	18	called	call	VERB
cblr-9114	602	19	“	"	PUNCT
cblr-9114	602	20	wall	wall	PROPN
cblr-9114	602	21	street	street	PROPN
cblr-9114	602	22	rule	rule	NOUN
cblr-9114	602	23	—	—	PUNCT
cblr-9114	602	24	vote	vote	NOUN
cblr-9114	602	25	with	with	ADP
cblr-9114	602	26	management	management	NOUN
cblr-9114	602	27	or	or	CCONJ
cblr-9114	602	28	sell	sell	VERB
cblr-9114	602	29	.	.	PUNCT
cblr-9114	602	30	.	.	PUNCT
cblr-9114	603	1	.”184	.”184	PUNCT
cblr-9114	604	1	this	this	PRON
cblr-9114	604	2	effectively	effectively	ADV
cblr-9114	604	3	ceded	cede	VERB
cblr-9114	604	4	much	much	ADJ
cblr-9114	604	5	of	of	ADP
cblr-9114	604	6	shareholders	shareholder	NOUN
cblr-9114	604	7	’	’	PART
cblr-9114	604	8	influence	influence	NOUN
cblr-9114	604	9	over	over	ADP
cblr-9114	604	10	management	management	NOUN
cblr-9114	604	11	and	and	CCONJ
cblr-9114	604	12	did	do	AUX
cblr-9114	604	13	not	not	PART
cblr-9114	604	14	promote	promote	VERB
cblr-9114	604	15	good	good	ADJ
cblr-9114	604	16	governance	governance	NOUN
cblr-9114	604	17	.	.	PUNCT
cblr-9114	605	1	rather	rather	ADV
cblr-9114	605	2	than	than	ADP
cblr-9114	605	3	voicing	voice	VERB
cblr-9114	605	4	their	their	PRON
cblr-9114	605	5	concerns	concern	NOUN
cblr-9114	605	6	and	and	CCONJ
cblr-9114	605	7	influencing	influence	VERB
cblr-9114	605	8	board	board	NOUN
cblr-9114	605	9	of	of	ADP
cblr-9114	605	10	directors	director	NOUN
cblr-9114	605	11	’	’	PART
cblr-9114	605	12	decisions	decision	NOUN
cblr-9114	605	13	,	,	PUNCT
cblr-9114	605	14	institutional	institutional	ADJ
cblr-9114	605	15	investors	investor	NOUN
cblr-9114	605	16	utilized	utilize	VERB
cblr-9114	605	17	the	the	DET
cblr-9114	605	18	sale	sale	NOUN
cblr-9114	605	19	of	of	ADP
cblr-9114	605	20	their	their	PRON
cblr-9114	605	21	shares	share	NOUN
cblr-9114	605	22	as	as	ADP
cblr-9114	605	23	a	a	DET
cblr-9114	605	24	nuclear	nuclear	ADJ
cblr-9114	605	25	option	option	NOUN
cblr-9114	605	26	.	.	PUNCT
cblr-9114	606	1	as	as	ADP
cblr-9114	606	2	such	such	ADJ
cblr-9114	606	3	,	,	PUNCT
cblr-9114	606	4	management	management	NOUN
cblr-9114	606	5	would	would	AUX
cblr-9114	606	6	only	only	ADV
cblr-9114	606	7	suffer	suffer	VERB
cblr-9114	606	8	consequences	consequence	NOUN
cblr-9114	606	9	if	if	SCONJ
cblr-9114	606	10	institutional	institutional	ADJ
cblr-9114	606	11	investors	investor	NOUN
cblr-9114	606	12	deemed	deem	VERB
cblr-9114	606	13	governance	governance	NOUN
cblr-9114	606	14	sufficiently	sufficiently	ADV
cblr-9114	606	15	poor	poor	ADJ
cblr-9114	606	16	to	to	PART
cblr-9114	606	17	justify	justify	VERB
cblr-9114	606	18	liquidating	liquidate	VERB
cblr-9114	606	19	their	their	PRON
cblr-9114	606	20	position	position	NOUN
cblr-9114	606	21	in	in	ADP
cblr-9114	606	22	the	the	DET
cblr-9114	606	23	company	company	NOUN
cblr-9114	606	24	.	.	PUNCT
cblr-9114	607	1	while	while	SCONJ
cblr-9114	607	2	this	this	PRON
cblr-9114	607	3	effectively	effectively	ADV
cblr-9114	607	4	prevented	prevent	VERB
cblr-9114	607	5	truly	truly	ADV
cblr-9114	607	6	183	183	NUM
cblr-9114	607	7	see	see	VERB
cblr-9114	607	8	interpretive	interpretive	ADJ
cblr-9114	607	9	bulletin	bulletin	NOUN
cblr-9114	607	10	relating	relate	VERB
cblr-9114	607	11	to	to	ADP
cblr-9114	607	12	written	write	VERB
cblr-9114	607	13	statements	statement	NOUN
cblr-9114	607	14	of	of	ADP
cblr-9114	607	15	investment	investment	NOUN
cblr-9114	607	16	policy	policy	NOUN
cblr-9114	607	17	,	,	PUNCT
cblr-9114	607	18	including	include	VERB
cblr-9114	607	19	proxy	proxy	ADJ
cblr-9114	607	20	voting	voting	NOUN
cblr-9114	607	21	policy	policy	NOUN
cblr-9114	607	22	or	or	CCONJ
cblr-9114	607	23	guidelines	guideline	NOUN
cblr-9114	607	24	,	,	PUNCT
cblr-9114	607	25	29	29	NUM
cblr-9114	607	26	c.f.r	c.f.r	NOUN
cblr-9114	607	27	.	.	PUNCT
cblr-9114	608	1	§	§	PROPN
cblr-9114	608	2	2509.94	2509.94	NUM
cblr-9114	608	3	-	-	SYM
cblr-9114	608	4	2	2	NUM
cblr-9114	608	5	(	(	PUNCT
cblr-9114	608	6	2008	2008	NUM
cblr-9114	608	7	)	)	PUNCT
cblr-9114	608	8	;	;	PUNCT
cblr-9114	608	9	disclosure	disclosure	NOUN
cblr-9114	608	10	of	of	ADP
cblr-9114	608	11	proxy	proxy	ADJ
cblr-9114	608	12	voting	voting	NOUN
cblr-9114	608	13	policies	policy	NOUN
cblr-9114	608	14	voting	vote	VERB
cblr-9114	608	15	records	record	NOUN
cblr-9114	608	16	by	by	ADP
cblr-9114	608	17	registered	registered	ADJ
cblr-9114	608	18	management	management	NOUN
cblr-9114	608	19	investment	investment	NOUN
cblr-9114	608	20	companies	company	NOUN
cblr-9114	608	21	,	,	PUNCT
cblr-9114	608	22	companies	company	NOUN
cblr-9114	608	23	,	,	PUNCT
cblr-9114	608	24	securities	security	NOUN
cblr-9114	608	25	act	act	NOUN
cblr-9114	608	26	release	release	VERB
cblr-9114	608	27	no	no	DET
cblr-9114	608	28	.	.	NOUN
cblr-9114	608	29	8188	8188	NUM
cblr-9114	608	30	,	,	PUNCT
cblr-9114	608	31	exchange	exchange	NOUN
cblr-9114	608	32	act	act	NOUN
cblr-9114	608	33	release	release	VERB
cblr-9114	608	34	no	no	NOUN
cblr-9114	608	35	.	.	NOUN
cblr-9114	608	36	47,304	47,304	NUM
cblr-9114	608	37	,	,	PUNCT
cblr-9114	608	38	investment	investment	NOUN
cblr-9114	608	39	company	company	NOUN
cblr-9114	608	40	act	act	VERB
cblr-9114	608	41	release	release	VERB
cblr-9114	608	42	no	no	PRON
cblr-9114	608	43	.	.	NOUN
cblr-9114	608	44	25,922	25,922	NUM
cblr-9114	608	45	,	,	PUNCT
cblr-9114	608	46	68	68	NUM
cblr-9114	608	47	fed	feed	VERB
cblr-9114	608	48	.	.	PUNCT
cblr-9114	609	1	reg	reg	PROPN
cblr-9114	609	2	.	.	PUNCT
cblr-9114	610	1	6564	6564	NUM
cblr-9114	610	2	,	,	PUNCT
cblr-9114	610	3	6565	6565	NUM
cblr-9114	610	4	(	(	PUNCT
cblr-9114	610	5	feb	feb	X
cblr-9114	610	6	.	.	PROPN
cblr-9114	610	7	7	7	NUM
cblr-9114	610	8	,	,	PUNCT
cblr-9114	610	9	2003	2003	NUM
cblr-9114	610	10	)	)	PUNCT
cblr-9114	610	11	(	(	PUNCT
cblr-9114	610	12	to	to	PART
cblr-9114	610	13	be	be	AUX
cblr-9114	610	14	codified	codify	VERB
cblr-9114	610	15	at	at	ADP
cblr-9114	610	16	17	17	NUM
cblr-9114	610	17	c.f.r	c.f.r	NOUN
cblr-9114	610	18	.	.	PUNCT
cblr-9114	611	1	pts	pts	PROPN
cblr-9114	611	2	.	.	PROPN
cblr-9114	611	3	239	239	NUM
cblr-9114	611	4	,	,	PUNCT
cblr-9114	611	5	249	249	NUM
cblr-9114	611	6	,	,	PUNCT
cblr-9114	611	7	270	270	NUM
cblr-9114	611	8	,	,	PUNCT
cblr-9114	611	9	274	274	NUM
cblr-9114	611	10	)	)	PUNCT
cblr-9114	611	11	.	.	PUNCT
cblr-9114	612	1	184	184	NUM
cblr-9114	612	2	dent	dent	NOUN
cblr-9114	612	3	,	,	PUNCT
cblr-9114	612	4	supra	supra	PROPN
cblr-9114	612	5	note	note	NOUN
cblr-9114	612	6	46	46	NUM
cblr-9114	612	7	,	,	PUNCT
cblr-9114	612	8	at	at	ADP
cblr-9114	612	9	1288	1288	NUM
cblr-9114	612	10	.	.	PUNCT
cblr-9114	613	1	no	no	INTJ
cblr-9114	613	2	.	.	PUNCT
cblr-9114	614	1	3:1487	3:1487	NUM
cblr-9114	614	2	]	]	X
cblr-9114	614	3	proxy	proxy	ADJ
cblr-9114	614	4	advisory	advisory	ADJ
cblr-9114	614	5	firms	firm	NOUN
cblr-9114	614	6	’	'	PUNCT
cblr-9114	614	7	conflicts	conflict	NOUN
cblr-9114	614	8	of	of	ADP
cblr-9114	614	9	interest	interest	NOUN
cblr-9114	614	10	1531	1531	NUM
cblr-9114	614	11	egregious	egregious	ADJ
cblr-9114	614	12	,	,	PUNCT
cblr-9114	614	13	harmful	harmful	ADJ
cblr-9114	614	14	practices	practice	NOUN
cblr-9114	614	15	,	,	PUNCT
cblr-9114	614	16	the	the	DET
cblr-9114	614	17	wall	wall	PROPN
cblr-9114	614	18	street	street	PROPN
cblr-9114	614	19	rule	rule	PROPN
cblr-9114	614	20	led	lead	VERB
cblr-9114	614	21	institutional	institutional	ADJ
cblr-9114	614	22	investors	investor	NOUN
cblr-9114	614	23	to	to	PART
cblr-9114	614	24	simply	simply	ADV
cblr-9114	614	25	use	use	VERB
cblr-9114	614	26	management	management	NOUN
cblr-9114	614	27	’s	’s	PART
cblr-9114	614	28	support	support	NOUN
cblr-9114	614	29	as	as	ADP
cblr-9114	614	30	a	a	DET
cblr-9114	614	31	heuristic	heuristic	NOUN
cblr-9114	614	32	and	and	CCONJ
cblr-9114	614	33	clearly	clearly	ADV
cblr-9114	614	34	did	do	AUX
cblr-9114	614	35	not	not	PART
cblr-9114	614	36	promote	promote	VERB
cblr-9114	614	37	value	value	NOUN
cblr-9114	614	38	maximization	maximization	NOUN
cblr-9114	614	39	.	.	PUNCT
cblr-9114	615	1	such	such	DET
cblr-9114	615	2	a	a	DET
cblr-9114	615	3	policy	policy	NOUN
cblr-9114	615	4	also	also	ADV
cblr-9114	615	5	exacerbates	exacerbate	VERB
cblr-9114	615	6	management	management	NOUN
cblr-9114	615	7	’s	’s	PART
cblr-9114	615	8	existing	exist	VERB
cblr-9114	615	9	substantial	substantial	ADJ
cblr-9114	615	10	degree	degree	NOUN
cblr-9114	615	11	of	of	ADP
cblr-9114	615	12	influence	influence	NOUN
cblr-9114	615	13	in	in	ADP
cblr-9114	615	14	a	a	DET
cblr-9114	615	15	vote	vote	NOUN
cblr-9114	615	16	.	.	PUNCT
cblr-9114	616	1	professor	professor	NOUN
cblr-9114	616	2	yair	yair	PROPN
cblr-9114	616	3	listokin	listokin	PROPN
cblr-9114	616	4	explains	explain	VERB
cblr-9114	616	5	this	this	DET
cblr-9114	616	6	influence	influence	NOUN
cblr-9114	616	7	using	use	VERB
cblr-9114	616	8	“	"	PUNCT
cblr-9114	616	9	data	datum	NOUN
cblr-9114	616	10	on	on	ADP
cblr-9114	616	11	corporate	corporate	ADJ
cblr-9114	616	12	votes	vote	NOUN
cblr-9114	616	13	on	on	ADP
cblr-9114	616	14	shareholder	shareholder	NOUN
cblr-9114	616	15	proposals	proposal	NOUN
cblr-9114	616	16	sponsored	sponsor	VERB
cblr-9114	616	17	by	by	ADP
cblr-9114	616	18	management	management	NOUN
cblr-9114	616	19	or	or	CCONJ
cblr-9114	616	20	other	other	ADJ
cblr-9114	616	21	parties,”185	parties,”185	NOUN
cblr-9114	616	22	the	the	DET
cblr-9114	616	23	majority	majority	NOUN
cblr-9114	616	24	of	of	ADP
cblr-9114	616	25	which	which	PRON
cblr-9114	616	26	occurred	occur	VERB
cblr-9114	616	27	before	before	SCONJ
cblr-9114	616	28	the	the	DET
cblr-9114	616	29	commission	commission	NOUN
cblr-9114	616	30	’s	’s	PART
cblr-9114	616	31	2003	2003	NUM
cblr-9114	616	32	rules	rule	NOUN
cblr-9114	616	33	on	on	ADP
cblr-9114	616	34	proxy	proxy	ADJ
cblr-9114	616	35	voting.186	voting.186	PROPN
cblr-9114	616	36	professor	professor	NOUN
cblr-9114	616	37	listokin	listokin	NOUN
cblr-9114	616	38	explains	explain	VERB
cblr-9114	616	39	that	that	SCONJ
cblr-9114	616	40	[	[	X
cblr-9114	616	41	t]here	t]here	NOUN
cblr-9114	616	42	are	be	AUX
cblr-9114	616	43	relatively	relatively	ADV
cblr-9114	616	44	few	few	ADJ
cblr-9114	616	45	close	close	ADJ
cblr-9114	616	46	votes	vote	NOUN
cblr-9114	616	47	on	on	ADP
cblr-9114	616	48	managementsponsored	managementsponsored	ADJ
cblr-9114	616	49	resolutions	resolution	NOUN
cblr-9114	616	50	,	,	PUNCT
cblr-9114	616	51	but	but	CCONJ
cblr-9114	616	52	management	management	NOUN
cblr-9114	616	53	wins	win	VERB
cblr-9114	616	54	a	a	DET
cblr-9114	616	55	disproportionate	disproportionate	ADJ
cblr-9114	616	56	number	number	NOUN
cblr-9114	616	57	of	of	ADP
cblr-9114	616	58	the	the	DET
cblr-9114	616	59	extremely	extremely	ADV
cblr-9114	616	60	close	close	ADJ
cblr-9114	616	61	votes	vote	NOUN
cblr-9114	616	62	that	that	PRON
cblr-9114	616	63	do	do	AUX
cblr-9114	616	64	occur	occur	VERB
cblr-9114	616	65	.	.	PUNCT
cblr-9114	617	1	the	the	DET
cblr-9114	617	2	best	good	ADJ
cblr-9114	617	3	explanation	explanation	NOUN
cblr-9114	617	4	for	for	ADP
cblr-9114	617	5	this	this	DET
cblr-9114	617	6	distribution	distribution	NOUN
cblr-9114	617	7	of	of	ADP
cblr-9114	617	8	outcomes	outcome	NOUN
cblr-9114	617	9	is	be	AUX
cblr-9114	617	10	that	that	SCONJ
cblr-9114	617	11	management	management	NOUN
cblr-9114	617	12	first	first	ADV
cblr-9114	617	13	receives	receive	VERB
cblr-9114	617	14	a	a	DET
cblr-9114	617	15	noisy	noisy	ADJ
cblr-9114	617	16	signal	signal	NOUN
cblr-9114	617	17	about	about	ADP
cblr-9114	617	18	the	the	DET
cblr-9114	617	19	likely	likely	ADJ
cblr-9114	617	20	outcome	outcome	NOUN
cblr-9114	617	21	of	of	ADP
cblr-9114	617	22	a	a	DET
cblr-9114	617	23	resolution	resolution	NOUN
cblr-9114	617	24	,	,	PUNCT
cblr-9114	617	25	bringing	bring	VERB
cblr-9114	617	26	likely	likely	ADJ
cblr-9114	617	27	successes	success	NOUN
cblr-9114	617	28	forward	forward	ADV
cblr-9114	617	29	and	and	CCONJ
cblr-9114	617	30	avoiding	avoid	VERB
cblr-9114	617	31	likely	likely	ADJ
cblr-9114	617	32	failures.187	failures.187	ADJ
cblr-9114	617	33	proxy	proxy	ADJ
cblr-9114	617	34	advisory	advisory	ADJ
cblr-9114	617	35	firms	firm	NOUN
cblr-9114	617	36	thus	thus	ADV
cblr-9114	617	37	clearly	clearly	ADV
cblr-9114	617	38	benefit	benefit	VERB
cblr-9114	617	39	shareholders	shareholder	NOUN
cblr-9114	617	40	.	.	PUNCT
cblr-9114	618	1	even	even	ADV
cblr-9114	618	2	with	with	ADP
cblr-9114	618	3	inherent	inherent	ADJ
cblr-9114	618	4	flaws	flaw	NOUN
cblr-9114	618	5	in	in	ADP
cblr-9114	618	6	these	these	DET
cblr-9114	618	7	firms	firm	NOUN
cblr-9114	618	8	’	’	PART
cblr-9114	618	9	recommendations	recommendation	NOUN
cblr-9114	618	10	,	,	PUNCT
cblr-9114	618	11	they	they	PRON
cblr-9114	618	12	provide	provide	VERB
cblr-9114	618	13	shareholders	shareholder	NOUN
cblr-9114	618	14	with	with	ADP
cblr-9114	618	15	an	an	DET
cblr-9114	618	16	alternative	alternative	NOUN
cblr-9114	618	17	to	to	ADP
cblr-9114	618	18	management	management	NOUN
cblr-9114	618	19	,	,	PUNCT
cblr-9114	618	20	which	which	PRON
cblr-9114	618	21	already	already	ADV
cblr-9114	618	22	has	have	VERB
cblr-9114	618	23	considerable	considerable	ADJ
cblr-9114	618	24	influence	influence	NOUN
cblr-9114	618	25	over	over	ADP
cblr-9114	618	26	voting	vote	VERB
cblr-9114	618	27	outcomes	outcome	NOUN
cblr-9114	618	28	.	.	PUNCT
cblr-9114	619	1	by	by	ADP
cblr-9114	619	2	minimizing	minimize	VERB
cblr-9114	619	3	proxy	proxy	ADJ
cblr-9114	619	4	advisory	advisory	ADJ
cblr-9114	619	5	firms	firm	NOUN
cblr-9114	619	6	’	'	PUNCT
cblr-9114	619	7	conflicts	conflict	NOUN
cblr-9114	619	8	of	of	ADP
cblr-9114	619	9	interest	interest	NOUN
cblr-9114	619	10	and	and	CCONJ
cblr-9114	619	11	maximizing	maximize	VERB
cblr-9114	619	12	investment	investment	NOUN
cblr-9114	619	13	advisors	advisor	NOUN
cblr-9114	619	14	’	'	PUNCT
cblr-9114	619	15	costeffective	costeffective	ADJ
cblr-9114	619	16	review	review	NOUN
cblr-9114	619	17	of	of	ADP
cblr-9114	619	18	their	their	PRON
cblr-9114	619	19	recommendations	recommendation	NOUN
cblr-9114	619	20	,	,	PUNCT
cblr-9114	619	21	the	the	DET
cblr-9114	619	22	use	use	NOUN
cblr-9114	619	23	of	of	ADP
cblr-9114	619	24	proxy	proxy	ADJ
cblr-9114	619	25	advisory	advisory	ADJ
cblr-9114	619	26	firms	firm	NOUN
cblr-9114	619	27	can	can	AUX
cblr-9114	619	28	live	live	VERB
cblr-9114	619	29	up	up	ADP
cblr-9114	619	30	to	to	ADP
cblr-9114	619	31	its	its	PRON
cblr-9114	619	32	goal	goal	NOUN
cblr-9114	619	33	of	of	ADP
cblr-9114	619	34	increasing	increase	VERB
cblr-9114	619	35	shareholder	shareholder	NOUN
cblr-9114	619	36	value	value	NOUN
cblr-9114	619	37	.	.	PUNCT
cblr-9114	620	1	employing	employ	VERB
cblr-9114	620	2	a	a	DET
cblr-9114	620	3	cost	cost	NOUN
cblr-9114	620	4	-	-	PUNCT
cblr-9114	620	5	benefit	benefit	NOUN
cblr-9114	620	6	analysis	analysis	NOUN
cblr-9114	620	7	,	,	PUNCT
cblr-9114	620	8	the	the	DET
cblr-9114	620	9	efficacy	efficacy	NOUN
cblr-9114	620	10	of	of	ADP
cblr-9114	620	11	reforms	reform	NOUN
cblr-9114	620	12	to	to	ADP
cblr-9114	620	13	the	the	DET
cblr-9114	620	14	proxy	proxy	ADJ
cblr-9114	620	15	advisory	advisory	ADJ
cblr-9114	620	16	firm	firm	NOUN
cblr-9114	620	17	market	market	NOUN
cblr-9114	620	18	depends	depend	VERB
cblr-9114	620	19	on	on	ADP
cblr-9114	620	20	three	three	NUM
cblr-9114	620	21	factors	factor	NOUN
cblr-9114	620	22	:	:	PUNCT
cblr-9114	620	23	(	(	PUNCT
cblr-9114	620	24	i	i	NOUN
cblr-9114	620	25	)	)	PUNCT
cblr-9114	620	26	the	the	DET
cblr-9114	620	27	decrease	decrease	NOUN
cblr-9114	620	28	in	in	ADP
cblr-9114	620	29	shareholder	shareholder	NOUN
cblr-9114	620	30	value	value	NOUN
cblr-9114	620	31	resulting	result	VERB
cblr-9114	620	32	from	from	ADP
cblr-9114	620	33	conflicts	conflict	NOUN
cblr-9114	620	34	of	of	ADP
cblr-9114	620	35	interest	interest	NOUN
cblr-9114	620	36	,	,	PUNCT
cblr-9114	620	37	(	(	PUNCT
cblr-9114	620	38	ii	ii	NOUN
cblr-9114	620	39	)	)	PUNCT
cblr-9114	620	40	how	how	SCONJ
cblr-9114	620	41	effectively	effectively	ADV
cblr-9114	620	42	the	the	DET
cblr-9114	620	43	reforms	reform	NOUN
cblr-9114	620	44	eliminate	eliminate	VERB
cblr-9114	620	45	the	the	DET
cblr-9114	620	46	conflicts	conflict	NOUN
cblr-9114	620	47	or	or	CCONJ
cblr-9114	620	48	mitigate	mitigate	VERB
cblr-9114	620	49	their	their	PRON
cblr-9114	620	50	effects	effect	NOUN
cblr-9114	620	51	and	and	CCONJ
cblr-9114	620	52	(	(	PUNCT
cblr-9114	620	53	iii	iii	X
cblr-9114	620	54	)	)	PUNCT
cblr-9114	620	55	the	the	DET
cblr-9114	620	56	costs	cost	NOUN
cblr-9114	620	57	associated	associate	VERB
cblr-9114	620	58	with	with	ADP
cblr-9114	620	59	185	185	NUM
cblr-9114	620	60	yair	yair	NOUN
cblr-9114	620	61	listokin	listokin	NOUN
cblr-9114	620	62	,	,	PUNCT
cblr-9114	620	63	management	management	NOUN
cblr-9114	620	64	always	always	ADV
cblr-9114	620	65	wins	win	VERB
cblr-9114	620	66	the	the	DET
cblr-9114	620	67	close	close	ADJ
cblr-9114	620	68	ones	one	NOUN
cblr-9114	620	69	,	,	PUNCT
cblr-9114	620	70	159	159	NUM
cblr-9114	620	71	am	am	NOUN
cblr-9114	620	72	.	.	PUNCT
cblr-9114	621	1	l.	l.	PROPN
cblr-9114	621	2	&	&	CCONJ
cblr-9114	621	3	econ	econ	PROPN
cblr-9114	621	4	.	.	PUNCT
cblr-9114	622	1	rev	rev	PROPN
cblr-9114	622	2	.	.	PROPN
cblr-9114	622	3	159	159	NUM
cblr-9114	622	4	,	,	PUNCT
cblr-9114	622	5	168	168	NUM
cblr-9114	622	6	(	(	PUNCT
cblr-9114	622	7	2008	2008	NUM
cblr-9114	622	8	)	)	PUNCT
cblr-9114	622	9	(	(	PUNCT
cblr-9114	622	10	“	"	PUNCT
cblr-9114	622	11	the	the	DET
cblr-9114	622	12	collected	collect	VERB
cblr-9114	622	13	votes	vote	NOUN
cblr-9114	622	14	occurred	occur	VERB
cblr-9114	622	15	in	in	ADP
cblr-9114	622	16	over	over	ADP
cblr-9114	622	17	2,700	2,700	NUM
cblr-9114	622	18	different	different	ADJ
cblr-9114	622	19	companies	company	NOUN
cblr-9114	622	20	,	,	PUNCT
cblr-9114	622	21	including	include	VERB
cblr-9114	622	22	all	all	DET
cblr-9114	622	23	companies	company	NOUN
cblr-9114	622	24	in	in	ADP
cblr-9114	622	25	the	the	DET
cblr-9114	622	26	fortune	fortune	NOUN
cblr-9114	622	27	500	500	NUM
cblr-9114	622	28	and	and	CCONJ
cblr-9114	622	29	s&p	s&p	PROPN
cblr-9114	622	30	500	500	NUM
cblr-9114	622	31	.	.	PUNCT
cblr-9114	622	32	”	"	PUNCT
cblr-9114	622	33	)	)	PUNCT
cblr-9114	622	34	.	.	PUNCT
cblr-9114	623	1	186	186	NUM
cblr-9114	623	2	see	see	VERB
cblr-9114	623	3	disclosure	disclosure	NOUN
cblr-9114	623	4	of	of	ADP
cblr-9114	623	5	proxy	proxy	ADJ
cblr-9114	623	6	voting	voting	NOUN
cblr-9114	623	7	policies	policy	NOUN
cblr-9114	623	8	voting	vote	VERB
cblr-9114	623	9	records	record	NOUN
cblr-9114	623	10	by	by	ADP
cblr-9114	623	11	registered	registered	ADJ
cblr-9114	623	12	management	management	NOUN
cblr-9114	623	13	investment	investment	NOUN
cblr-9114	623	14	companies	company	NOUN
cblr-9114	623	15	,	,	PUNCT
cblr-9114	623	16	68	68	NUM
cblr-9114	623	17	fed	feed	VERB
cblr-9114	623	18	.	.	PUNCT
cblr-9114	624	1	reg	reg	PROPN
cblr-9114	624	2	.	.	PUNCT
cblr-9114	625	1	at	at	ADP
cblr-9114	625	2	6564	6564	NUM
cblr-9114	625	3	.	.	PUNCT
cblr-9114	626	1	187	187	NUM
cblr-9114	626	2	listokin	listokin	NOUN
cblr-9114	626	3	,	,	PUNCT
cblr-9114	626	4	supra	supra	PROPN
cblr-9114	626	5	note	note	NOUN
cblr-9114	626	6	185	185	NUM
cblr-9114	626	7	,	,	PUNCT
cblr-9114	626	8	at	at	ADP
cblr-9114	626	9	180	180	NUM
cblr-9114	626	10	.	.	NOUN
cblr-9114	626	11	1532	1532	NUM
cblr-9114	626	12	columbia	columbia	PROPN
cblr-9114	626	13	business	business	NOUN
cblr-9114	626	14	law	law	PROPN
cblr-9114	626	15	review	review	NOUN
cblr-9114	626	16	[	[	X
cblr-9114	626	17	vol	vol	NOUN
cblr-9114	626	18	.	.	PUNCT
cblr-9114	626	19	2021	2021	NUM
cblr-9114	626	20	implementing	implement	VERB
cblr-9114	626	21	the	the	DET
cblr-9114	626	22	reforms	reform	NOUN
cblr-9114	626	23	.	.	PUNCT
cblr-9114	627	1	as	as	SCONJ
cblr-9114	627	2	described	describe	VERB
cblr-9114	627	3	in	in	ADP
cblr-9114	627	4	part	part	PROPN
cblr-9114	627	5	iii	iii	PROPN
cblr-9114	627	6	,	,	PUNCT
cblr-9114	627	7	the	the	DET
cblr-9114	627	8	conflicts	conflict	NOUN
cblr-9114	627	9	plaguing	plague	VERB
cblr-9114	627	10	proxy	proxy	ADJ
cblr-9114	627	11	advisory	advisory	ADJ
cblr-9114	627	12	firms	firm	NOUN
cblr-9114	627	13	,	,	PUNCT
cblr-9114	627	14	coupled	couple	VERB
cblr-9114	627	15	with	with	ADP
cblr-9114	627	16	insufficient	insufficient	ADJ
cblr-9114	627	17	oversight	oversight	NOUN
cblr-9114	627	18	by	by	ADP
cblr-9114	627	19	their	their	PRON
cblr-9114	627	20	clients	client	NOUN
cblr-9114	627	21	,	,	PUNCT
cblr-9114	627	22	present	present	ADJ
cblr-9114	627	23	cause	cause	NOUN
cblr-9114	627	24	for	for	ADP
cblr-9114	627	25	concern	concern	NOUN
cblr-9114	627	26	,	,	PUNCT
cblr-9114	627	27	but	but	CCONJ
cblr-9114	627	28	the	the	DET
cblr-9114	627	29	precise	precise	ADJ
cblr-9114	627	30	decrease	decrease	NOUN
cblr-9114	627	31	in	in	ADP
cblr-9114	627	32	value	value	NOUN
cblr-9114	627	33	they	they	PRON
cblr-9114	627	34	create	create	VERB
cblr-9114	627	35	is	be	AUX
cblr-9114	627	36	difficult	difficult	ADJ
cblr-9114	627	37	to	to	PART
cblr-9114	627	38	measure	measure	VERB
cblr-9114	627	39	.	.	PUNCT
cblr-9114	628	1	previous	previous	ADJ
cblr-9114	628	2	studies	study	NOUN
cblr-9114	628	3	have	have	AUX
cblr-9114	628	4	shown	show	VERB
cblr-9114	628	5	decreases	decrease	NOUN
cblr-9114	628	6	in	in	ADP
cblr-9114	628	7	shareholder	shareholder	NOUN
cblr-9114	628	8	value	value	NOUN
cblr-9114	628	9	stemming	stem	VERB
cblr-9114	628	10	from	from	ADP
cblr-9114	628	11	proxy	proxy	ADJ
cblr-9114	628	12	advisory	advisory	ADJ
cblr-9114	628	13	firms	firm	NOUN
cblr-9114	628	14	’	’	PART
cblr-9114	628	15	recommendations	recommendation	NOUN
cblr-9114	628	16	;	;	PUNCT
cblr-9114	628	17	however	however	ADV
cblr-9114	628	18	,	,	PUNCT
cblr-9114	628	19	these	these	DET
cblr-9114	628	20	studies	study	NOUN
cblr-9114	628	21	did	do	AUX
cblr-9114	628	22	not	not	PART
cblr-9114	628	23	isolate	isolate	VERB
cblr-9114	628	24	conflicts	conflict	NOUN
cblr-9114	628	25	of	of	ADP
cblr-9114	628	26	interest	interest	NOUN
cblr-9114	628	27	as	as	ADP
cblr-9114	628	28	the	the	DET
cblr-9114	628	29	explanatory	explanatory	ADJ
cblr-9114	628	30	variable	variable	NOUN
cblr-9114	628	31	.	.	PUNCT
cblr-9114	629	1	for	for	ADP
cblr-9114	629	2	example	example	NOUN
cblr-9114	629	3	,	,	PUNCT
cblr-9114	629	4	professors	professor	NOUN
cblr-9114	629	5	david	david	PROPN
cblr-9114	629	6	larcker	larcker	PROPN
cblr-9114	629	7	,	,	PUNCT
cblr-9114	629	8	allan	allan	PROPN
cblr-9114	629	9	mccall	mccall	PROPN
cblr-9114	629	10	,	,	PUNCT
cblr-9114	629	11	and	and	CCONJ
cblr-9114	629	12	gaizka	gaizka	PROPN
cblr-9114	629	13	ormazabal	ormazabal	ADJ
cblr-9114	629	14	analyze	analyze	VERB
cblr-9114	629	15	proxy	proxy	ADJ
cblr-9114	629	16	advisory	advisory	ADJ
cblr-9114	629	17	firms	firm	NOUN
cblr-9114	629	18	’	’	PART
cblr-9114	629	19	recommendations	recommendation	NOUN
cblr-9114	629	20	on	on	ADP
cblr-9114	629	21	say	say	VERB
cblr-9114	629	22	-	-	PUNCT
cblr-9114	629	23	on	on	ADP
cblr-9114	629	24	-	-	PUNCT
cblr-9114	629	25	pay	pay	NOUN
cblr-9114	629	26	votes	vote	NOUN
cblr-9114	629	27	,	,	PUNCT
cblr-9114	629	28	finding	find	VERB
cblr-9114	629	29	that	that	SCONJ
cblr-9114	629	30	they	they	PRON
cblr-9114	629	31	have	have	VERB
cblr-9114	629	32	a	a	DET
cblr-9114	629	33	“	"	PUNCT
cblr-9114	629	34	substantive	substantive	ADJ
cblr-9114	629	35	impact	impact	NOUN
cblr-9114	629	36	”	"	PUNCT
cblr-9114	629	37	on	on	ADP
cblr-9114	629	38	say	say	PROPN
cblr-9114	629	39	-	-	PUNCT
cblr-9114	629	40	on	on	ADP
cblr-9114	629	41	-	-	PUNCT
cblr-9114	629	42	pay	pay	NOUN
cblr-9114	629	43	voting	voting	NOUN
cblr-9114	629	44	outcomes.188	outcomes.188	ADJ
cblr-9114	629	45	in	in	ADP
cblr-9114	629	46	response	response	NOUN
cblr-9114	629	47	to	to	ADP
cblr-9114	629	48	the	the	DET
cblr-9114	629	49	influence	influence	NOUN
cblr-9114	629	50	of	of	ADP
cblr-9114	629	51	recommendations	recommendation	NOUN
cblr-9114	629	52	,	,	PUNCT
cblr-9114	629	53	“	"	PUNCT
cblr-9114	629	54	many	many	ADJ
cblr-9114	629	55	boards	board	NOUN
cblr-9114	629	56	of	of	ADP
cblr-9114	629	57	directors	director	NOUN
cblr-9114	629	58	change	change	VERB
cblr-9114	629	59	their	their	PRON
cblr-9114	629	60	compensation	compensation	NOUN
cblr-9114	629	61	programs	program	NOUN
cblr-9114	629	62	before	before	ADP
cblr-9114	629	63	formal	formal	ADJ
cblr-9114	629	64	shareholder	shareholder	NOUN
cblr-9114	629	65	votes	vote	NOUN
cblr-9114	629	66	in	in	ADP
cblr-9114	629	67	a	a	DET
cblr-9114	629	68	manner	manner	NOUN
cblr-9114	629	69	that	that	PRON
cblr-9114	629	70	better	well	ADV
cblr-9114	629	71	aligns	align	VERB
cblr-9114	629	72	the	the	DET
cblr-9114	629	73	programs	program	NOUN
cblr-9114	629	74	with	with	ADP
cblr-9114	629	75	the	the	DET
cblr-9114	629	76	recommendation	recommendation	NOUN
cblr-9114	629	77	policies	policy	NOUN
cblr-9114	629	78	of	of	ADP
cblr-9114	629	79	proxy	proxy	ADJ
cblr-9114	629	80	advisory	advisory	ADJ
cblr-9114	629	81	firms	firm	NOUN
cblr-9114	629	82	.	.	PUNCT
cblr-9114	629	83	”189	”189	PUNCT
cblr-9114	629	84	however	however	ADV
cblr-9114	629	85	,	,	PUNCT
cblr-9114	629	86	“	"	PUNCT
cblr-9114	629	87	[	[	X
cblr-9114	629	88	t]he	t]he	ADV
cblr-9114	629	89	stock	stock	NOUN
cblr-9114	629	90	market	market	NOUN
cblr-9114	629	91	reaction	reaction	NOUN
cblr-9114	629	92	to	to	ADP
cblr-9114	629	93	these	these	DET
cblr-9114	629	94	changes	change	NOUN
cblr-9114	629	95	in	in	ADP
cblr-9114	629	96	compensation	compensation	NOUN
cblr-9114	629	97	program	program	NOUN
cblr-9114	629	98	is	be	AUX
cblr-9114	629	99	statistically	statistically	ADV
cblr-9114	629	100	negative	negative	ADJ
cblr-9114	629	101	.	.	PUNCT
cblr-9114	630	1	”190	”190	VERB
cblr-9114	630	2	the	the	DET
cblr-9114	630	3	increased	increase	VERB
cblr-9114	630	4	proportion	proportion	NOUN
cblr-9114	630	5	of	of	ADP
cblr-9114	630	6	shares	share	NOUN
cblr-9114	630	7	held	hold	VERB
cblr-9114	630	8	by	by	ADP
cblr-9114	630	9	institutional	institutional	ADJ
cblr-9114	630	10	investors	investor	NOUN
cblr-9114	630	11	,	,	PUNCT
cblr-9114	630	12	market	market	NOUN
cblr-9114	630	13	concentration	concentration	NOUN
cblr-9114	630	14	of	of	ADP
cblr-9114	630	15	proxy	proxy	ADJ
cblr-9114	630	16	advisory	advisory	ADJ
cblr-9114	630	17	firms	firm	NOUN
cblr-9114	630	18	,	,	PUNCT
cblr-9114	630	19	institutional	institutional	ADJ
cblr-9114	630	20	investors	investor	NOUN
cblr-9114	630	21	’	'	PUNCT
cblr-9114	630	22	increasing	increase	VERB
cblr-9114	630	23	reliance	reliance	NOUN
cblr-9114	630	24	on	on	ADP
cblr-9114	630	25	proxy	proxy	ADJ
cblr-9114	630	26	advisory	advisory	ADJ
cblr-9114	630	27	firms	firm	NOUN
cblr-9114	630	28	’	’	PART
cblr-9114	630	29	voting	voting	NOUN
cblr-9114	630	30	recommendations	recommendation	NOUN
cblr-9114	630	31	and	and	CCONJ
cblr-9114	630	32	management	management	NOUN
cblr-9114	630	33	’s	’s	PART
cblr-9114	630	34	incentive	incentive	NOUN
cblr-9114	630	35	to	to	PART
cblr-9114	630	36	respond	respond	VERB
cblr-9114	630	37	to	to	ADP
cblr-9114	630	38	such	such	ADJ
cblr-9114	630	39	recommendations	recommendation	NOUN
cblr-9114	630	40	converge	converge	VERB
cblr-9114	630	41	to	to	PART
cblr-9114	630	42	grant	grant	VERB
cblr-9114	630	43	proxy	proxy	ADJ
cblr-9114	630	44	advisory	advisory	ADJ
cblr-9114	630	45	firms	firm	NOUN
cblr-9114	630	46	substantial	substantial	ADJ
cblr-9114	630	47	influence	influence	NOUN
cblr-9114	630	48	over	over	ADP
cblr-9114	630	49	shareholder	shareholder	NOUN
cblr-9114	630	50	voting	voting	NOUN
cblr-9114	630	51	and	and	CCONJ
cblr-9114	630	52	corporate	corporate	ADJ
cblr-9114	630	53	governance	governance	NOUN
cblr-9114	630	54	policies	policy	NOUN
cblr-9114	630	55	.	.	PUNCT
cblr-9114	631	1	b.	b.	PROPN
cblr-9114	631	2	separating	separate	VERB
cblr-9114	631	3	proxy	proxy	ADJ
cblr-9114	631	4	voting	voting	NOUN
cblr-9114	631	5	advice	advice	NOUN
cblr-9114	631	6	and	and	CCONJ
cblr-9114	631	7	governance	governance	NOUN
cblr-9114	631	8	consulting	consult	VERB
cblr-9114	631	9	a	a	DET
cblr-9114	631	10	simple	simple	ADJ
cblr-9114	631	11	solution	solution	NOUN
cblr-9114	631	12	for	for	ADP
cblr-9114	631	13	eliminating	eliminate	VERB
cblr-9114	631	14	two	two	NUM
cblr-9114	631	15	of	of	ADP
cblr-9114	631	16	the	the	DET
cblr-9114	631	17	most	most	ADV
cblr-9114	631	18	prominent	prominent	ADJ
cblr-9114	631	19	conflicts	conflict	NOUN
cblr-9114	631	20	of	of	ADP
cblr-9114	631	21	interest	interest	NOUN
cblr-9114	631	22	plaguing	plague	VERB
cblr-9114	631	23	iss	iss	PROPN
cblr-9114	631	24	,	,	PUNCT
cblr-9114	631	25	the	the	DET
cblr-9114	631	26	country	country	NOUN
cblr-9114	631	27	’s	’s	PART
cblr-9114	631	28	dominant	dominant	ADJ
cblr-9114	631	29	proxy	proxy	ADJ
cblr-9114	631	30	advisory	advisory	ADJ
cblr-9114	631	31	firm	firm	NOUN
cblr-9114	631	32	,	,	PUNCT
cblr-9114	631	33	is	be	AUX
cblr-9114	631	34	requiring	require	VERB
cblr-9114	631	35	it	it	PRON
cblr-9114	631	36	—	—	PUNCT
cblr-9114	631	37	along	along	ADP
cblr-9114	631	38	with	with	ADP
cblr-9114	631	39	all	all	DET
cblr-9114	631	40	other	other	ADJ
cblr-9114	631	41	proxy	proxy	ADJ
cblr-9114	631	42	advisory	advisory	ADJ
cblr-9114	631	43	firms	firm	NOUN
cblr-9114	631	44	—	—	PUNCT
cblr-9114	631	45	to	to	PART
cblr-9114	631	46	separate	separate	VERB
cblr-9114	631	47	its	its	PRON
cblr-9114	631	48	corporate	corporate	ADJ
cblr-9114	631	49	proxy	proxy	NOUN
cblr-9114	631	50	voting	voting	NOUN
cblr-9114	631	51	advice	advice	NOUN
cblr-9114	631	52	business	business	NOUN
cblr-9114	631	53	from	from	ADP
cblr-9114	631	54	its	its	PRON
cblr-9114	631	55	corporate	corporate	ADJ
cblr-9114	631	56	governance	governance	NOUN
cblr-9114	631	57	188	188	NUM
cblr-9114	631	58	david	david	PROPN
cblr-9114	631	59	f.	f.	PROPN
cblr-9114	631	60	larcker	larcker	PROPN
cblr-9114	631	61	,	,	PUNCT
cblr-9114	631	62	allan	allan	PROPN
cblr-9114	631	63	l.	l.	PROPN
cblr-9114	631	64	mccall	mccall	PROPN
cblr-9114	631	65	&	&	CCONJ
cblr-9114	631	66	gaizka	gaizka	PROPN
cblr-9114	631	67	ormazabal	ormazabal	NOUN
cblr-9114	631	68	,	,	PUNCT
cblr-9114	631	69	outsourcing	outsource	VERB
cblr-9114	631	70	shareholder	shareholder	NOUN
cblr-9114	631	71	voting	voting	NOUN
cblr-9114	631	72	to	to	ADP
cblr-9114	631	73	proxy	proxy	ADJ
cblr-9114	631	74	advisory	advisory	ADJ
cblr-9114	631	75	firms	firm	NOUN
cblr-9114	631	76	,	,	PUNCT
cblr-9114	631	77	58	58	NUM
cblr-9114	631	78	j.	j.	PROPN
cblr-9114	631	79	l.	l.	PROPN
cblr-9114	631	80	&	&	CCONJ
cblr-9114	631	81	econ	econ	PROPN
cblr-9114	631	82	.	.	PROPN
cblr-9114	632	1	,	,	PUNCT
cblr-9114	632	2	173	173	NUM
cblr-9114	632	3	,	,	PUNCT
cblr-9114	632	4	203	203	NUM
cblr-9114	632	5	(	(	PUNCT
cblr-9114	632	6	2015	2015	NUM
cblr-9114	632	7	)	)	PUNCT
cblr-9114	632	8	.	.	PUNCT
cblr-9114	633	1	189	189	NUM
cblr-9114	634	1	i	i	PRON
cblr-9114	634	2	d.	d.	PROPN
cblr-9114	634	3	190	190	NUM
cblr-9114	635	1	i	i	PRON
cblr-9114	635	2	d.	d.	PROPN
cblr-9114	635	3	no	no	INTJ
cblr-9114	635	4	.	.	PUNCT
cblr-9114	636	1	3:1487	3:1487	NUM
cblr-9114	636	2	]	]	X
cblr-9114	636	3	proxy	proxy	ADJ
cblr-9114	636	4	advisory	advisory	ADJ
cblr-9114	636	5	firms	firm	NOUN
cblr-9114	636	6	’	'	PUNCT
cblr-9114	636	7	conflicts	conflict	NOUN
cblr-9114	636	8	of	of	ADP
cblr-9114	636	9	interest	interest	NOUN
cblr-9114	636	10	1533	1533	NUM
cblr-9114	636	11	consulting	consulting	NOUN
cblr-9114	636	12	business.191	business.191	VERB
cblr-9114	636	13	this	this	PRON
cblr-9114	636	14	would	would	AUX
cblr-9114	636	15	immediately	immediately	ADV
cblr-9114	636	16	eliminate	eliminate	VERB
cblr-9114	636	17	perceptions	perception	NOUN
cblr-9114	636	18	of	of	ADP
cblr-9114	636	19	and	and	CCONJ
cblr-9114	636	20	actual	actual	ADJ
cblr-9114	636	21	bad	bad	ADJ
cblr-9114	636	22	faith	faith	NOUN
cblr-9114	636	23	in	in	ADP
cblr-9114	636	24	voting	vote	VERB
cblr-9114	636	25	recommendations	recommendation	NOUN
cblr-9114	636	26	made	make	VERB
cblr-9114	636	27	to	to	PART
cblr-9114	636	28	reward	reward	VERB
cblr-9114	636	29	issuers	issuer	NOUN
cblr-9114	636	30	who	who	PRON
cblr-9114	636	31	utilize	utilize	VERB
cblr-9114	636	32	its	its	PRON
cblr-9114	636	33	consulting	consulting	NOUN
cblr-9114	636	34	services	service	NOUN
cblr-9114	636	35	and	and	CCONJ
cblr-9114	636	36	punish	punish	VERB
cblr-9114	636	37	those	those	PRON
cblr-9114	636	38	who	who	PRON
cblr-9114	636	39	do	do	VERB
cblr-9114	636	40	not	not	PART
cblr-9114	636	41	.	.	PUNCT
cblr-9114	637	1	iss	iss	PROPN
cblr-9114	637	2	would	would	AUX
cblr-9114	637	3	also	also	ADV
cblr-9114	637	4	be	be	AUX
cblr-9114	637	5	able	able	ADJ
cblr-9114	637	6	to	to	PART
cblr-9114	637	7	retain	retain	VERB
cblr-9114	637	8	its	its	PRON
cblr-9114	637	9	governance	governance	NOUN
cblr-9114	637	10	ratings	rating	NOUN
cblr-9114	637	11	/	/	SYM
cblr-9114	637	12	rankings	ranking	NOUN
cblr-9114	637	13	business	business	NOUN
cblr-9114	637	14	,	,	PUNCT
cblr-9114	637	15	as	as	ADP
cblr-9114	637	16	separating	separate	VERB
cblr-9114	637	17	the	the	DET
cblr-9114	637	18	consulting	consulting	NOUN
cblr-9114	637	19	business	business	NOUN
cblr-9114	637	20	also	also	ADV
cblr-9114	637	21	removes	remove	VERB
cblr-9114	637	22	any	any	DET
cblr-9114	637	23	incentive	incentive	NOUN
cblr-9114	637	24	for	for	ADP
cblr-9114	637	25	issuing	issue	VERB
cblr-9114	637	26	bad	bad	ADJ
cblr-9114	637	27	-	-	PUNCT
cblr-9114	637	28	faith	faith	NOUN
cblr-9114	637	29	governance	governance	NOUN
cblr-9114	637	30	ratings	rating	NOUN
cblr-9114	637	31	.	.	PUNCT
cblr-9114	638	1	implementing	implement	VERB
cblr-9114	638	2	this	this	DET
cblr-9114	638	3	reform	reform	NOUN
cblr-9114	638	4	would	would	AUX
cblr-9114	638	5	be	be	AUX
cblr-9114	638	6	rather	rather	ADV
cblr-9114	638	7	simple	simple	ADJ
cblr-9114	638	8	and	and	CCONJ
cblr-9114	638	9	would	would	AUX
cblr-9114	638	10	neither	neither	CCONJ
cblr-9114	638	11	upend	upend	VERB
cblr-9114	638	12	the	the	DET
cblr-9114	638	13	proxy	proxy	ADJ
cblr-9114	638	14	advisory	advisory	ADJ
cblr-9114	638	15	firm	firm	NOUN
cblr-9114	638	16	industry	industry	NOUN
cblr-9114	638	17	nor	nor	CCONJ
cblr-9114	638	18	impose	impose	VERB
cblr-9114	638	19	additional	additional	ADJ
cblr-9114	638	20	costs	cost	NOUN
cblr-9114	638	21	on	on	ADP
cblr-9114	638	22	institutional	institutional	ADJ
cblr-9114	638	23	investors	investor	NOUN
cblr-9114	638	24	.	.	PUNCT
cblr-9114	639	1	many	many	ADJ
cblr-9114	639	2	researchers	researcher	NOUN
cblr-9114	639	3	and	and	CCONJ
cblr-9114	639	4	commentators	commentator	NOUN
cblr-9114	639	5	are	be	AUX
cblr-9114	639	6	rightfully	rightfully	ADV
cblr-9114	639	7	concerned	concerned	ADJ
cblr-9114	639	8	that	that	SCONJ
cblr-9114	639	9	“	"	PUNCT
cblr-9114	639	10	proposals	proposal	NOUN
cblr-9114	639	11	to	to	PART
cblr-9114	639	12	regulate	regulate	VERB
cblr-9114	639	13	or	or	CCONJ
cblr-9114	639	14	limit	limit	VERB
cblr-9114	639	15	the	the	DET
cblr-9114	639	16	use	use	NOUN
cblr-9114	639	17	of	of	ADP
cblr-9114	639	18	proxy	proxy	ADJ
cblr-9114	639	19	advisors	advisor	NOUN
cblr-9114	639	20	would	would	AUX
cblr-9114	639	21	exacerbate	exacerbate	VERB
cblr-9114	639	22	.	.	PUNCT
cblr-9114	639	23	.	.	PUNCT
cblr-9114	640	1	.	.	PUNCT
cblr-9114	641	1	concentration	concentration	NOUN
cblr-9114	641	2	in	in	ADP
cblr-9114	641	3	the	the	DET
cblr-9114	641	4	industry,”192	industry,”192	NOUN
cblr-9114	641	5	as	as	ADP
cblr-9114	641	6	“	"	PUNCT
cblr-9114	641	7	the	the	DET
cblr-9114	641	8	costs	cost	NOUN
cblr-9114	641	9	of	of	ADP
cblr-9114	641	10	regulation	regulation	NOUN
cblr-9114	641	11	are	be	AUX
cblr-9114	641	12	more	more	ADV
cblr-9114	641	13	easily	easily	ADV
cblr-9114	641	14	borne	bear	VERB
cblr-9114	641	15	by	by	ADP
cblr-9114	641	16	large	large	ADJ
cblr-9114	641	17	firms	firm	NOUN
cblr-9114	641	18	than	than	ADP
cblr-9114	641	19	by	by	ADP
cblr-9114	641	20	small	small	ADJ
cblr-9114	641	21	firms	firm	NOUN
cblr-9114	641	22	.	.	PUNCT
cblr-9114	641	23	”193	”193	PUNCT
cblr-9114	642	1	however	however	ADV
cblr-9114	642	2	,	,	PUNCT
cblr-9114	642	3	this	this	DET
cblr-9114	642	4	reform	reform	NOUN
cblr-9114	642	5	would	would	AUX
cblr-9114	642	6	not	not	PART
cblr-9114	642	7	exacerbate	exacerbate	VERB
cblr-9114	642	8	industry	industry	NOUN
cblr-9114	642	9	concentration	concentration	NOUN
cblr-9114	642	10	because	because	SCONJ
cblr-9114	642	11	it	it	PRON
cblr-9114	642	12	would	would	AUX
cblr-9114	642	13	primarily	primarily	ADV
cblr-9114	642	14	affect	affect	VERB
cblr-9114	642	15	iss	iss	PROPN
cblr-9114	642	16	,	,	PUNCT
cblr-9114	642	17	rather	rather	ADV
cblr-9114	642	18	than	than	ADP
cblr-9114	642	19	its	its	PRON
cblr-9114	642	20	competitors	competitor	NOUN
cblr-9114	642	21	,	,	PUNCT
cblr-9114	642	22	who	who	PRON
cblr-9114	642	23	“	"	PUNCT
cblr-9114	642	24	seek	seek	VERB
cblr-9114	642	25	to	to	PART
cblr-9114	642	26	differentiate	differentiate	VERB
cblr-9114	642	27	themselves	themselves	PRON
cblr-9114	642	28	from	from	ADP
cblr-9114	642	29	iss	iss	PROPN
cblr-9114	642	30	by	by	ADP
cblr-9114	642	31	stressing	stress	VERB
cblr-9114	642	32	that	that	SCONJ
cblr-9114	642	33	they	they	PRON
cblr-9114	642	34	have	have	VERB
cblr-9114	642	35	no	no	DET
cblr-9114	642	36	conflicts	conflict	NOUN
cblr-9114	642	37	of	of	ADP
cblr-9114	642	38	interest	interest	NOUN
cblr-9114	642	39	because	because	SCONJ
cblr-9114	642	40	they	they	PRON
cblr-9114	642	41	do	do	AUX
cblr-9114	642	42	not	not	PART
cblr-9114	642	43	offer	offer	VERB
cblr-9114	642	44	corporate	corporate	ADJ
cblr-9114	642	45	governance	governance	NOUN
cblr-9114	642	46	consulting	consulting	NOUN
cblr-9114	642	47	services	service	NOUN
cblr-9114	642	48	.	.	PUNCT
cblr-9114	643	1	”194	”194	PUNCT
cblr-9114	644	1	as	as	ADP
cblr-9114	644	2	a	a	DET
cblr-9114	644	3	result	result	NOUN
cblr-9114	644	4	of	of	ADP
cblr-9114	644	5	the	the	DET
cblr-9114	644	6	“	"	PUNCT
cblr-9114	644	7	firewall”195	firewall”195	NOUN
cblr-9114	644	8	already	already	ADV
cblr-9114	644	9	implemented	implement	VERB
cblr-9114	644	10	by	by	ADP
cblr-9114	644	11	iss	iss	PROPN
cblr-9114	644	12	,	,	PUNCT
cblr-9114	644	13	separating	separate	VERB
cblr-9114	644	14	iss	iss	PROPN
cblr-9114	644	15	’s	’s	PART
cblr-9114	644	16	consulting	consult	VERB
cblr-9114	644	17	business	business	NOUN
cblr-9114	644	18	should	should	AUX
cblr-9114	644	19	be	be	AUX
cblr-9114	644	20	a	a	DET
cblr-9114	644	21	fairly	fairly	ADV
cblr-9114	644	22	straightforward	straightforward	ADJ
cblr-9114	644	23	process	process	NOUN
cblr-9114	644	24	that	that	PRON
cblr-9114	644	25	would	would	AUX
cblr-9114	644	26	allow	allow	VERB
cblr-9114	644	27	its	its	PRON
cblr-9114	644	28	voting	voting	NOUN
cblr-9114	644	29	distribution	distribution	NOUN
cblr-9114	644	30	and	and	CCONJ
cblr-9114	644	31	advice	advice	NOUN
cblr-9114	644	32	business	business	NOUN
cblr-9114	644	33	to	to	PART
cblr-9114	644	34	continue	continue	VERB
cblr-9114	644	35	unhindered	unhindered	ADJ
cblr-9114	644	36	.	.	PUNCT
cblr-9114	645	1	as	as	SCONJ
cblr-9114	645	2	explained	explain	VERB
cblr-9114	645	3	by	by	ADP
cblr-9114	645	4	iss	iss	PROPN
cblr-9114	645	5	ceo	ceo	PROPN
cblr-9114	645	6	gary	gary	PROPN
cblr-9114	645	7	retelny	retelny	PROPN
cblr-9114	645	8	,	,	PUNCT
cblr-9114	645	9	ics	ics	PROPN
cblr-9114	645	10	is	be	AUX
cblr-9114	645	11	a	a	DET
cblr-9114	645	12	physically	physically	ADV
cblr-9114	645	13	and	and	CCONJ
cblr-9114	645	14	legally	legally	ADV
cblr-9114	645	15	distinct	distinct	ADJ
cblr-9114	645	16	entity	entity	NOUN
cblr-9114	645	17	from	from	ADP
cblr-9114	645	18	iss	iss	PROPN
cblr-9114	645	19	,	,	PUNCT
cblr-9114	645	20	with	with	ADP
cblr-9114	645	21	independent	independent	ADJ
cblr-9114	645	22	workflow	workflow	NOUN
cblr-9114	645	23	and	and	CCONJ
cblr-9114	645	24	separately	separately	ADV
cblr-9114	645	25	managed	manage	VERB
cblr-9114	645	26	day	day	NOUN
cblr-9114	645	27	-	-	PUNCT
cblr-9114	645	28	to	to	ADP
cblr-9114	645	29	-	-	PUNCT
cblr-9114	645	30	day	day	NOUN
cblr-9114	645	31	operations.196	operations.196	NOUN
cblr-9114	645	32	consequently	consequently	ADV
cblr-9114	645	33	,	,	PUNCT
cblr-9114	645	34	iss	iss	PROPN
cblr-9114	645	35	should	should	AUX
cblr-9114	645	36	have	have	VERB
cblr-9114	645	37	no	no	DET
cblr-9114	645	38	issues	issue	NOUN
cblr-9114	645	39	191	191	NUM
cblr-9114	645	40	see	see	VERB
cblr-9114	645	41	exemptions	exemption	NOUN
cblr-9114	645	42	from	from	ADP
cblr-9114	645	43	the	the	DET
cblr-9114	645	44	proxy	proxy	NOUN
cblr-9114	645	45	rules	rule	NOUN
cblr-9114	645	46	for	for	ADP
cblr-9114	645	47	proxy	proxy	ADJ
cblr-9114	645	48	voting	voting	NOUN
cblr-9114	645	49	advice	advice	NOUN
cblr-9114	645	50	,	,	PUNCT
cblr-9114	645	51	85	85	NUM
cblr-9114	645	52	fed	feed	VERB
cblr-9114	645	53	.	.	PUNCT
cblr-9114	646	1	reg	reg	PROPN
cblr-9114	646	2	.	.	PROPN
cblr-9114	647	1	55,082	55,082	NUM
cblr-9114	647	2	,	,	PUNCT
cblr-9114	647	3	55,098	55,098	NUM
cblr-9114	647	4	n.210	n.210	NOUN
cblr-9114	647	5	(	(	PUNCT
cblr-9114	647	6	sept	sept	PROPN
cblr-9114	647	7	.	.	PROPN
cblr-9114	647	8	3	3	NUM
cblr-9114	647	9	,	,	PUNCT
cblr-9114	647	10	2020	2020	NUM
cblr-9114	647	11	)	)	PUNCT
cblr-9114	647	12	(	(	PUNCT
cblr-9114	647	13	to	to	PART
cblr-9114	647	14	be	be	AUX
cblr-9114	647	15	codified	codify	VERB
cblr-9114	647	16	at	at	ADP
cblr-9114	647	17	17	17	NUM
cblr-9114	647	18	c.f.r	c.f.r	NOUN
cblr-9114	647	19	.	.	PUNCT
cblr-9114	648	1	pt	pt	PROPN
cblr-9114	648	2	.	.	PROPN
cblr-9114	648	3	240	240	NUM
cblr-9114	648	4	)	)	PUNCT
cblr-9114	648	5	(	(	PUNCT
cblr-9114	648	6	acknowledging	acknowledge	VERB
cblr-9114	648	7	“	"	PUNCT
cblr-9114	648	8	letters	letter	NOUN
cblr-9114	648	9	from	from	ADP
cblr-9114	648	10	garmin	garmin	PROPN
cblr-9114	648	11	(	(	PUNCT
cblr-9114	648	12	recommending	recommend	VERB
cblr-9114	648	13	that	that	SCONJ
cblr-9114	648	14	the	the	DET
cblr-9114	648	15	commission	commission	NOUN
cblr-9114	648	16	require	require	VERB
cblr-9114	648	17	proxy	proxy	ADJ
cblr-9114	648	18	voting	voting	NOUN
cblr-9114	648	19	advice	advice	NOUN
cblr-9114	648	20	businesses	business	NOUN
cblr-9114	648	21	to	to	PART
cblr-9114	648	22	separate	separate	VERB
cblr-9114	648	23	their	their	PRON
cblr-9114	648	24	proxy	proxy	ADJ
cblr-9114	648	25	advisory	advisory	ADJ
cblr-9114	648	26	businesses	business	NOUN
cblr-9114	648	27	from	from	ADP
cblr-9114	648	28	their	their	PRON
cblr-9114	648	29	consulting	consulting	NOUN
cblr-9114	648	30	businesses	business	NOUN
cblr-9114	648	31	”	"	PUNCT
cblr-9114	648	32	)	)	PUNCT
cblr-9114	648	33	;	;	PUNCT
cblr-9114	648	34	chanis	chani	NOUN
cblr-9114	648	35	,	,	PUNCT
cblr-9114	648	36	supra	supra	PROPN
cblr-9114	648	37	note	note	NOUN
cblr-9114	648	38	75	75	NUM
cblr-9114	648	39	(	(	PUNCT
cblr-9114	648	40	recommending	recommend	VERB
cblr-9114	648	41	that	that	SCONJ
cblr-9114	648	42	the	the	DET
cblr-9114	648	43	commission	commission	NOUN
cblr-9114	648	44	prohibit	prohibit	VERB
cblr-9114	648	45	proxy	proxy	NOUN
cblr-9114	648	46	voting	voting	NOUN
cblr-9114	648	47	advice	advice	NOUN
cblr-9114	648	48	businesses	business	NOUN
cblr-9114	648	49	from	from	ADP
cblr-9114	648	50	also	also	ADV
cblr-9114	648	51	providing	provide	VERB
cblr-9114	648	52	consulting	consulting	NOUN
cblr-9114	648	53	services	service	NOUN
cblr-9114	648	54	to	to	ADP
cblr-9114	648	55	companies	company	NOUN
cblr-9114	648	56	that	that	PRON
cblr-9114	648	57	are	be	AUX
cblr-9114	648	58	the	the	DET
cblr-9114	648	59	subject	subject	NOUN
cblr-9114	648	60	of	of	ADP
cblr-9114	648	61	their	their	PRON
cblr-9114	648	62	proxy	proxy	ADJ
cblr-9114	648	63	voting	voting	NOUN
cblr-9114	648	64	advice	advice	NOUN
cblr-9114	648	65	)	)	PUNCT
cblr-9114	648	66	.	.	PUNCT
cblr-9114	649	1	192	192	NUM
cblr-9114	649	2	dent	dent	NOUN
cblr-9114	649	3	,	,	PUNCT
cblr-9114	649	4	supra	supra	PROPN
cblr-9114	649	5	note	note	NOUN
cblr-9114	649	6	46	46	NUM
cblr-9114	649	7	,	,	PUNCT
cblr-9114	649	8	at	at	ADP
cblr-9114	649	9	1308	1308	NUM
cblr-9114	649	10	.	.	PUNCT
cblr-9114	650	1	193	193	NUM
cblr-9114	651	1	i	i	PRON
cblr-9114	651	2	d.	d.	VERB
cblr-9114	651	3	at	at	ADP
cblr-9114	651	4	1308–09	1308–09	NUM
cblr-9114	651	5	.	.	PUNCT
cblr-9114	652	1	194	194	NUM
cblr-9114	653	1	i	i	PRON
cblr-9114	653	2	d.	d.	PROPN
cblr-9114	653	3	at	at	ADP
cblr-9114	653	4	1320	1320	NUM
cblr-9114	653	5	.	.	PUNCT
cblr-9114	654	1	195	195	NUM
cblr-9114	654	2	see	see	VERB
cblr-9114	654	3	institutional	institutional	ADJ
cblr-9114	654	4	s’holder	s’holder	PROPN
cblr-9114	654	5	serv	serv	PROPN
cblr-9114	654	6	.	.	PROPN
cblr-9114	654	7	,	,	PUNCT
cblr-9114	654	8	supra	supra	PROPN
cblr-9114	654	9	note	note	NOUN
cblr-9114	654	10	23	23	NUM
cblr-9114	654	11	.	.	PUNCT
cblr-9114	655	1	196	196	NUM
cblr-9114	655	2	i	i	PROPN
cblr-9114	655	3	d.	d.	PROPN
cblr-9114	655	4	1534	1534	NUM
cblr-9114	655	5	columbia	columbia	PROPN
cblr-9114	655	6	business	business	NOUN
cblr-9114	655	7	law	law	PROPN
cblr-9114	655	8	review	review	NOUN
cblr-9114	655	9	[	[	X
cblr-9114	655	10	vol	vol	NOUN
cblr-9114	655	11	.	.	NOUN
cblr-9114	655	12	2021	2021	NUM
cblr-9114	655	13	spinning	spin	VERB
cblr-9114	655	14	off	off	ADP
cblr-9114	655	15	ics	ic	NOUN
cblr-9114	655	16	,	,	PUNCT
cblr-9114	655	17	resulting	result	VERB
cblr-9114	655	18	in	in	ADP
cblr-9114	655	19	a	a	DET
cblr-9114	655	20	genuine	genuine	ADJ
cblr-9114	655	21	separation	separation	NOUN
cblr-9114	655	22	of	of	ADP
cblr-9114	655	23	the	the	DET
cblr-9114	655	24	two	two	NUM
cblr-9114	655	25	businesses	business	NOUN
cblr-9114	655	26	,	,	PUNCT
cblr-9114	655	27	rather	rather	ADV
cblr-9114	655	28	than	than	ADP
cblr-9114	655	29	an	an	DET
cblr-9114	655	30	inferior	inferior	ADJ
cblr-9114	655	31	substitution	substitution	NOUN
cblr-9114	655	32	in	in	ADP
cblr-9114	655	33	the	the	DET
cblr-9114	655	34	form	form	NOUN
cblr-9114	655	35	of	of	ADP
cblr-9114	655	36	a	a	DET
cblr-9114	655	37	firewall	firewall	NOUN
cblr-9114	655	38	.	.	PUNCT
cblr-9114	656	1	while	while	SCONJ
cblr-9114	656	2	this	this	DET
cblr-9114	656	3	solution	solution	NOUN
cblr-9114	656	4	would	would	AUX
cblr-9114	656	5	allow	allow	VERB
cblr-9114	656	6	for	for	ADP
cblr-9114	656	7	increased	increase	VERB
cblr-9114	656	8	confidence	confidence	NOUN
cblr-9114	656	9	in	in	ADP
cblr-9114	656	10	iss	iss	PROPN
cblr-9114	656	11	’s	’s	PART
cblr-9114	656	12	voting	voting	NOUN
cblr-9114	656	13	recommendations	recommendation	NOUN
cblr-9114	656	14	,	,	PUNCT
cblr-9114	656	15	it	it	PRON
cblr-9114	656	16	fails	fail	VERB
cblr-9114	656	17	to	to	PART
cblr-9114	656	18	address	address	VERB
cblr-9114	656	19	several	several	ADJ
cblr-9114	656	20	concerns	concern	NOUN
cblr-9114	656	21	.	.	PUNCT
cblr-9114	657	1	first	first	ADV
cblr-9114	657	2	,	,	PUNCT
cblr-9114	657	3	the	the	DET
cblr-9114	657	4	commission	commission	NOUN
cblr-9114	657	5	acknowledged	acknowledge	VERB
cblr-9114	657	6	this	this	DET
cblr-9114	657	7	proposal	proposal	NOUN
cblr-9114	657	8	and	and	CCONJ
cblr-9114	657	9	promptly	promptly	ADV
cblr-9114	657	10	disregarded	disregard	VERB
cblr-9114	657	11	it	it	PRON
cblr-9114	657	12	when	when	SCONJ
cblr-9114	657	13	issuing	issue	VERB
cblr-9114	657	14	final	final	ADJ
cblr-9114	657	15	rules	rule	NOUN
cblr-9114	657	16	on	on	ADP
cblr-9114	657	17	july	july	PROPN
cblr-9114	657	18	22	22	NUM
cblr-9114	657	19	,	,	PUNCT
cblr-9114	657	20	2020.197	2020.197	NUM
cblr-9114	657	21	the	the	DET
cblr-9114	657	22	commission	commission	NOUN
cblr-9114	657	23	only	only	ADV
cblr-9114	657	24	briefly	briefly	ADV
cblr-9114	657	25	described	describe	VERB
cblr-9114	657	26	the	the	DET
cblr-9114	657	27	comment	comment	NOUN
cblr-9114	657	28	letters	letter	NOUN
cblr-9114	657	29	advocating	advocate	VERB
cblr-9114	657	30	this	this	DET
cblr-9114	657	31	reform	reform	NOUN
cblr-9114	657	32	—	—	PUNCT
cblr-9114	657	33	it	it	PRON
cblr-9114	657	34	neither	neither	CCONJ
cblr-9114	657	35	discussed	discuss	VERB
cblr-9114	657	36	the	the	DET
cblr-9114	657	37	merits	merit	NOUN
cblr-9114	657	38	and	and	CCONJ
cblr-9114	657	39	drawbacks	drawback	NOUN
cblr-9114	657	40	of	of	ADP
cblr-9114	657	41	the	the	DET
cblr-9114	657	42	proposal	proposal	NOUN
cblr-9114	657	43	nor	nor	CCONJ
cblr-9114	657	44	provided	provide	VERB
cblr-9114	657	45	a	a	DET
cblr-9114	657	46	rationale	rationale	NOUN
cblr-9114	657	47	for	for	ADP
cblr-9114	657	48	disregarding	disregard	VERB
cblr-9114	657	49	it	it	PRON
cblr-9114	657	50	,	,	PUNCT
cblr-9114	657	51	suggesting	suggest	VERB
cblr-9114	657	52	that	that	SCONJ
cblr-9114	657	53	it	it	PRON
cblr-9114	657	54	did	do	AUX
cblr-9114	657	55	not	not	PART
cblr-9114	657	56	seriously	seriously	ADV
cblr-9114	657	57	consider	consider	VERB
cblr-9114	657	58	implementing	implement	VERB
cblr-9114	657	59	such	such	DET
cblr-9114	657	60	a	a	DET
cblr-9114	657	61	regime.198	regime.198	NOUN
cblr-9114	657	62	there	there	PRON
cblr-9114	657	63	are	be	VERB
cblr-9114	657	64	numerous	numerous	ADJ
cblr-9114	657	65	possible	possible	ADJ
cblr-9114	657	66	reasons	reason	NOUN
cblr-9114	657	67	for	for	ADP
cblr-9114	657	68	the	the	DET
cblr-9114	657	69	lack	lack	NOUN
cblr-9114	657	70	of	of	ADP
cblr-9114	657	71	consideration	consideration	NOUN
cblr-9114	657	72	,	,	PUNCT
cblr-9114	657	73	such	such	ADJ
cblr-9114	657	74	as	as	ADP
cblr-9114	657	75	its	its	PRON
cblr-9114	657	76	great	great	ADJ
cblr-9114	657	77	divergence	divergence	NOUN
cblr-9114	657	78	from	from	ADP
cblr-9114	657	79	the	the	DET
cblr-9114	657	80	commission	commission	NOUN
cblr-9114	657	81	’s	’s	PART
cblr-9114	657	82	2019	2019	NUM
cblr-9114	657	83	proposed	propose	VERB
cblr-9114	657	84	rules199	rules199	PROPN
cblr-9114	657	85	and	and	CCONJ
cblr-9114	657	86	the	the	DET
cblr-9114	657	87	commission	commission	NOUN
cblr-9114	657	88	’s	’s	PART
cblr-9114	657	89	potential	potential	ADJ
cblr-9114	657	90	preference	preference	NOUN
cblr-9114	657	91	for	for	ADP
cblr-9114	657	92	more	more	ADV
cblr-9114	657	93	gradual	gradual	ADJ
cblr-9114	657	94	reforms	reform	NOUN
cblr-9114	657	95	;	;	PUNCT
cblr-9114	657	96	however	however	ADV
cblr-9114	657	97	,	,	PUNCT
cblr-9114	657	98	this	this	PRON
cblr-9114	657	99	does	do	AUX
cblr-9114	657	100	cast	cast	VERB
cblr-9114	657	101	doubt	doubt	NOUN
cblr-9114	657	102	on	on	ADP
cblr-9114	657	103	the	the	DET
cblr-9114	657	104	feasibility	feasibility	NOUN
cblr-9114	657	105	of	of	ADP
cblr-9114	657	106	convincing	convince	VERB
cblr-9114	657	107	the	the	DET
cblr-9114	657	108	commission	commission	NOUN
cblr-9114	657	109	to	to	PART
cblr-9114	657	110	more	more	ADV
cblr-9114	657	111	seriously	seriously	ADV
cblr-9114	657	112	review	review	VERB
cblr-9114	657	113	this	this	DET
cblr-9114	657	114	reform	reform	NOUN
cblr-9114	657	115	.	.	PUNCT
cblr-9114	658	1	nonetheless	nonetheless	ADV
cblr-9114	658	2	,	,	PUNCT
cblr-9114	658	3	advocacy	advocacy	NOUN
cblr-9114	658	4	beyond	beyond	ADP
cblr-9114	658	5	several	several	ADJ
cblr-9114	658	6	comment	comment	NOUN
cblr-9114	658	7	letters	letter	NOUN
cblr-9114	658	8	may	may	AUX
cblr-9114	658	9	prove	prove	VERB
cblr-9114	658	10	more	more	ADV
cblr-9114	658	11	effective	effective	ADJ
cblr-9114	658	12	,	,	PUNCT
cblr-9114	658	13	and	and	CCONJ
cblr-9114	658	14	future	future	ADJ
cblr-9114	658	15	commissioners	commissioner	NOUN
cblr-9114	658	16	may	may	AUX
cblr-9114	658	17	also	also	ADV
cblr-9114	658	18	prove	prove	VERB
cblr-9114	658	19	more	more	ADV
cblr-9114	658	20	amenable	amenable	ADJ
cblr-9114	658	21	.	.	PUNCT
cblr-9114	659	1	furthermore	furthermore	ADV
cblr-9114	659	2	,	,	PUNCT
cblr-9114	659	3	a	a	DET
cblr-9114	659	4	spin	spin	NOUN
cblr-9114	659	5	-	-	PUNCT
cblr-9114	659	6	off	off	NOUN
cblr-9114	659	7	would	would	AUX
cblr-9114	659	8	not	not	PART
cblr-9114	659	9	address	address	VERB
cblr-9114	659	10	additional	additional	ADJ
cblr-9114	659	11	conflicts	conflict	NOUN
cblr-9114	659	12	of	of	ADP
cblr-9114	659	13	interest	interest	NOUN
cblr-9114	659	14	,	,	PUNCT
cblr-9114	659	15	including	include	VERB
cblr-9114	659	16	“	"	PUNCT
cblr-9114	659	17	providing	provide	VERB
cblr-9114	659	18	voting	voting	NOUN
cblr-9114	659	19	advice	advice	NOUN
cblr-9114	659	20	on	on	ADP
cblr-9114	659	21	a	a	DET
cblr-9114	659	22	matter	matter	NOUN
cblr-9114	659	23	in	in	ADP
cblr-9114	659	24	which	which	PRON
cblr-9114	659	25	its	its	PRON
cblr-9114	659	26	affiliates	affiliate	NOUN
cblr-9114	659	27	or	or	CCONJ
cblr-9114	659	28	one	one	NUM
cblr-9114	659	29	or	or	CCONJ
cblr-9114	659	30	more	more	ADJ
cblr-9114	659	31	of	of	ADP
cblr-9114	659	32	its	its	PRON
cblr-9114	659	33	clients	client	NOUN
cblr-9114	659	34	has	have	VERB
cblr-9114	659	35	a	a	DET
cblr-9114	659	36	material	material	ADJ
cblr-9114	659	37	interest	interest	NOUN
cblr-9114	659	38	”	"	PUNCT
cblr-9114	659	39	and	and	CCONJ
cblr-9114	659	40	“	"	PUNCT
cblr-9114	659	41	providing	provide	VERB
cblr-9114	659	42	voting	voting	NOUN
cblr-9114	659	43	advice	advice	NOUN
cblr-9114	659	44	with	with	ADP
cblr-9114	659	45	respect	respect	NOUN
cblr-9114	659	46	197	197	NUM
cblr-9114	659	47	see	see	VERB
cblr-9114	659	48	exemptions	exemption	NOUN
cblr-9114	659	49	from	from	ADP
cblr-9114	659	50	the	the	DET
cblr-9114	659	51	proxy	proxy	NOUN
cblr-9114	659	52	rules	rule	NOUN
cblr-9114	659	53	for	for	ADP
cblr-9114	659	54	proxy	proxy	ADJ
cblr-9114	659	55	voting	voting	NOUN
cblr-9114	659	56	advice	advice	NOUN
cblr-9114	659	57	,	,	PUNCT
cblr-9114	659	58	85	85	NUM
cblr-9114	659	59	fed	feed	VERB
cblr-9114	659	60	.	.	PUNCT
cblr-9114	660	1	reg	reg	PROPN
cblr-9114	660	2	.	.	PROPN
cblr-9114	661	1	55,082	55,082	NUM
cblr-9114	661	2	,	,	PUNCT
cblr-9114	661	3	55,098	55,098	NUM
cblr-9114	661	4	n.210	n.210	NOUN
cblr-9114	661	5	(	(	PUNCT
cblr-9114	661	6	sept	sept	PROPN
cblr-9114	661	7	.	.	PROPN
cblr-9114	661	8	3	3	NUM
cblr-9114	661	9	,	,	PUNCT
cblr-9114	661	10	2020	2020	NUM
cblr-9114	661	11	)	)	PUNCT
cblr-9114	661	12	(	(	PUNCT
cblr-9114	661	13	to	to	PART
cblr-9114	661	14	be	be	AUX
cblr-9114	661	15	codified	codify	VERB
cblr-9114	661	16	at	at	ADP
cblr-9114	661	17	17	17	NUM
cblr-9114	661	18	c.f.r	c.f.r	NOUN
cblr-9114	661	19	.	.	PUNCT
cblr-9114	662	1	pt	pt	PROPN
cblr-9114	662	2	.	.	PROPN
cblr-9114	662	3	240	240	NUM
cblr-9114	662	4	)	)	PUNCT
cblr-9114	662	5	(	(	PUNCT
cblr-9114	662	6	acknowledging	acknowledge	VERB
cblr-9114	662	7	“	"	PUNCT
cblr-9114	662	8	letters	letter	NOUN
cblr-9114	662	9	from	from	ADP
cblr-9114	662	10	garmin	garmin	PROPN
cblr-9114	662	11	(	(	PUNCT
cblr-9114	662	12	recommending	recommend	VERB
cblr-9114	662	13	that	that	SCONJ
cblr-9114	662	14	the	the	DET
cblr-9114	662	15	commission	commission	NOUN
cblr-9114	662	16	require	require	VERB
cblr-9114	662	17	proxy	proxy	ADJ
cblr-9114	662	18	voting	voting	NOUN
cblr-9114	662	19	advice	advice	NOUN
cblr-9114	662	20	businesses	business	NOUN
cblr-9114	662	21	to	to	PART
cblr-9114	662	22	separate	separate	VERB
cblr-9114	662	23	their	their	PRON
cblr-9114	662	24	proxy	proxy	ADJ
cblr-9114	662	25	advisory	advisory	ADJ
cblr-9114	662	26	businesses	business	NOUN
cblr-9114	662	27	from	from	ADP
cblr-9114	662	28	their	their	PRON
cblr-9114	662	29	consulting	consulting	NOUN
cblr-9114	662	30	businesses	business	NOUN
cblr-9114	662	31	”	"	PUNCT
cblr-9114	662	32	)	)	PUNCT
cblr-9114	662	33	;	;	PUNCT
cblr-9114	662	34	chanis	chani	NOUN
cblr-9114	662	35	,	,	PUNCT
cblr-9114	662	36	supra	supra	PROPN
cblr-9114	662	37	note	note	NOUN
cblr-9114	662	38	75	75	NUM
cblr-9114	662	39	(	(	PUNCT
cblr-9114	662	40	recommending	recommend	VERB
cblr-9114	662	41	that	that	SCONJ
cblr-9114	662	42	the	the	DET
cblr-9114	662	43	commission	commission	NOUN
cblr-9114	662	44	prohibit	prohibit	VERB
cblr-9114	662	45	proxy	proxy	NOUN
cblr-9114	662	46	voting	voting	NOUN
cblr-9114	662	47	advice	advice	NOUN
cblr-9114	662	48	businesses	business	NOUN
cblr-9114	662	49	from	from	ADP
cblr-9114	662	50	also	also	ADV
cblr-9114	662	51	providing	provide	VERB
cblr-9114	662	52	consulting	consulting	NOUN
cblr-9114	662	53	services	service	NOUN
cblr-9114	662	54	to	to	ADP
cblr-9114	662	55	companies	company	NOUN
cblr-9114	662	56	that	that	PRON
cblr-9114	662	57	are	be	AUX
cblr-9114	662	58	the	the	DET
cblr-9114	662	59	subject	subject	NOUN
cblr-9114	662	60	of	of	ADP
cblr-9114	662	61	their	their	PRON
cblr-9114	662	62	proxy	proxy	ADJ
cblr-9114	662	63	voting	voting	NOUN
cblr-9114	662	64	advice	advice	NOUN
cblr-9114	662	65	)	)	PUNCT
cblr-9114	662	66	.	.	PUNCT
cblr-9114	663	1	198	198	NUM
cblr-9114	663	2	see	see	VERB
cblr-9114	663	3	exemptions	exemption	NOUN
cblr-9114	663	4	from	from	ADP
cblr-9114	663	5	the	the	DET
cblr-9114	663	6	proxy	proxy	NOUN
cblr-9114	663	7	rules	rule	NOUN
cblr-9114	663	8	for	for	ADP
cblr-9114	663	9	proxy	proxy	ADJ
cblr-9114	663	10	voting	voting	NOUN
cblr-9114	663	11	advice	advice	NOUN
cblr-9114	663	12	,	,	PUNCT
cblr-9114	663	13	85	85	NUM
cblr-9114	663	14	fed	feed	VERB
cblr-9114	663	15	.	.	PUNCT
cblr-9114	664	1	reg	reg	PROPN
cblr-9114	664	2	.	.	PROPN
cblr-9114	665	1	55,082	55,082	NUM
cblr-9114	665	2	,	,	PUNCT
cblr-9114	665	3	55,098	55,098	NUM
cblr-9114	665	4	n.210	n.210	NOUN
cblr-9114	665	5	(	(	PUNCT
cblr-9114	665	6	sept	sept	PROPN
cblr-9114	665	7	.	.	PROPN
cblr-9114	665	8	3	3	NUM
cblr-9114	665	9	,	,	PUNCT
cblr-9114	665	10	2020	2020	NUM
cblr-9114	665	11	)	)	PUNCT
cblr-9114	665	12	(	(	PUNCT
cblr-9114	665	13	to	to	PART
cblr-9114	665	14	be	be	AUX
cblr-9114	665	15	codified	codify	VERB
cblr-9114	665	16	at	at	ADP
cblr-9114	665	17	17	17	NUM
cblr-9114	665	18	c.f.r	c.f.r	NOUN
cblr-9114	665	19	.	.	PUNCT
cblr-9114	666	1	pt	pt	PROPN
cblr-9114	666	2	.	.	PROPN
cblr-9114	666	3	240	240	NUM
cblr-9114	666	4	)	)	PUNCT
cblr-9114	666	5	199	199	NUM
cblr-9114	666	6	compare	compare	NOUN
cblr-9114	666	7	exemptions	exemption	NOUN
cblr-9114	666	8	from	from	ADP
cblr-9114	666	9	the	the	DET
cblr-9114	666	10	proxy	proxy	NOUN
cblr-9114	666	11	rules	rule	NOUN
cblr-9114	666	12	for	for	ADP
cblr-9114	666	13	proxy	proxy	ADJ
cblr-9114	666	14	voting	voting	NOUN
cblr-9114	666	15	advice	advice	NOUN
cblr-9114	666	16	,	,	PUNCT
cblr-9114	666	17	85	85	NUM
cblr-9114	666	18	fed	feed	VERB
cblr-9114	666	19	.	.	PUNCT
cblr-9114	667	1	reg	reg	PROPN
cblr-9114	667	2	.	.	PROPN
cblr-9114	668	1	55,082	55,082	NUM
cblr-9114	668	2	(	(	PUNCT
cblr-9114	668	3	sept	sept	PROPN
cblr-9114	668	4	.	.	PROPN
cblr-9114	668	5	3	3	NUM
cblr-9114	668	6	,	,	PUNCT
cblr-9114	668	7	2020	2020	NUM
cblr-9114	668	8	)	)	PUNCT
cblr-9114	668	9	(	(	PUNCT
cblr-9114	668	10	to	to	PART
cblr-9114	668	11	be	be	AUX
cblr-9114	668	12	codified	codify	VERB
cblr-9114	668	13	at	at	ADP
cblr-9114	668	14	17	17	NUM
cblr-9114	668	15	c.f.r	c.f.r	NOUN
cblr-9114	668	16	.	.	PUNCT
cblr-9114	669	1	pt	pt	PROPN
cblr-9114	669	2	.	.	PROPN
cblr-9114	669	3	240	240	NUM
cblr-9114	669	4	)	)	PUNCT
cblr-9114	669	5	with	with	ADP
cblr-9114	669	6	amendments	amendment	NOUN
cblr-9114	669	7	to	to	ADP
cblr-9114	669	8	exemptions	exemption	NOUN
cblr-9114	669	9	from	from	ADP
cblr-9114	669	10	the	the	DET
cblr-9114	669	11	proxy	proxy	NOUN
cblr-9114	669	12	rules	rule	NOUN
cblr-9114	669	13	for	for	ADP
cblr-9114	669	14	proxy	proxy	ADJ
cblr-9114	669	15	voting	voting	NOUN
cblr-9114	669	16	advice	advice	NOUN
cblr-9114	669	17	,	,	PUNCT
cblr-9114	669	18	84	84	NUM
cblr-9114	669	19	fed	feed	VERB
cblr-9114	669	20	.	.	PUNCT
cblr-9114	670	1	reg	reg	PROPN
cblr-9114	670	2	.	.	PROPN
cblr-9114	671	1	66,518	66,518	NUM
cblr-9114	671	2	,	,	PUNCT
cblr-9114	671	3	66,526	66,526	NUM
cblr-9114	671	4	(	(	PUNCT
cblr-9114	671	5	proposed	propose	VERB
cblr-9114	671	6	dec	dec	PROPN
cblr-9114	671	7	.	.	PROPN
cblr-9114	671	8	4	4	NUM
cblr-9114	671	9	,	,	PUNCT
cblr-9114	671	10	2019	2019	NUM
cblr-9114	671	11	)	)	PUNCT
cblr-9114	671	12	(	(	PUNCT
cblr-9114	671	13	to	to	PART
cblr-9114	671	14	be	be	AUX
cblr-9114	671	15	codified	codify	VERB
cblr-9114	671	16	at	at	ADP
cblr-9114	671	17	17	17	NUM
cblr-9114	671	18	c.f.r	c.f.r	NOUN
cblr-9114	671	19	.	.	PUNCT
cblr-9114	672	1	pt	pt	PROPN
cblr-9114	672	2	.	.	PROPN
cblr-9114	672	3	240	240	NUM
cblr-9114	672	4	)	)	PUNCT
cblr-9114	672	5	.	.	PUNCT
cblr-9114	673	1	no	no	INTJ
cblr-9114	673	2	.	.	PUNCT
cblr-9114	674	1	3:1487	3:1487	NUM
cblr-9114	674	2	]	]	X
cblr-9114	674	3	proxy	proxy	ADJ
cblr-9114	674	4	advisory	advisory	ADJ
cblr-9114	674	5	firms	firm	NOUN
cblr-9114	674	6	’	'	PUNCT
cblr-9114	674	7	conflicts	conflict	NOUN
cblr-9114	674	8	of	of	ADP
cblr-9114	674	9	interest	interest	NOUN
cblr-9114	674	10	1535	1535	NUM
cblr-9114	674	11	to	to	ADP
cblr-9114	674	12	a	a	DET
cblr-9114	674	13	registrant	registrant	NOUN
cblr-9114	674	14	’s	’s	PART
cblr-9114	674	15	shareholder	shareholder	NOUN
cblr-9114	674	16	meeting	meeting	NOUN
cblr-9114	674	17	while	while	SCONJ
cblr-9114	674	18	affiliates	affiliate	NOUN
cblr-9114	674	19	of	of	ADP
cblr-9114	674	20	the	the	DET
cblr-9114	674	21	proxy	proxy	ADJ
cblr-9114	674	22	voting	voting	NOUN
cblr-9114	674	23	advice	advice	NOUN
cblr-9114	674	24	business	business	NOUN
cblr-9114	674	25	hold	hold	VERB
cblr-9114	674	26	a	a	DET
cblr-9114	674	27	significant	significant	ADJ
cblr-9114	674	28	ownership	ownership	NOUN
cblr-9114	674	29	interest	interest	NOUN
cblr-9114	674	30	in	in	ADP
cblr-9114	674	31	the	the	DET
cblr-9114	674	32	registrant	registrant	NOUN
cblr-9114	674	33	.	.	PUNCT
cblr-9114	674	34	”200	”200	PUNCT
cblr-9114	675	1	these	these	DET
cblr-9114	675	2	conflicts	conflict	NOUN
cblr-9114	675	3	will	will	AUX
cblr-9114	675	4	persist	persist	VERB
cblr-9114	675	5	in	in	ADP
cblr-9114	675	6	all	all	DET
cblr-9114	675	7	proxy	proxy	ADJ
cblr-9114	675	8	advisory	advisory	ADJ
cblr-9114	675	9	firms	firm	NOUN
cblr-9114	675	10	and	and	CCONJ
cblr-9114	675	11	appear	appear	VERB
cblr-9114	675	12	extremely	extremely	ADV
cblr-9114	675	13	difficult	difficult	ADJ
cblr-9114	675	14	to	to	PART
cblr-9114	675	15	eliminate	eliminate	VERB
cblr-9114	675	16	.	.	PUNCT
cblr-9114	676	1	as	as	SCONJ
cblr-9114	676	2	discussed	discuss	VERB
cblr-9114	676	3	below	below	ADV
cblr-9114	676	4	,	,	PUNCT
cblr-9114	676	5	however	however	ADV
cblr-9114	676	6	,	,	PUNCT
cblr-9114	676	7	improved	improved	ADJ
cblr-9114	676	8	monitoring	monitoring	NOUN
cblr-9114	676	9	by	by	ADP
cblr-9114	676	10	investment	investment	NOUN
cblr-9114	676	11	advisers	adviser	NOUN
cblr-9114	676	12	and	and	CCONJ
cblr-9114	676	13	the	the	DET
cblr-9114	676	14	elimination	elimination	NOUN
cblr-9114	676	15	of	of	ADP
cblr-9114	676	16	robo	robo	NOUN
cblr-9114	676	17	-	-	PUNCT
cblr-9114	676	18	voting	voting	NOUN
cblr-9114	676	19	could	could	AUX
cblr-9114	676	20	serve	serve	VERB
cblr-9114	676	21	to	to	PART
cblr-9114	676	22	minimize	minimize	VERB
cblr-9114	676	23	their	their	PRON
cblr-9114	676	24	impacts	impact	NOUN
cblr-9114	676	25	.	.	PUNCT
cblr-9114	677	1	requiring	require	VERB
cblr-9114	677	2	investment	investment	NOUN
cblr-9114	677	3	advisors	advisor	NOUN
cblr-9114	677	4	to	to	PART
cblr-9114	677	5	employ	employ	VERB
cblr-9114	677	6	more	more	ADJ
cblr-9114	677	7	than	than	ADP
cblr-9114	677	8	one	one	NUM
cblr-9114	677	9	proxy	proxy	NOUN
cblr-9114	677	10	advisory	advisory	ADJ
cblr-9114	677	11	firm	firm	NOUN
cblr-9114	677	12	presents	present	VERB
cblr-9114	677	13	a	a	DET
cblr-9114	677	14	more	more	ADV
cblr-9114	677	15	effective	effective	ADJ
cblr-9114	677	16	strategy	strategy	NOUN
cblr-9114	677	17	for	for	ADP
cblr-9114	677	18	reducing	reduce	VERB
cblr-9114	677	19	these	these	DET
cblr-9114	677	20	conflicts	conflict	NOUN
cblr-9114	677	21	than	than	ADP
cblr-9114	677	22	separating	separate	VERB
cblr-9114	677	23	the	the	DET
cblr-9114	677	24	advisory	advisory	ADJ
cblr-9114	677	25	and	and	CCONJ
cblr-9114	677	26	rating	rating	NOUN
cblr-9114	677	27	businesses	business	NOUN
cblr-9114	677	28	.	.	PUNCT
cblr-9114	678	1	this	this	DET
cblr-9114	678	2	solution	solution	NOUN
cblr-9114	678	3	also	also	ADV
cblr-9114	678	4	fails	fail	VERB
cblr-9114	678	5	to	to	PART
cblr-9114	678	6	address	address	VERB
cblr-9114	678	7	the	the	DET
cblr-9114	678	8	rise	rise	NOUN
cblr-9114	678	9	in	in	ADP
cblr-9114	678	10	robo	robo	NOUN
cblr-9114	678	11	-	-	PUNCT
cblr-9114	678	12	voting	voting	NOUN
cblr-9114	678	13	by	by	ADP
cblr-9114	678	14	investment	investment	NOUN
cblr-9114	678	15	advisers	adviser	NOUN
cblr-9114	678	16	.	.	PUNCT
cblr-9114	679	1	while	while	SCONJ
cblr-9114	679	2	eliminating	eliminate	VERB
cblr-9114	679	3	two	two	NUM
cblr-9114	679	4	of	of	ADP
cblr-9114	679	5	the	the	DET
cblr-9114	679	6	proxy	proxy	ADJ
cblr-9114	679	7	advisory	advisory	ADJ
cblr-9114	679	8	firm	firm	NOUN
cblr-9114	679	9	industry	industry	NOUN
cblr-9114	679	10	’s	’s	PART
cblr-9114	679	11	most	most	ADV
cblr-9114	679	12	troubling	troubling	ADJ
cblr-9114	679	13	conflicts	conflict	NOUN
cblr-9114	679	14	of	of	ADP
cblr-9114	679	15	interest	interest	NOUN
cblr-9114	679	16	serves	serve	VERB
cblr-9114	679	17	to	to	PART
cblr-9114	679	18	decrease	decrease	VERB
cblr-9114	679	19	the	the	DET
cblr-9114	679	20	risks	risk	NOUN
cblr-9114	679	21	of	of	ADP
cblr-9114	679	22	robo	robo	NOUN
cblr-9114	679	23	-	-	PUNCT
cblr-9114	679	24	voting	voting	NOUN
cblr-9114	679	25	,	,	PUNCT
cblr-9114	679	26	additional	additional	ADJ
cblr-9114	679	27	concerns	concern	NOUN
cblr-9114	679	28	such	such	ADJ
cblr-9114	679	29	as	as	ADP
cblr-9114	679	30	other	other	ADJ
cblr-9114	679	31	conflicts	conflict	NOUN
cblr-9114	679	32	,	,	PUNCT
cblr-9114	679	33	errors	error	NOUN
cblr-9114	679	34	and	and	CCONJ
cblr-9114	679	35	generic	generic	ADJ
cblr-9114	679	36	policies	policy	NOUN
cblr-9114	679	37	remain	remain	VERB
cblr-9114	679	38	,	,	PUNCT
cblr-9114	679	39	and	and	CCONJ
cblr-9114	679	40	investment	investment	NOUN
cblr-9114	679	41	advisors	advisor	NOUN
cblr-9114	679	42	should	should	AUX
cblr-9114	679	43	not	not	PART
cblr-9114	679	44	be	be	AUX
cblr-9114	679	45	permitted	permit	VERB
cblr-9114	679	46	to	to	PART
cblr-9114	679	47	fully	fully	ADV
cblr-9114	679	48	outsource	outsource	VERB
cblr-9114	679	49	their	their	PRON
cblr-9114	679	50	voting	voting	NOUN
cblr-9114	679	51	responsibilities	responsibility	NOUN
cblr-9114	679	52	.	.	PUNCT
cblr-9114	680	1	as	as	ADP
cblr-9114	680	2	such	such	ADJ
cblr-9114	680	3	,	,	PUNCT
cblr-9114	680	4	this	this	DET
cblr-9114	680	5	reform	reform	NOUN
cblr-9114	680	6	would	would	AUX
cblr-9114	680	7	need	need	VERB
cblr-9114	680	8	to	to	PART
cblr-9114	680	9	be	be	AUX
cblr-9114	680	10	combined	combine	VERB
cblr-9114	680	11	with	with	ADP
cblr-9114	680	12	stricter	strict	ADJ
cblr-9114	680	13	guidance	guidance	NOUN
cblr-9114	680	14	regarding	regard	VERB
cblr-9114	680	15	automated	automate	VERB
cblr-9114	680	16	voting	voting	NOUN
cblr-9114	680	17	.	.	PUNCT
cblr-9114	681	1	rule	rule	NOUN
cblr-9114	681	2	206(4)-6	206(4)-6	NUM
cblr-9114	681	3	requires	require	VERB
cblr-9114	681	4	investment	investment	NOUN
cblr-9114	681	5	advisors	advisor	NOUN
cblr-9114	681	6	to	to	PART
cblr-9114	681	7	implement	implement	VERB
cblr-9114	681	8	“	"	PUNCT
cblr-9114	681	9	procedures	procedure	NOUN
cblr-9114	681	10	that	that	PRON
cblr-9114	681	11	are	be	AUX
cblr-9114	681	12	reasonably	reasonably	ADV
cblr-9114	681	13	designed	design	VERB
cblr-9114	681	14	to	to	PART
cblr-9114	681	15	ensure	ensure	VERB
cblr-9114	681	16	that	that	SCONJ
cblr-9114	681	17	[	[	X
cblr-9114	681	18	they	they	PRON
cblr-9114	681	19	]	]	PUNCT
cblr-9114	681	20	vote	vote	NOUN
cblr-9114	681	21	client	client	NOUN
cblr-9114	681	22	securities	security	NOUN
cblr-9114	681	23	in	in	ADP
cblr-9114	681	24	the	the	DET
cblr-9114	681	25	best	good	ADJ
cblr-9114	681	26	interest	interest	NOUN
cblr-9114	681	27	of	of	ADP
cblr-9114	681	28	clients	client	NOUN
cblr-9114	681	29	.	.	PUNCT
cblr-9114	682	1	”201	”201	PROPN
cblr-9114	682	2	the	the	DET
cblr-9114	682	3	commission	commission	NOUN
cblr-9114	682	4	’s	’s	PART
cblr-9114	682	5	current	current	ADJ
cblr-9114	682	6	guidance	guidance	NOUN
cblr-9114	682	7	on	on	ADP
cblr-9114	682	8	adhering	adhere	VERB
cblr-9114	682	9	to	to	ADP
cblr-9114	682	10	this	this	DET
cblr-9114	682	11	rule	rule	NOUN
cblr-9114	682	12	merely	merely	ADV
cblr-9114	682	13	states	state	VERB
cblr-9114	682	14	that	that	SCONJ
cblr-9114	682	15	an	an	DET
cblr-9114	682	16	investment	investment	NOUN
cblr-9114	682	17	advisor	advisor	NOUN
cblr-9114	682	18	“	"	PUNCT
cblr-9114	682	19	should	should	AUX
cblr-9114	682	20	consider	consider	VERB
cblr-9114	682	21	reasonable	reasonable	ADJ
cblr-9114	682	22	measures	measure	NOUN
cblr-9114	682	23	to	to	PART
cblr-9114	682	24	determine	determine	VERB
cblr-9114	682	25	that	that	SCONJ
cblr-9114	682	26	it	it	PRON
cblr-9114	682	27	is	be	AUX
cblr-9114	682	28	casting	cast	VERB
cblr-9114	682	29	votes	vote	NOUN
cblr-9114	682	30	on	on	ADP
cblr-9114	682	31	behalf	behalf	NOUN
cblr-9114	682	32	of	of	ADP
cblr-9114	682	33	its	its	PRON
cblr-9114	682	34	clients	client	NOUN
cblr-9114	682	35	consistently	consistently	ADV
cblr-9114	682	36	with	with	ADP
cblr-9114	682	37	its	its	PRON
cblr-9114	682	38	voting	voting	NOUN
cblr-9114	682	39	policies	policy	NOUN
cblr-9114	682	40	and	and	CCONJ
cblr-9114	682	41	procedures,”202	procedures,”202	PRON
cblr-9114	682	42	and	and	CCONJ
cblr-9114	682	43	suggests	suggest	VERB
cblr-9114	682	44	possible	possible	ADJ
cblr-9114	682	45	measures	measure	NOUN
cblr-9114	682	46	such	such	ADJ
cblr-9114	682	47	as	as	ADP
cblr-9114	682	48	sampling	sample	VERB
cblr-9114	682	49	pre	pre	ADJ
cblr-9114	682	50	-	-	ADJ
cblr-9114	682	51	populated	populated	ADJ
cblr-9114	682	52	votes	vote	NOUN
cblr-9114	682	53	,	,	PUNCT
cblr-9114	682	54	considering	consider	VERB
cblr-9114	682	55	additional	additional	ADJ
cblr-9114	682	56	information	information	NOUN
cblr-9114	682	57	beyond	beyond	ADP
cblr-9114	682	58	voting	voting	NOUN
cblr-9114	682	59	recommendations	recommendation	NOUN
cblr-9114	682	60	,	,	PUNCT
cblr-9114	682	61	and	and	CCONJ
cblr-9114	682	62	engaging	engage	VERB
cblr-9114	682	63	in	in	ADP
cblr-9114	682	64	additional	additional	ADJ
cblr-9114	682	65	analysis	analysis	NOUN
cblr-9114	682	66	for	for	ADP
cblr-9114	682	67	highly	highly	ADV
cblr-9114	682	68	contested	contest	VERB
cblr-9114	682	69	matters.203	matters.203	NOUN
cblr-9114	682	70	replacing	replace	VERB
cblr-9114	682	71	the	the	DET
cblr-9114	682	72	word	word	NOUN
cblr-9114	682	73	“	"	PUNCT
cblr-9114	682	74	consider	consider	VERB
cblr-9114	682	75	”	"	PUNCT
cblr-9114	682	76	with	with	ADP
cblr-9114	682	77	“	"	PUNCT
cblr-9114	682	78	adopt	adopt	VERB
cblr-9114	682	79	”	"	PUNCT
cblr-9114	682	80	in	in	ADP
cblr-9114	682	81	this	this	DET
cblr-9114	682	82	guidance	guidance	NOUN
cblr-9114	682	83	would	would	AUX
cblr-9114	682	84	dramatically	dramatically	ADV
cblr-9114	682	85	increase	increase	VERB
cblr-9114	682	86	its	its	PRON
cblr-9114	682	87	effectiveness	effectiveness	NOUN
cblr-9114	682	88	in	in	ADP
cblr-9114	682	89	discouraging	discourage	VERB
cblr-9114	682	90	robovoting	robovoting	NOUN
cblr-9114	682	91	and	and	CCONJ
cblr-9114	682	92	thereby	thereby	ADV
cblr-9114	682	93	ensuring	ensure	VERB
cblr-9114	682	94	that	that	SCONJ
cblr-9114	682	95	investment	investment	NOUN
cblr-9114	682	96	advisors	advisor	NOUN
cblr-9114	682	97	vote	vote	VERB
cblr-9114	682	98	200	200	NUM
cblr-9114	682	99	exemptions	exemption	NOUN
cblr-9114	682	100	from	from	ADP
cblr-9114	682	101	the	the	DET
cblr-9114	682	102	proxy	proxy	NOUN
cblr-9114	682	103	rules	rule	NOUN
cblr-9114	682	104	for	for	ADP
cblr-9114	682	105	proxy	proxy	ADJ
cblr-9114	682	106	voting	voting	NOUN
cblr-9114	682	107	advice	advice	NOUN
cblr-9114	682	108	,	,	PUNCT
cblr-9114	682	109	85	85	NUM
cblr-9114	682	110	fed	feed	VERB
cblr-9114	682	111	.	.	PUNCT
cblr-9114	683	1	reg	reg	PROPN
cblr-9114	683	2	.	.	PUNCT
cblr-9114	684	1	at	at	ADP
cblr-9114	684	2	55,096	55,096	NUM
cblr-9114	684	3	.	.	PUNCT
cblr-9114	684	4	201	201	NUM
cblr-9114	684	5	proxy	proxy	NOUN
cblr-9114	684	6	voting	voting	NOUN
cblr-9114	684	7	,	,	PUNCT
cblr-9114	684	8	17	17	NUM
cblr-9114	684	9	c.f.r	c.f.r	NOUN
cblr-9114	684	10	.	.	PUNCT
cblr-9114	685	1	§	§	PROPN
cblr-9114	685	2	275.206(4)-6	275.206(4)-6	NUM
cblr-9114	685	3	(	(	PUNCT
cblr-9114	685	4	2021	2021	NUM
cblr-9114	685	5	)	)	PUNCT
cblr-9114	685	6	.	.	PUNCT
cblr-9114	686	1	202	202	NUM
cblr-9114	686	2	commission	commission	NOUN
cblr-9114	686	3	guidance	guidance	NOUN
cblr-9114	686	4	regarding	regard	VERB
cblr-9114	686	5	proxy	proxy	NOUN
cblr-9114	686	6	voting	voting	NOUN
cblr-9114	686	7	responsibilities	responsibility	NOUN
cblr-9114	686	8	of	of	ADP
cblr-9114	686	9	investment	investment	NOUN
cblr-9114	686	10	advisers	adviser	NOUN
cblr-9114	686	11	,	,	PUNCT
cblr-9114	686	12	investment	investment	NOUN
cblr-9114	686	13	company	company	NOUN
cblr-9114	686	14	act	act	VERB
cblr-9114	686	15	release	release	VERB
cblr-9114	686	16	no	no	PRON
cblr-9114	686	17	.	.	NOUN
cblr-9114	686	18	33,605	33,605	NUM
cblr-9114	686	19	,	,	PUNCT
cblr-9114	686	20	84	84	NUM
cblr-9114	686	21	fed	feed	VERB
cblr-9114	686	22	.	.	PUNCT
cblr-9114	687	1	reg	reg	PROPN
cblr-9114	687	2	.	.	PROPN
cblr-9114	687	3	47,420	47,420	NUM
cblr-9114	687	4	,	,	PUNCT
cblr-9114	687	5	47,424	47,424	NUM
cblr-9114	687	6	(	(	PUNCT
cblr-9114	687	7	sept	sept	PROPN
cblr-9114	687	8	.	.	PROPN
cblr-9114	687	9	10	10	NUM
cblr-9114	687	10	,	,	PUNCT
cblr-9114	687	11	2019	2019	NUM
cblr-9114	687	12	)	)	PUNCT
cblr-9114	688	1	(	(	PUNCT
cblr-9114	688	2	emphasis	emphasis	NOUN
cblr-9114	688	3	added	add	VERB
cblr-9114	688	4	)	)	PUNCT
cblr-9114	688	5	.	.	PUNCT
cblr-9114	689	1	203	203	NUM
cblr-9114	690	1	i	i	PRON
cblr-9114	690	2	d.	d.	PROPN
cblr-9114	690	3	at	at	ADP
cblr-9114	690	4	47,424	47,424	NUM
cblr-9114	690	5	.	.	PUNCT
cblr-9114	691	1	1536	1536	NUM
cblr-9114	691	2	columbia	columbia	PROPN
cblr-9114	691	3	business	business	NOUN
cblr-9114	691	4	law	law	PROPN
cblr-9114	691	5	review	review	NOUN
cblr-9114	691	6	[	[	X
cblr-9114	691	7	vol	vol	NOUN
cblr-9114	691	8	.	.	PUNCT
cblr-9114	691	9	2021	2021	NUM
cblr-9114	691	10	their	their	PRON
cblr-9114	691	11	clients	client	NOUN
cblr-9114	691	12	’	’	PART
cblr-9114	691	13	shares	share	NOUN
cblr-9114	691	14	in	in	ADP
cblr-9114	691	15	their	their	PRON
cblr-9114	691	16	best	good	ADJ
cblr-9114	691	17	interest	interest	NOUN
cblr-9114	691	18	.	.	PUNCT
cblr-9114	692	1	leaving	leave	VERB
cblr-9114	692	2	investment	investment	NOUN
cblr-9114	692	3	advisors	advisor	NOUN
cblr-9114	692	4	the	the	DET
cblr-9114	692	5	flexibility	flexibility	NOUN
cblr-9114	692	6	to	to	PART
cblr-9114	692	7	determine	determine	VERB
cblr-9114	692	8	the	the	DET
cblr-9114	692	9	procedures	procedure	NOUN
cblr-9114	692	10	they	they	PRON
cblr-9114	692	11	find	find	VERB
cblr-9114	692	12	most	most	ADV
cblr-9114	692	13	effective	effective	ADJ
cblr-9114	692	14	appears	appear	VERB
cblr-9114	692	15	appropriate	appropriate	ADJ
cblr-9114	692	16	,	,	PUNCT
cblr-9114	692	17	so	so	ADV
cblr-9114	692	18	long	long	ADV
cblr-9114	692	19	as	as	SCONJ
cblr-9114	692	20	they	they	PRON
cblr-9114	692	21	implement	implement	VERB
cblr-9114	692	22	procedures	procedure	NOUN
cblr-9114	692	23	similar	similar	ADJ
cblr-9114	692	24	to	to	ADP
cblr-9114	692	25	those	those	PRON
cblr-9114	692	26	listed	list	VERB
cblr-9114	692	27	in	in	ADP
cblr-9114	692	28	the	the	DET
cblr-9114	692	29	guidance	guidance	NOUN
cblr-9114	692	30	.	.	PUNCT
cblr-9114	693	1	the	the	DET
cblr-9114	693	2	commission	commission	NOUN
cblr-9114	693	3	should	should	AUX
cblr-9114	693	4	also	also	ADV
cblr-9114	693	5	consider	consider	VERB
cblr-9114	693	6	including	include	VERB
cblr-9114	693	7	the	the	DET
cblr-9114	693	8	receipt	receipt	NOUN
cblr-9114	693	9	of	of	ADP
cblr-9114	693	10	voting	voting	NOUN
cblr-9114	693	11	recommendations	recommendation	NOUN
cblr-9114	693	12	from	from	ADP
cblr-9114	693	13	more	more	ADJ
cblr-9114	693	14	than	than	ADP
cblr-9114	693	15	one	one	NUM
cblr-9114	693	16	proxy	proxy	NOUN
cblr-9114	693	17	advisory	advisory	NOUN
cblr-9114	693	18	firm	firm	NOUN
cblr-9114	693	19	as	as	ADP
cblr-9114	693	20	a	a	DET
cblr-9114	693	21	possible	possible	ADJ
cblr-9114	693	22	procedure	procedure	NOUN
cblr-9114	693	23	and	and	CCONJ
cblr-9114	693	24	may	may	AUX
cblr-9114	693	25	even	even	ADV
cblr-9114	693	26	consider	consider	VERB
cblr-9114	693	27	adopting	adopt	VERB
cblr-9114	693	28	a	a	DET
cblr-9114	693	29	rule	rule	NOUN
cblr-9114	693	30	requiring	require	VERB
cblr-9114	693	31	this	this	PRON
cblr-9114	693	32	.	.	PUNCT
cblr-9114	694	1	c.	c.	NOUN
cblr-9114	694	2	requiring	require	VERB
cblr-9114	694	3	investment	investment	NOUN
cblr-9114	694	4	advisors	advisor	NOUN
cblr-9114	694	5	to	to	PART
cblr-9114	694	6	receive	receive	VERB
cblr-9114	694	7	voting	voting	NOUN
cblr-9114	694	8	advice	advice	NOUN
cblr-9114	694	9	from	from	ADP
cblr-9114	694	10	more	more	ADJ
cblr-9114	694	11	than	than	ADP
cblr-9114	694	12	one	one	NUM
cblr-9114	694	13	proxy	proxy	NOUN
cblr-9114	694	14	advisory	advisory	NOUN
cblr-9114	694	15	firm	firm	NOUN
cblr-9114	694	16	as	as	SCONJ
cblr-9114	694	17	discussed	discuss	VERB
cblr-9114	694	18	above	above	ADV
cblr-9114	694	19	,	,	PUNCT
cblr-9114	694	20	mitigating	mitigate	VERB
cblr-9114	694	21	conflicts	conflict	NOUN
cblr-9114	694	22	requires	require	VERB
cblr-9114	694	23	a	a	DET
cblr-9114	694	24	costbenefit	costbenefit	NOUN
cblr-9114	694	25	analysis	analysis	NOUN
cblr-9114	694	26	.	.	PUNCT
cblr-9114	695	1	a	a	DET
cblr-9114	695	2	novel	novel	ADJ
cblr-9114	695	3	solution	solution	NOUN
cblr-9114	695	4	for	for	ADP
cblr-9114	695	5	eliminating	eliminate	VERB
cblr-9114	695	6	conflicts	conflict	NOUN
cblr-9114	695	7	of	of	ADP
cblr-9114	695	8	interest	interest	NOUN
cblr-9114	695	9	within	within	ADP
cblr-9114	695	10	the	the	DET
cblr-9114	695	11	proxy	proxy	ADJ
cblr-9114	695	12	advisory	advisory	ADJ
cblr-9114	695	13	firm	firm	ADJ
cblr-9114	695	14	market	market	NOUN
cblr-9114	695	15	,	,	PUNCT
cblr-9114	695	16	albeit	albeit	SCONJ
cblr-9114	695	17	at	at	ADP
cblr-9114	695	18	a	a	DET
cblr-9114	695	19	higher	high	ADJ
cblr-9114	695	20	price	price	NOUN
cblr-9114	695	21	,	,	PUNCT
cblr-9114	695	22	entails	entail	VERB
cblr-9114	695	23	requiring	require	VERB
cblr-9114	695	24	investment	investment	NOUN
cblr-9114	695	25	advisers	adviser	NOUN
cblr-9114	695	26	who	who	PRON
cblr-9114	695	27	choose	choose	VERB
cblr-9114	695	28	to	to	PART
cblr-9114	695	29	use	use	VERB
cblr-9114	695	30	a	a	DET
cblr-9114	695	31	proxy	proxy	ADJ
cblr-9114	695	32	advisory	advisory	ADJ
cblr-9114	695	33	firm	firm	NOUN
cblr-9114	695	34	’s	’s	PART
cblr-9114	695	35	voting	voting	NOUN
cblr-9114	695	36	advice	advice	NOUN
cblr-9114	695	37	services	service	NOUN
cblr-9114	695	38	to	to	PART
cblr-9114	695	39	employ	employ	VERB
cblr-9114	695	40	the	the	DET
cblr-9114	695	41	services	service	NOUN
cblr-9114	695	42	of	of	ADP
cblr-9114	695	43	an	an	DET
cblr-9114	695	44	additional	additional	ADJ
cblr-9114	695	45	firm	firm	NOUN
cblr-9114	695	46	.	.	PUNCT
cblr-9114	696	1	investment	investment	NOUN
cblr-9114	696	2	advisers	adviser	NOUN
cblr-9114	696	3	would	would	AUX
cblr-9114	696	4	then	then	ADV
cblr-9114	696	5	be	be	AUX
cblr-9114	696	6	required	require	VERB
cblr-9114	696	7	to	to	PART
cblr-9114	696	8	internally	internally	ADV
cblr-9114	696	9	review	review	VERB
cblr-9114	696	10	any	any	DET
cblr-9114	696	11	conflicting	conflicting	ADJ
cblr-9114	696	12	voting	voting	NOUN
cblr-9114	696	13	recommendations	recommendation	NOUN
cblr-9114	696	14	from	from	ADP
cblr-9114	696	15	the	the	DET
cblr-9114	696	16	two	two	NUM
cblr-9114	696	17	firms	firm	NOUN
cblr-9114	696	18	they	they	PRON
cblr-9114	696	19	elect	elect	VERB
cblr-9114	696	20	to	to	PART
cblr-9114	696	21	employ	employ	VERB
cblr-9114	696	22	.	.	PUNCT
cblr-9114	697	1	this	this	DET
cblr-9114	697	2	strategy	strategy	NOUN
cblr-9114	697	3	would	would	AUX
cblr-9114	697	4	cleanse	cleanse	VERB
cblr-9114	697	5	the	the	DET
cblr-9114	697	6	voting	voting	NOUN
cblr-9114	697	7	recommendations	recommendation	NOUN
cblr-9114	697	8	of	of	ADP
cblr-9114	697	9	any	any	DET
cblr-9114	697	10	conflicts	conflict	NOUN
cblr-9114	697	11	of	of	ADP
cblr-9114	697	12	interest	interest	NOUN
cblr-9114	697	13	unique	unique	ADJ
cblr-9114	697	14	to	to	ADP
cblr-9114	697	15	a	a	DET
cblr-9114	697	16	specific	specific	ADJ
cblr-9114	697	17	proxy	proxy	ADJ
cblr-9114	697	18	advisory	advisory	ADJ
cblr-9114	697	19	firm	firm	NOUN
cblr-9114	697	20	.	.	PUNCT
cblr-9114	698	1	consider	consider	VERB
cblr-9114	698	2	,	,	PUNCT
cblr-9114	698	3	for	for	ADP
cblr-9114	698	4	example	example	NOUN
cblr-9114	698	5	,	,	PUNCT
cblr-9114	698	6	an	an	DET
cblr-9114	698	7	investment	investment	NOUN
cblr-9114	698	8	advisor	advisor	NOUN
cblr-9114	698	9	who	who	PRON
cblr-9114	698	10	decides	decide	VERB
cblr-9114	698	11	to	to	PART
cblr-9114	698	12	receive	receive	VERB
cblr-9114	698	13	voting	voting	NOUN
cblr-9114	698	14	recommendations	recommendation	NOUN
cblr-9114	698	15	from	from	ADP
cblr-9114	698	16	both	both	CCONJ
cblr-9114	698	17	iss	iss	PROPN
cblr-9114	698	18	and	and	CCONJ
cblr-9114	698	19	glass	glass	PROPN
cblr-9114	698	20	lewis	lewis	PROPN
cblr-9114	698	21	.	.	PUNCT
cblr-9114	699	1	glass	glass	PROPN
cblr-9114	699	2	lewis	lewis	PROPN
cblr-9114	699	3	’s	’s	PART
cblr-9114	699	4	recommendations	recommendation	NOUN
cblr-9114	699	5	will	will	AUX
cblr-9114	699	6	not	not	PART
cblr-9114	699	7	be	be	AUX
cblr-9114	699	8	tainted	taint	VERB
cblr-9114	699	9	by	by	ADP
cblr-9114	699	10	a	a	DET
cblr-9114	699	11	desire	desire	NOUN
cblr-9114	699	12	to	to	PART
cblr-9114	699	13	reward	reward	VERB
cblr-9114	699	14	companies	company	NOUN
cblr-9114	699	15	that	that	PRON
cblr-9114	699	16	pay	pay	VERB
cblr-9114	699	17	for	for	ADP
cblr-9114	699	18	iss	iss	PROPN
cblr-9114	699	19	’s	’s	PART
cblr-9114	699	20	governance	governance	NOUN
cblr-9114	699	21	consulting	consulting	NOUN
cblr-9114	699	22	services	service	NOUN
cblr-9114	699	23	,	,	PUNCT
cblr-9114	699	24	while	while	SCONJ
cblr-9114	699	25	iss	iss	PROPN
cblr-9114	699	26	’s	’s	PART
cblr-9114	699	27	recommendations	recommendation	NOUN
cblr-9114	699	28	will	will	AUX
cblr-9114	699	29	not	not	PART
cblr-9114	699	30	be	be	AUX
cblr-9114	699	31	influenced	influence	VERB
cblr-9114	699	32	by	by	ADP
cblr-9114	699	33	any	any	PRON
cblr-9114	699	34	of	of	ADP
cblr-9114	699	35	glass	glass	NOUN
cblr-9114	699	36	lewis	lewis	PROPN
cblr-9114	699	37	’s	’s	PART
cblr-9114	699	38	potential	potential	ADJ
cblr-9114	699	39	conflicts	conflict	NOUN
cblr-9114	699	40	of	of	ADP
cblr-9114	699	41	interest	interest	NOUN
cblr-9114	699	42	.	.	PUNCT
cblr-9114	700	1	conflicts	conflict	NOUN
cblr-9114	700	2	stemming	stem	VERB
cblr-9114	700	3	from	from	ADP
cblr-9114	700	4	a	a	DET
cblr-9114	700	5	desire	desire	NOUN
cblr-9114	700	6	to	to	PART
cblr-9114	700	7	support	support	VERB
cblr-9114	700	8	proposals	proposal	NOUN
cblr-9114	700	9	benefitting	benefit	VERB
cblr-9114	700	10	proxy	proxy	ADJ
cblr-9114	700	11	advisory	advisory	ADJ
cblr-9114	700	12	firms	firm	NOUN
cblr-9114	700	13	’	'	PUNCT
cblr-9114	700	14	clients	client	NOUN
cblr-9114	700	15	would	would	AUX
cblr-9114	700	16	also	also	ADV
cblr-9114	700	17	be	be	AUX
cblr-9114	700	18	mitigated	mitigate	VERB
cblr-9114	700	19	to	to	ADP
cblr-9114	700	20	the	the	DET
cblr-9114	700	21	extent	extent	NOUN
cblr-9114	700	22	that	that	SCONJ
cblr-9114	700	23	the	the	DET
cblr-9114	700	24	two	two	NUM
cblr-9114	700	25	proxy	proxy	ADJ
cblr-9114	700	26	advisory	advisory	ADJ
cblr-9114	700	27	firms	firm	NOUN
cblr-9114	700	28	serve	serve	VERB
cblr-9114	700	29	different	different	ADJ
cblr-9114	700	30	clients	client	NOUN
cblr-9114	700	31	.	.	PUNCT
cblr-9114	701	1	as	as	ADP
cblr-9114	701	2	such	such	ADJ
cblr-9114	701	3	,	,	PUNCT
cblr-9114	701	4	the	the	DET
cblr-9114	701	5	more	more	ADJ
cblr-9114	701	6	variance	variance	NOUN
cblr-9114	701	7	between	between	ADP
cblr-9114	701	8	the	the	DET
cblr-9114	701	9	two	two	NUM
cblr-9114	701	10	firms	firm	NOUN
cblr-9114	701	11	’	’	PART
cblr-9114	701	12	client	client	NOUN
cblr-9114	701	13	bases	basis	NOUN
cblr-9114	701	14	,	,	PUNCT
cblr-9114	701	15	the	the	PRON
cblr-9114	701	16	more	more	ADV
cblr-9114	701	17	effective	effective	ADJ
cblr-9114	701	18	this	this	PRON
cblr-9114	701	19	would	would	AUX
cblr-9114	701	20	be	be	AUX
cblr-9114	701	21	for	for	ADP
cblr-9114	701	22	eliminating	eliminate	VERB
cblr-9114	701	23	remaining	remaining	ADJ
cblr-9114	701	24	conflicts	conflict	NOUN
cblr-9114	701	25	.	.	PUNCT
cblr-9114	702	1	the	the	DET
cblr-9114	702	2	selection	selection	NOUN
cblr-9114	702	3	of	of	ADP
cblr-9114	702	4	proxy	proxy	ADJ
cblr-9114	702	5	advisory	advisory	ADJ
cblr-9114	702	6	firms	firm	NOUN
cblr-9114	702	7	by	by	ADP
cblr-9114	702	8	investment	investment	NOUN
cblr-9114	702	9	advisers	adviser	NOUN
cblr-9114	702	10	will	will	AUX
cblr-9114	702	11	depend	depend	VERB
cblr-9114	702	12	on	on	ADP
cblr-9114	702	13	their	their	PRON
cblr-9114	702	14	preferences	preference	NOUN
cblr-9114	702	15	and	and	CCONJ
cblr-9114	702	16	priorities	priority	NOUN
cblr-9114	702	17	.	.	PUNCT
cblr-9114	703	1	a	a	DET
cblr-9114	703	2	large	large	ADJ
cblr-9114	703	3	investment	investment	NOUN
cblr-9114	703	4	management	management	NOUN
cblr-9114	703	5	corporation	corporation	NOUN
cblr-9114	703	6	like	like	ADP
cblr-9114	703	7	blackrock	blackrock	PROPN
cblr-9114	703	8	,	,	PUNCT
cblr-9114	703	9	which	which	PRON
cblr-9114	703	10	already	already	ADV
cblr-9114	703	11	“	"	PUNCT
cblr-9114	703	12	subscribe[s	subscribe[s	PROPN
cblr-9114	703	13	]	]	PUNCT
cblr-9114	703	14	to	to	ADP
cblr-9114	703	15	no	no	NOUN
cblr-9114	703	16	.	.	PUNCT
cblr-9114	704	1	3:1487	3:1487	NUM
cblr-9114	704	2	]	]	X
cblr-9114	704	3	proxy	proxy	ADJ
cblr-9114	704	4	advisory	advisory	ADJ
cblr-9114	704	5	firms	firm	NOUN
cblr-9114	704	6	’	'	PUNCT
cblr-9114	704	7	conflicts	conflict	NOUN
cblr-9114	704	8	of	of	ADP
cblr-9114	704	9	interest	interest	NOUN
cblr-9114	704	10	1537	1537	NUM
cblr-9114	704	11	research	research	NOUN
cblr-9114	704	12	from	from	ADP
cblr-9114	704	13	several	several	ADJ
cblr-9114	704	14	proxy	proxy	ADJ
cblr-9114	704	15	advisory	advisory	ADJ
cblr-9114	704	16	firms	firm	NOUN
cblr-9114	704	17	.	.	PUNCT
cblr-9114	704	18	.	.	PUNCT
cblr-9114	705	1	.”204	.”204	PUNCT
cblr-9114	706	1	and	and	CCONJ
cblr-9114	706	2	uses	use	VERB
cblr-9114	706	3	their	their	PRON
cblr-9114	706	4	analysis	analysis	NOUN
cblr-9114	706	5	to	to	PART
cblr-9114	706	6	“	"	PUNCT
cblr-9114	706	7	identify	identify	VERB
cblr-9114	706	8	and	and	CCONJ
cblr-9114	706	9	prioritize	prioritize	VERB
cblr-9114	706	10	those	those	DET
cblr-9114	706	11	companies	company	NOUN
cblr-9114	706	12	where	where	SCONJ
cblr-9114	706	13	[	[	X
cblr-9114	706	14	its	its	PRON
cblr-9114	706	15	]	]	PUNCT
cblr-9114	706	16	own	own	ADJ
cblr-9114	706	17	additional	additional	ADJ
cblr-9114	706	18	research	research	NOUN
cblr-9114	706	19	and	and	CCONJ
cblr-9114	706	20	engagement	engagement	NOUN
cblr-9114	706	21	would	would	AUX
cblr-9114	706	22	be	be	AUX
cblr-9114	706	23	beneficial[,]”205	beneficial[,]”205	NOUN
cblr-9114	706	24	would	would	AUX
cblr-9114	706	25	be	be	AUX
cblr-9114	706	26	less	less	ADV
cblr-9114	706	27	cost	cost	NOUN
cblr-9114	706	28	conscious	conscious	ADJ
cblr-9114	706	29	and	and	CCONJ
cblr-9114	706	30	would	would	AUX
cblr-9114	706	31	likely	likely	ADV
cblr-9114	706	32	prioritize	prioritize	VERB
cblr-9114	706	33	research	research	NOUN
cblr-9114	706	34	quality	quality	NOUN
cblr-9114	706	35	and	and	CCONJ
cblr-9114	706	36	maximizing	maximize	VERB
cblr-9114	706	37	variance	variance	NOUN
cblr-9114	706	38	between	between	ADP
cblr-9114	706	39	client	client	NOUN
cblr-9114	706	40	bases	basis	NOUN
cblr-9114	706	41	.	.	PUNCT
cblr-9114	707	1	a	a	DET
cblr-9114	707	2	cost	cost	NOUN
cblr-9114	707	3	-	-	PUNCT
cblr-9114	707	4	conscious	conscious	ADJ
cblr-9114	707	5	passive	passive	ADJ
cblr-9114	707	6	fund	fund	NOUN
cblr-9114	707	7	,	,	PUNCT
cblr-9114	707	8	on	on	ADP
cblr-9114	707	9	the	the	DET
cblr-9114	707	10	other	other	ADJ
cblr-9114	707	11	hand	hand	NOUN
cblr-9114	707	12	,	,	PUNCT
cblr-9114	707	13	would	would	AUX
cblr-9114	707	14	be	be	AUX
cblr-9114	707	15	incentivized	incentivize	VERB
cblr-9114	707	16	to	to	PART
cblr-9114	707	17	select	select	VERB
cblr-9114	707	18	proxy	proxy	ADJ
cblr-9114	707	19	advisory	advisory	ADJ
cblr-9114	707	20	firms	firm	NOUN
cblr-9114	707	21	with	with	ADP
cblr-9114	707	22	the	the	DET
cblr-9114	707	23	lowest	low	ADJ
cblr-9114	707	24	fees	fee	NOUN
cblr-9114	707	25	and	and	CCONJ
cblr-9114	707	26	with	with	ADP
cblr-9114	707	27	minimum	minimum	ADJ
cblr-9114	707	28	variance	variance	NOUN
cblr-9114	707	29	in	in	ADP
cblr-9114	707	30	order	order	NOUN
cblr-9114	707	31	minimize	minimize	VERB
cblr-9114	707	32	its	its	PRON
cblr-9114	707	33	required	require	VERB
cblr-9114	707	34	internal	internal	ADJ
cblr-9114	707	35	review	review	NOUN
cblr-9114	707	36	of	of	ADP
cblr-9114	707	37	divergent	divergent	ADJ
cblr-9114	707	38	recommendations	recommendation	NOUN
cblr-9114	707	39	.	.	PUNCT
cblr-9114	708	1	the	the	DET
cblr-9114	708	2	added	add	VERB
cblr-9114	708	3	costs	cost	NOUN
cblr-9114	708	4	of	of	ADP
cblr-9114	708	5	a	a	DET
cblr-9114	708	6	second	second	ADJ
cblr-9114	708	7	proxy	proxy	ADJ
cblr-9114	708	8	advisory	advisory	ADJ
cblr-9114	708	9	firm	firm	NOUN
cblr-9114	708	10	and	and	CCONJ
cblr-9114	708	11	additional	additional	ADJ
cblr-9114	708	12	internal	internal	ADJ
cblr-9114	708	13	review	review	NOUN
cblr-9114	708	14	may	may	AUX
cblr-9114	708	15	present	present	VERB
cblr-9114	708	16	too	too	ADV
cblr-9114	708	17	great	great	ADJ
cblr-9114	708	18	a	a	DET
cblr-9114	708	19	burden	burden	NOUN
cblr-9114	708	20	for	for	ADP
cblr-9114	708	21	passive	passive	ADJ
cblr-9114	708	22	funds	fund	NOUN
cblr-9114	708	23	.	.	PUNCT
cblr-9114	709	1	for	for	ADP
cblr-9114	709	2	these	these	DET
cblr-9114	709	3	funds	fund	NOUN
cblr-9114	709	4	,	,	PUNCT
cblr-9114	709	5	simply	simply	ADV
cblr-9114	709	6	seeking	seek	VERB
cblr-9114	709	7	to	to	PART
cblr-9114	709	8	minimize	minimize	VERB
cblr-9114	709	9	proxy	proxy	ADJ
cblr-9114	709	10	advisory	advisory	ADJ
cblr-9114	709	11	firms	firm	NOUN
cblr-9114	709	12	’	'	PUNCT
cblr-9114	709	13	conflicts	conflict	NOUN
cblr-9114	709	14	of	of	ADP
cblr-9114	709	15	interest	interest	NOUN
cblr-9114	709	16	may	may	AUX
cblr-9114	709	17	present	present	VERB
cblr-9114	709	18	a	a	DET
cblr-9114	709	19	more	more	ADV
cblr-9114	709	20	effective	effective	ADJ
cblr-9114	709	21	solution	solution	NOUN
cblr-9114	709	22	.	.	PUNCT
cblr-9114	710	1	requiring	require	VERB
cblr-9114	710	2	investment	investment	NOUN
cblr-9114	710	3	advisors	advisor	NOUN
cblr-9114	710	4	to	to	PART
cblr-9114	710	5	receive	receive	VERB
cblr-9114	710	6	voting	voting	NOUN
cblr-9114	710	7	recommendations	recommendation	NOUN
cblr-9114	710	8	from	from	ADP
cblr-9114	710	9	more	more	ADJ
cblr-9114	710	10	than	than	ADP
cblr-9114	710	11	one	one	NUM
cblr-9114	710	12	proxy	proxy	NOUN
cblr-9114	710	13	advisory	advisory	ADJ
cblr-9114	710	14	firm	firm	NOUN
cblr-9114	710	15	might	might	AUX
cblr-9114	710	16	pressure	pressure	VERB
cblr-9114	710	17	these	these	DET
cblr-9114	710	18	firms	firm	NOUN
cblr-9114	710	19	to	to	PART
cblr-9114	710	20	reduce	reduce	VERB
cblr-9114	710	21	their	their	PRON
cblr-9114	710	22	fees	fee	NOUN
cblr-9114	710	23	.	.	PUNCT
cblr-9114	711	1	all	all	PRON
cblr-9114	711	2	else	else	ADV
cblr-9114	711	3	held	hold	VERB
cblr-9114	711	4	equal	equal	ADJ
cblr-9114	711	5	,	,	PUNCT
cblr-9114	711	6	needing	need	VERB
cblr-9114	711	7	to	to	PART
cblr-9114	711	8	solicit	solicit	VERB
cblr-9114	711	9	services	service	NOUN
cblr-9114	711	10	from	from	ADP
cblr-9114	711	11	two	two	NUM
cblr-9114	711	12	separate	separate	ADJ
cblr-9114	711	13	firms	firm	NOUN
cblr-9114	711	14	would	would	AUX
cblr-9114	711	15	double	double	VERB
cblr-9114	711	16	the	the	DET
cblr-9114	711	17	cost	cost	NOUN
cblr-9114	711	18	of	of	ADP
cblr-9114	711	19	receiving	receive	VERB
cblr-9114	711	20	voting	voting	NOUN
cblr-9114	711	21	recommendations	recommendation	NOUN
cblr-9114	711	22	.	.	PUNCT
cblr-9114	712	1	this	this	DET
cblr-9114	712	2	increased	increase	VERB
cblr-9114	712	3	cost	cost	NOUN
cblr-9114	712	4	would	would	AUX
cblr-9114	712	5	likely	likely	ADV
cblr-9114	712	6	encourage	encourage	VERB
cblr-9114	712	7	certain	certain	ADJ
cblr-9114	712	8	investment	investment	NOUN
cblr-9114	712	9	advisors	advisor	NOUN
cblr-9114	712	10	to	to	PART
cblr-9114	712	11	eschew	eschew	VERB
cblr-9114	712	12	the	the	DET
cblr-9114	712	13	voting	voting	NOUN
cblr-9114	712	14	recommendations	recommendation	NOUN
cblr-9114	712	15	,	,	PUNCT
cblr-9114	712	16	and	and	CCONJ
cblr-9114	712	17	proxy	proxy	ADJ
cblr-9114	712	18	advisory	advisory	ADJ
cblr-9114	712	19	firms	firm	NOUN
cblr-9114	712	20	would	would	AUX
cblr-9114	712	21	need	need	VERB
cblr-9114	712	22	to	to	PART
cblr-9114	712	23	lower	lower	VERB
cblr-9114	712	24	their	their	PRON
cblr-9114	712	25	prices	price	NOUN
cblr-9114	712	26	if	if	SCONJ
cblr-9114	712	27	they	they	PRON
cblr-9114	712	28	wish	wish	VERB
cblr-9114	712	29	to	to	PART
cblr-9114	712	30	retain	retain	VERB
cblr-9114	712	31	these	these	DET
cblr-9114	712	32	clients	client	NOUN
cblr-9114	712	33	.	.	PUNCT
cblr-9114	713	1	proxy	proxy	ADJ
cblr-9114	713	2	advisory	advisory	ADJ
cblr-9114	713	3	firms	firm	NOUN
cblr-9114	713	4	,	,	PUNCT
cblr-9114	713	5	meanwhile	meanwhile	ADV
cblr-9114	713	6	,	,	PUNCT
cblr-9114	713	7	would	would	AUX
cblr-9114	713	8	be	be	AUX
cblr-9114	713	9	able	able	ADJ
cblr-9114	713	10	to	to	PART
cblr-9114	713	11	retain	retain	VERB
cblr-9114	713	12	full	full	ADJ
cblr-9114	713	13	revenues	revenue	NOUN
cblr-9114	713	14	from	from	ADP
cblr-9114	713	15	their	their	PRON
cblr-9114	713	16	lucrative	lucrative	ADJ
cblr-9114	713	17	vote	vote	NOUN
cblr-9114	713	18	management	management	NOUN
cblr-9114	713	19	services	service	NOUN
cblr-9114	713	20	,	,	PUNCT
cblr-9114	713	21	as	as	SCONJ
cblr-9114	713	22	these	these	PRON
cblr-9114	713	23	would	would	AUX
cblr-9114	713	24	still	still	ADV
cblr-9114	713	25	only	only	ADV
cblr-9114	713	26	be	be	AUX
cblr-9114	713	27	provided	provide	VERB
cblr-9114	713	28	by	by	ADP
cblr-9114	713	29	one	one	NUM
cblr-9114	713	30	firm	firm	NOUN
cblr-9114	713	31	.	.	PUNCT
cblr-9114	714	1	v.	v.	ADP
cblr-9114	714	2	conclusion	conclusion	NOUN
cblr-9114	714	3	informed	inform	VERB
cblr-9114	714	4	shareholder	shareholder	NOUN
cblr-9114	714	5	voting	voting	NOUN
cblr-9114	714	6	serves	serve	VERB
cblr-9114	714	7	as	as	ADP
cblr-9114	714	8	a	a	DET
cblr-9114	714	9	crucial	crucial	ADJ
cblr-9114	714	10	check	check	NOUN
cblr-9114	714	11	on	on	ADP
cblr-9114	714	12	the	the	DET
cblr-9114	714	13	power	power	NOUN
cblr-9114	714	14	of	of	ADP
cblr-9114	714	15	boards	board	NOUN
cblr-9114	714	16	of	of	ADP
cblr-9114	714	17	directors	director	NOUN
cblr-9114	714	18	,	,	PUNCT
cblr-9114	714	19	allowing	allow	VERB
cblr-9114	714	20	shareholders	shareholder	NOUN
cblr-9114	714	21	to	to	PART
cblr-9114	714	22	hold	hold	VERB
cblr-9114	714	23	directors	director	NOUN
cblr-9114	714	24	accountable	accountable	ADJ
cblr-9114	714	25	and	and	CCONJ
cblr-9114	714	26	introduce	introduce	VERB
cblr-9114	714	27	proposals	proposal	NOUN
cblr-9114	714	28	they	they	PRON
cblr-9114	714	29	believe	believe	VERB
cblr-9114	714	30	will	will	AUX
cblr-9114	714	31	increase	increase	VERB
cblr-9114	714	32	the	the	DET
cblr-9114	714	33	value	value	NOUN
cblr-9114	714	34	of	of	ADP
cblr-9114	714	35	the	the	DET
cblr-9114	714	36	company	company	NOUN
cblr-9114	714	37	.	.	PUNCT
cblr-9114	715	1	historically	historically	ADV
cblr-9114	715	2	,	,	PUNCT
cblr-9114	715	3	difficulties	difficulty	NOUN
cblr-9114	715	4	in	in	ADP
cblr-9114	715	5	organizing	organize	VERB
cblr-9114	715	6	,	,	PUNCT
cblr-9114	715	7	the	the	DET
cblr-9114	715	8	collective	collective	ADJ
cblr-9114	715	9	action	action	NOUN
cblr-9114	715	10	problem	problem	NOUN
cblr-9114	715	11	and	and	CCONJ
cblr-9114	715	12	management	management	NOUN
cblr-9114	715	13	’s	’s	PART
cblr-9114	715	14	immense	immense	ADJ
cblr-9114	715	15	influence	influence	NOUN
cblr-9114	715	16	in	in	ADP
cblr-9114	715	17	voting	vote	VERB
cblr-9114	715	18	outcomes206	outcomes206	PROPN
cblr-9114	715	19	have	have	AUX
cblr-9114	715	20	tilted	tilt	VERB
cblr-9114	715	21	the	the	DET
cblr-9114	715	22	balance	balance	NOUN
cblr-9114	715	23	of	of	ADP
cblr-9114	715	24	power	power	NOUN
cblr-9114	715	25	away	away	ADV
cblr-9114	715	26	from	from	ADP
cblr-9114	715	27	shareholders	shareholder	NOUN
cblr-9114	715	28	.	.	PUNCT
cblr-9114	716	1	in	in	ADP
cblr-9114	716	2	204	204	NUM
cblr-9114	716	3	blackrock	blackrock	NOUN
cblr-9114	716	4	,	,	PUNCT
cblr-9114	716	5	supra	supra	PROPN
cblr-9114	716	6	note	note	PROPN
cblr-9114	716	7	164	164	NUM
cblr-9114	716	8	,	,	PUNCT
cblr-9114	716	9	at	at	ADP
cblr-9114	716	10	3	3	NUM
cblr-9114	716	11	.	.	NOUN
cblr-9114	716	12	205	205	NUM
cblr-9114	717	1	i	i	PRON
cblr-9114	717	2	d.	d.	PROPN
cblr-9114	717	3	206	206	NUM
cblr-9114	717	4	see	see	VERB
cblr-9114	717	5	generally	generally	ADV
cblr-9114	717	6	listokin	listokin	NOUN
cblr-9114	717	7	,	,	PUNCT
cblr-9114	717	8	supra	supra	PROPN
cblr-9114	717	9	note	note	PROPN
cblr-9114	717	10	187	187	NUM
cblr-9114	717	11	.	.	SYM
cblr-9114	717	12	1538	1538	NUM
cblr-9114	717	13	columbia	columbia	PROPN
cblr-9114	717	14	business	business	NOUN
cblr-9114	717	15	law	law	PROPN
cblr-9114	717	16	review	review	NOUN
cblr-9114	718	1	[	[	X
cblr-9114	718	2	vol	vol	NOUN
cblr-9114	718	3	.	.	PUNCT
cblr-9114	718	4	2021	2021	NUM
cblr-9114	718	5	addition	addition	NOUN
cblr-9114	718	6	,	,	PUNCT
cblr-9114	718	7	the	the	DET
cblr-9114	718	8	“	"	PUNCT
cblr-9114	718	9	wall	wall	PROPN
cblr-9114	718	10	street	street	PROPN
cblr-9114	718	11	rule,”207	rule,”207	NOUN
cblr-9114	718	12	adopted	adopt	VERB
cblr-9114	718	13	as	as	ADP
cblr-9114	718	14	a	a	DET
cblr-9114	718	15	heuristic	heuristic	NOUN
cblr-9114	718	16	by	by	ADP
cblr-9114	718	17	many	many	ADJ
cblr-9114	718	18	institutional	institutional	ADJ
cblr-9114	718	19	investors	investor	NOUN
cblr-9114	718	20	,	,	PUNCT
cblr-9114	718	21	according	accord	VERB
cblr-9114	718	22	to	to	ADP
cblr-9114	718	23	which	which	PRON
cblr-9114	718	24	shareholders	shareholder	NOUN
cblr-9114	718	25	either	either	CCONJ
cblr-9114	718	26	vote	vote	VERB
cblr-9114	718	27	with	with	ADP
cblr-9114	718	28	management	management	NOUN
cblr-9114	718	29	or	or	CCONJ
cblr-9114	718	30	sell	sell	NOUN
cblr-9114	718	31	,	,	PUNCT
cblr-9114	718	32	has	have	AUX
cblr-9114	718	33	decreased	decrease	VERB
cblr-9114	718	34	the	the	DET
cblr-9114	718	35	impact	impact	NOUN
cblr-9114	718	36	of	of	ADP
cblr-9114	718	37	shareholder	shareholder	NOUN
cblr-9114	718	38	voting	voting	NOUN
cblr-9114	718	39	and	and	CCONJ
cblr-9114	718	40	failed	fail	VERB
cblr-9114	718	41	to	to	PART
cblr-9114	718	42	maximize	maximize	VERB
cblr-9114	718	43	shareholder	shareholder	NOUN
cblr-9114	718	44	value.208	value.208	DET
cblr-9114	718	45	the	the	DET
cblr-9114	718	46	sec	sec	PROPN
cblr-9114	718	47	’s	’s	PART
cblr-9114	718	48	2003	2003	NUM
cblr-9114	718	49	rules	rule	NOUN
cblr-9114	718	50	requiring	require	VERB
cblr-9114	718	51	investment	investment	NOUN
cblr-9114	718	52	advisors	advisor	NOUN
cblr-9114	718	53	to	to	PART
cblr-9114	718	54	implement	implement	VERB
cblr-9114	718	55	policies	policy	NOUN
cblr-9114	718	56	designed	design	VERB
cblr-9114	718	57	to	to	PART
cblr-9114	718	58	ensure	ensure	VERB
cblr-9114	718	59	they	they	PRON
cblr-9114	718	60	vote	vote	VERB
cblr-9114	718	61	shares	share	NOUN
cblr-9114	718	62	in	in	ADP
cblr-9114	718	63	their	their	PRON
cblr-9114	718	64	clients	client	NOUN
cblr-9114	718	65	’	'	PUNCT
cblr-9114	718	66	best	good	ADJ
cblr-9114	718	67	interests209	interests209	PROPN
cblr-9114	718	68	served	serve	VERB
cblr-9114	718	69	as	as	ADP
cblr-9114	718	70	a	a	DET
cblr-9114	718	71	watershed	watershed	ADJ
cblr-9114	718	72	moment	moment	NOUN
cblr-9114	718	73	for	for	ADP
cblr-9114	718	74	the	the	DET
cblr-9114	718	75	proxy	proxy	ADJ
cblr-9114	718	76	advisory	advisory	ADJ
cblr-9114	718	77	firm	firm	NOUN
cblr-9114	718	78	industry	industry	NOUN
cblr-9114	718	79	and	and	CCONJ
cblr-9114	718	80	a	a	DET
cblr-9114	718	81	prime	prime	ADJ
cblr-9114	718	82	opportunity	opportunity	NOUN
cblr-9114	718	83	for	for	ADP
cblr-9114	718	84	improving	improve	VERB
cblr-9114	718	85	corporate	corporate	ADJ
cblr-9114	718	86	governance	governance	NOUN
cblr-9114	718	87	and	and	CCONJ
cblr-9114	718	88	increasing	increase	VERB
cblr-9114	718	89	shareholder	shareholder	NOUN
cblr-9114	718	90	influence	influence	NOUN
cblr-9114	718	91	.	.	PUNCT
cblr-9114	719	1	independent	independent	ADJ
cblr-9114	719	2	evaluation	evaluation	NOUN
cblr-9114	719	3	of	of	ADP
cblr-9114	719	4	every	every	DET
cblr-9114	719	5	vote	vote	NOUN
cblr-9114	719	6	for	for	ADP
cblr-9114	719	7	each	each	DET
cblr-9114	719	8	institutional	institutional	ADJ
cblr-9114	719	9	investor	investor	NOUN
cblr-9114	719	10	’s	’s	PART
cblr-9114	719	11	many	many	ADJ
cblr-9114	719	12	positions	position	NOUN
cblr-9114	719	13	is	be	AUX
cblr-9114	719	14	clearly	clearly	ADV
cblr-9114	719	15	costprohibitive	costprohibitive	ADJ
cblr-9114	719	16	,	,	PUNCT
cblr-9114	719	17	inefficient	inefficient	ADJ
cblr-9114	719	18	and	and	CCONJ
cblr-9114	719	19	unnecessary	unnecessary	ADJ
cblr-9114	719	20	.	.	PUNCT
cblr-9114	720	1	the	the	DET
cblr-9114	720	2	provision	provision	NOUN
cblr-9114	720	3	of	of	ADP
cblr-9114	720	4	voting	voting	NOUN
cblr-9114	720	5	recommendations	recommendation	NOUN
cblr-9114	720	6	and	and	CCONJ
cblr-9114	720	7	research	research	NOUN
cblr-9114	720	8	by	by	ADP
cblr-9114	720	9	proxy	proxy	ADJ
cblr-9114	720	10	advisory	advisory	ADJ
cblr-9114	720	11	firms	firm	NOUN
cblr-9114	720	12	therefore	therefore	ADV
cblr-9114	720	13	amounts	amount	VERB
cblr-9114	720	14	to	to	ADP
cblr-9114	720	15	a	a	DET
cblr-9114	720	16	crucial	crucial	ADJ
cblr-9114	720	17	service	service	NOUN
cblr-9114	720	18	,	,	PUNCT
cblr-9114	720	19	as	as	SCONJ
cblr-9114	720	20	these	these	DET
cblr-9114	720	21	firms	firm	NOUN
cblr-9114	720	22	can	can	AUX
cblr-9114	720	23	compile	compile	VERB
cblr-9114	720	24	information	information	NOUN
cblr-9114	720	25	at	at	ADP
cblr-9114	720	26	a	a	DET
cblr-9114	720	27	sufficiently	sufficiently	ADV
cblr-9114	720	28	low	low	ADJ
cblr-9114	720	29	cost	cost	NOUN
cblr-9114	720	30	to	to	PART
cblr-9114	720	31	allow	allow	VERB
cblr-9114	720	32	for	for	ADP
cblr-9114	720	33	informed	informed	ADJ
cblr-9114	720	34	shareholder	shareholder	NOUN
cblr-9114	720	35	voting	voting	NOUN
cblr-9114	720	36	and	and	CCONJ
cblr-9114	720	37	decreased	decrease	VERB
cblr-9114	720	38	reliance	reliance	NOUN
cblr-9114	720	39	on	on	ADP
cblr-9114	720	40	management	management	NOUN
cblr-9114	720	41	.	.	PUNCT
cblr-9114	721	1	nevertheless	nevertheless	ADV
cblr-9114	721	2	,	,	PUNCT
cblr-9114	721	3	the	the	DET
cblr-9114	721	4	proxy	proxy	ADJ
cblr-9114	721	5	advisory	advisory	ADJ
cblr-9114	721	6	firm	firm	NOUN
cblr-9114	721	7	industry	industry	NOUN
cblr-9114	721	8	remains	remain	VERB
cblr-9114	721	9	far	far	ADV
cblr-9114	721	10	from	from	ADP
cblr-9114	721	11	perfect	perfect	ADJ
cblr-9114	721	12	,	,	PUNCT
cblr-9114	721	13	and	and	CCONJ
cblr-9114	721	14	safeguarding	safeguard	VERB
cblr-9114	721	15	shareholder	shareholder	NOUN
cblr-9114	721	16	voting	voting	NOUN
cblr-9114	721	17	must	must	AUX
cblr-9114	721	18	be	be	AUX
cblr-9114	721	19	prioritized	prioritize	VERB
cblr-9114	721	20	.	.	PUNCT
cblr-9114	722	1	effective	effective	ADJ
cblr-9114	722	2	regulation	regulation	NOUN
cblr-9114	722	3	of	of	ADP
cblr-9114	722	4	this	this	DET
cblr-9114	722	5	industry	industry	NOUN
cblr-9114	722	6	necessitates	necessitate	VERB
cblr-9114	722	7	a	a	DET
cblr-9114	722	8	cost	cost	NOUN
cblr-9114	722	9	-	-	PUNCT
cblr-9114	722	10	benefit	benefit	NOUN
cblr-9114	722	11	analysis	analysis	NOUN
cblr-9114	722	12	,	,	PUNCT
cblr-9114	722	13	and	and	CCONJ
cblr-9114	722	14	the	the	DET
cblr-9114	722	15	current	current	ADJ
cblr-9114	722	16	status	status	NOUN
cblr-9114	722	17	quo	quo	NOUN
cblr-9114	722	18	remains	remain	VERB
cblr-9114	722	19	wholly	wholly	ADV
cblr-9114	722	20	inadequate	inadequate	ADJ
cblr-9114	722	21	.	.	PUNCT
cblr-9114	723	1	blatant	blatant	ADJ
cblr-9114	723	2	,	,	PUNCT
cblr-9114	723	3	easily	easily	ADV
cblr-9114	723	4	addressable	addressable	ADJ
cblr-9114	723	5	conflicts	conflict	NOUN
cblr-9114	723	6	of	of	ADP
cblr-9114	723	7	interest	interest	NOUN
cblr-9114	723	8	have	have	AUX
cblr-9114	723	9	persisted	persist	VERB
cblr-9114	723	10	and	and	CCONJ
cblr-9114	723	11	demonstrably	demonstrably	ADV
cblr-9114	723	12	influenced	influence	VERB
cblr-9114	723	13	voting	voting	NOUN
cblr-9114	723	14	recommendations.210	recommendations.210	NOUN
cblr-9114	723	15	requiring	require	VERB
cblr-9114	723	16	increased	increase	VERB
cblr-9114	723	17	conflicts	conflict	NOUN
cblr-9114	723	18	of	of	ADP
cblr-9114	723	19	interest	interest	NOUN
cblr-9114	723	20	disclosures	disclosure	NOUN
cblr-9114	723	21	,	,	PUNCT
cblr-9114	723	22	while	while	SCONJ
cblr-9114	723	23	a	a	DET
cblr-9114	723	24	step	step	NOUN
cblr-9114	723	25	in	in	ADP
cblr-9114	723	26	the	the	DET
cblr-9114	723	27	right	right	ADJ
cblr-9114	723	28	direction	direction	NOUN
cblr-9114	723	29	,	,	PUNCT
cblr-9114	723	30	fails	fail	VERB
cblr-9114	723	31	to	to	PART
cblr-9114	723	32	account	account	VERB
cblr-9114	723	33	for	for	ADP
cblr-9114	723	34	the	the	DET
cblr-9114	723	35	incentives	incentive	NOUN
cblr-9114	723	36	that	that	PRON
cblr-9114	723	37	investment	investment	NOUN
cblr-9114	723	38	advisors	advisor	NOUN
cblr-9114	723	39	face	face	VERB
cblr-9114	723	40	in	in	ADP
cblr-9114	723	41	addition	addition	NOUN
cblr-9114	723	42	to	to	ADP
cblr-9114	723	43	obtaining	obtain	VERB
cblr-9114	723	44	the	the	DET
cblr-9114	723	45	most	most	ADV
cblr-9114	723	46	accurate	accurate	ADJ
cblr-9114	723	47	information	information	NOUN
cblr-9114	723	48	possible	possible	ADJ
cblr-9114	723	49	—	—	PUNCT
cblr-9114	723	50	namely	namely	ADV
cblr-9114	723	51	,	,	PUNCT
cblr-9114	723	52	cost	cost	NOUN
cblr-9114	723	53	and	and	CCONJ
cblr-9114	723	54	protecting	protect	VERB
cblr-9114	723	55	themselves	themselves	PRON
cblr-9114	723	56	from	from	ADP
cblr-9114	723	57	potential	potential	ADJ
cblr-9114	723	58	legal	legal	ADJ
cblr-9114	723	59	liability	liability	NOUN
cblr-9114	723	60	.	.	PUNCT
cblr-9114	724	1	as	as	ADP
cblr-9114	724	2	such	such	ADJ
cblr-9114	724	3	,	,	PUNCT
cblr-9114	724	4	mandating	mandate	VERB
cblr-9114	724	5	that	that	SCONJ
cblr-9114	724	6	both	both	DET
cblr-9114	724	7	proxy	proxy	ADJ
cblr-9114	724	8	advisory	advisory	ADJ
cblr-9114	724	9	firms	firm	NOUN
cblr-9114	724	10	and	and	CCONJ
cblr-9114	724	11	investment	investment	NOUN
cblr-9114	724	12	advisers	adviser	NOUN
cblr-9114	724	13	take	take	VERB
cblr-9114	724	14	concrete	concrete	ADJ
cblr-9114	724	15	actions	action	NOUN
cblr-9114	724	16	is	be	AUX
cblr-9114	724	17	necessary	necessary	ADJ
cblr-9114	724	18	to	to	PART
cblr-9114	724	19	meaningfully	meaningfully	ADV
cblr-9114	724	20	address	address	VERB
cblr-9114	724	21	persistent	persistent	ADJ
cblr-9114	724	22	conflicts	conflict	NOUN
cblr-9114	724	23	of	of	ADP
cblr-9114	724	24	interest	interest	NOUN
cblr-9114	724	25	.	.	PUNCT
cblr-9114	725	1	207	207	NUM
cblr-9114	725	2	see	see	VERB
cblr-9114	725	3	dent	dent	NOUN
cblr-9114	725	4	,	,	PUNCT
cblr-9114	725	5	supra	supra	PROPN
cblr-9114	725	6	note	note	NOUN
cblr-9114	725	7	46	46	NUM
cblr-9114	725	8	,	,	PUNCT
cblr-9114	725	9	at	at	ADP
cblr-9114	725	10	1288	1288	NUM
cblr-9114	725	11	.	.	PUNCT
cblr-9114	726	1	208	208	NUM
cblr-9114	726	2	i	i	PROPN
cblr-9114	726	3	d.	d.	NOUN
cblr-9114	726	4	at	at	ADP
cblr-9114	726	5	1288–89	1288–89	NUM
cblr-9114	726	6	.	.	PUNCT
cblr-9114	727	1	209	209	NUM
cblr-9114	727	2	see	see	VERB
cblr-9114	727	3	disclosure	disclosure	NOUN
cblr-9114	727	4	of	of	ADP
cblr-9114	727	5	proxy	proxy	ADJ
cblr-9114	727	6	voting	voting	NOUN
cblr-9114	727	7	policies	policy	NOUN
cblr-9114	727	8	voting	vote	VERB
cblr-9114	727	9	records	record	NOUN
cblr-9114	727	10	by	by	ADP
cblr-9114	727	11	registered	registered	ADJ
cblr-9114	727	12	management	management	NOUN
cblr-9114	727	13	investment	investment	NOUN
cblr-9114	727	14	companies	company	NOUN
cblr-9114	727	15	,	,	PUNCT
cblr-9114	727	16	companies	company	NOUN
cblr-9114	727	17	,	,	PUNCT
cblr-9114	727	18	securities	security	NOUN
cblr-9114	727	19	act	act	NOUN
cblr-9114	727	20	release	release	VERB
cblr-9114	727	21	no	no	PRON
cblr-9114	727	22	.	.	NOUN
cblr-9114	727	23	8188	8188	NUM
cblr-9114	727	24	,	,	PUNCT
cblr-9114	727	25	exchange	exchange	NOUN
cblr-9114	727	26	act	act	NOUN
cblr-9114	727	27	release	release	VERB
cblr-9114	727	28	no	no	NOUN
cblr-9114	727	29	.	.	NOUN
cblr-9114	727	30	47,304	47,304	NUM
cblr-9114	727	31	,	,	PUNCT
cblr-9114	727	32	investment	investment	NOUN
cblr-9114	727	33	company	company	NOUN
cblr-9114	727	34	act	act	AUX
cblr-9114	727	35	release	release	VERB
cblr-9114	727	36	no	no	PRON
cblr-9114	727	37	.	.	NOUN
cblr-9114	727	38	25,922	25,922	NUM
cblr-9114	727	39	,	,	PUNCT
cblr-9114	727	40	68	68	NUM
cblr-9114	727	41	fed	feed	VERB
cblr-9114	727	42	.	.	PUNCT
cblr-9114	728	1	reg	reg	PROPN
cblr-9114	728	2	.	.	PUNCT
cblr-9114	729	1	6564	6564	NUM
cblr-9114	729	2	(	(	PUNCT
cblr-9114	729	3	feb	feb	PROPN
cblr-9114	729	4	.	.	PROPN
cblr-9114	729	5	7	7	NUM
cblr-9114	729	6	,	,	PUNCT
cblr-9114	729	7	2003	2003	NUM
cblr-9114	729	8	)	)	PUNCT
cblr-9114	729	9	(	(	PUNCT
cblr-9114	729	10	to	to	PART
cblr-9114	729	11	be	be	AUX
cblr-9114	729	12	codified	codify	VERB
cblr-9114	729	13	at	at	ADP
cblr-9114	729	14	17	17	NUM
cblr-9114	729	15	c.f.r	c.f.r	NOUN
cblr-9114	729	16	.	.	PUNCT
cblr-9114	730	1	pts	pts	PROPN
cblr-9114	730	2	.	.	PROPN
cblr-9114	730	3	239	239	NUM
cblr-9114	730	4	,	,	PUNCT
cblr-9114	730	5	249	249	NUM
cblr-9114	730	6	,	,	PUNCT
cblr-9114	730	7	270	270	NUM
cblr-9114	730	8	,	,	PUNCT
cblr-9114	730	9	274	274	NUM
cblr-9114	730	10	)	)	PUNCT
cblr-9114	730	11	.	.	PUNCT
cblr-9114	731	1	210	210	NUM
cblr-9114	731	2	see	see	VERB
cblr-9114	731	3	li	li	PROPN
cblr-9114	731	4	,	,	PUNCT
cblr-9114	731	5	supra	supra	PROPN
cblr-9114	731	6	note	note	PROPN
cblr-9114	731	7	94	94	NUM
cblr-9114	731	8	,	,	PUNCT
cblr-9114	731	9	at	at	ADP
cblr-9114	731	10	2961	2961	NUM
cblr-9114	731	11	.	.	PUNCT
cblr-9114	732	1	no	no	INTJ
cblr-9114	732	2	.	.	PUNCT
cblr-9114	733	1	3:1487	3:1487	NUM
cblr-9114	733	2	]	]	X
cblr-9114	733	3	proxy	proxy	ADJ
cblr-9114	733	4	advisory	advisory	ADJ
cblr-9114	733	5	firms	firm	NOUN
cblr-9114	733	6	’	'	PUNCT
cblr-9114	733	7	conflicts	conflict	NOUN
cblr-9114	733	8	of	of	ADP
cblr-9114	733	9	interest	interest	NOUN
cblr-9114	733	10	1539	1539	NUM
cblr-9114	733	11	separating	separate	VERB
cblr-9114	733	12	the	the	DET
cblr-9114	733	13	voting	voting	NOUN
cblr-9114	733	14	advice	advice	NOUN
cblr-9114	733	15	business	business	NOUN
cblr-9114	733	16	from	from	ADP
cblr-9114	733	17	the	the	DET
cblr-9114	733	18	governance	governance	NOUN
cblr-9114	733	19	consulting	consulting	NOUN
cblr-9114	733	20	business	business	NOUN
cblr-9114	733	21	eliminates	eliminate	VERB
cblr-9114	733	22	two	two	NUM
cblr-9114	733	23	prominent	prominent	ADJ
cblr-9114	733	24	conflicts	conflict	NOUN
cblr-9114	733	25	of	of	ADP
cblr-9114	733	26	interest	interest	NOUN
cblr-9114	733	27	without	without	ADP
cblr-9114	733	28	raising	raise	VERB
cblr-9114	733	29	costs	cost	NOUN
cblr-9114	733	30	for	for	ADP
cblr-9114	733	31	investment	investment	NOUN
cblr-9114	733	32	advisors	advisor	NOUN
cblr-9114	733	33	.	.	PUNCT
cblr-9114	734	1	combining	combine	VERB
cblr-9114	734	2	this	this	PRON
cblr-9114	734	3	with	with	ADP
cblr-9114	734	4	periodic	periodic	ADJ
cblr-9114	734	5	sampling	sampling	NOUN
cblr-9114	734	6	of	of	ADP
cblr-9114	734	7	voting	voting	NOUN
cblr-9114	734	8	recommendations	recommendation	NOUN
cblr-9114	734	9	and	and	CCONJ
cblr-9114	734	10	enhanced	enhance	VERB
cblr-9114	734	11	analysis	analysis	NOUN
cblr-9114	734	12	of	of	ADP
cblr-9114	734	13	contentious	contentious	ADJ
cblr-9114	734	14	issues	issue	NOUN
cblr-9114	734	15	by	by	ADP
cblr-9114	734	16	investment	investment	NOUN
cblr-9114	734	17	advisors	advisor	NOUN
cblr-9114	734	18	will	will	AUX
cblr-9114	734	19	dramatically	dramatically	ADV
cblr-9114	734	20	enhance	enhance	VERB
cblr-9114	734	21	the	the	DET
cblr-9114	734	22	reliability	reliability	NOUN
cblr-9114	734	23	of	of	ADP
cblr-9114	734	24	proxy	proxy	ADJ
cblr-9114	734	25	voting	voting	NOUN
cblr-9114	734	26	at	at	ADP
cblr-9114	734	27	a	a	DET
cblr-9114	734	28	reasonable	reasonable	ADJ
cblr-9114	734	29	cost	cost	NOUN
cblr-9114	734	30	.	.	PUNCT
cblr-9114	735	1	alternatively	alternatively	ADV
cblr-9114	735	2	,	,	PUNCT
cblr-9114	735	3	requiring	require	VERB
cblr-9114	735	4	voting	voting	NOUN
cblr-9114	735	5	recommendations	recommendation	NOUN
cblr-9114	735	6	from	from	ADP
cblr-9114	735	7	more	more	ADJ
cblr-9114	735	8	than	than	ADP
cblr-9114	735	9	one	one	NUM
cblr-9114	735	10	proxy	proxy	NOUN
cblr-9114	735	11	advisory	advisory	ADJ
cblr-9114	735	12	firm	firm	NOUN
cblr-9114	735	13	,	,	PUNCT
cblr-9114	735	14	a	a	DET
cblr-9114	735	15	practice	practice	NOUN
cblr-9114	735	16	already	already	ADV
cblr-9114	735	17	adopted	adopt	VERB
cblr-9114	735	18	by	by	ADP
cblr-9114	735	19	certain	certain	ADJ
cblr-9114	735	20	investment	investment	NOUN
cblr-9114	735	21	advisors,211	advisors,211	PRON
cblr-9114	735	22	would	would	AUX
cblr-9114	735	23	mitigate	mitigate	VERB
cblr-9114	735	24	most	most	ADJ
cblr-9114	735	25	conflicts	conflict	NOUN
cblr-9114	735	26	,	,	PUNCT
cblr-9114	735	27	although	although	SCONJ
cblr-9114	735	28	at	at	ADP
cblr-9114	735	29	an	an	DET
cblr-9114	735	30	increased	increase	VERB
cblr-9114	735	31	cost	cost	NOUN
cblr-9114	735	32	.	.	PUNCT
cblr-9114	736	1	each	each	DET
cblr-9114	736	2	solution	solution	NOUN
cblr-9114	736	3	possesses	possess	VERB
cblr-9114	736	4	inherent	inherent	ADJ
cblr-9114	736	5	tradeoffs	tradeoff	NOUN
cblr-9114	736	6	;	;	PUNCT
cblr-9114	736	7	however	however	ADV
cblr-9114	736	8	,	,	PUNCT
cblr-9114	736	9	the	the	DET
cblr-9114	736	10	benefits	benefit	NOUN
cblr-9114	736	11	of	of	ADP
cblr-9114	736	12	securing	secure	VERB
cblr-9114	736	13	shareholder	shareholder	NOUN
cblr-9114	736	14	value	value	NOUN
cblr-9114	736	15	maximization	maximization	NOUN
cblr-9114	736	16	through	through	ADP
cblr-9114	736	17	proxy	proxy	ADJ
cblr-9114	736	18	voting	voting	NOUN
cblr-9114	736	19	can	can	AUX
cblr-9114	736	20	not	not	PART
cblr-9114	736	21	be	be	AUX
cblr-9114	736	22	understated	understate	VERB
cblr-9114	736	23	.	.	PUNCT
cblr-9114	737	1	211	211	NUM
cblr-9114	737	2	see	see	VERB
cblr-9114	737	3	blackrock	blackrock	NOUN
cblr-9114	737	4	,	,	PUNCT
cblr-9114	737	5	supra	supra	PROPN
cblr-9114	737	6	note	note	PROPN
cblr-9114	737	7	164	164	NUM
cblr-9114	737	8	.	.	PUNCT