What does this research mean for the field?

EU provisions concerning transparency obligations for proxy advisors have virtually no practical application and are largely irrelevant under Polish law, despite the significant role such advisors play in other jurisdictions like the United States. Novelty: ClaimNovelty.INCREMENTAL. Consensus alignment: ConsensusAlignment.NEUTRAL.

June 20, 2026Open Access

Transparency Obligations of Proxy Advisors Under Polish Law – A Comparative Approach

Key Points

This article examines the role and transparency obligations of proxy advisors under Polish law and compares it with German and Italian regulations.
Comparative analysis of proxy advisor regulations in Polish, German, and Italian law.
Contextual framework provided by EU law regarding transparency in financial advice.
Qualitative assessment of the practical relevance of these regulations in Poland.
Proxy advisors have limited influence in Poland compared to their roles in the US and EU.
Existing regulations under Polish law lack practical applicability for ensuring transparency.
The study highlights significant gaps and suggests a need for improved oversight of proxy advisor activities.

Abstract

This article aims to analyse the role of proxy advisors in the context of EU law and the manner in which the relevant provisions have been implemented into Polish, German and Italian law.As these advisors provide advice to institutional investors on how to exercise their voting rights, they may influence shareholder and company decisions, creating a risk of conflicts of interest and justifying the need for transparency in their activities.While this institution plays a significant role in the United States, its importance in Poland appears minimal.The author argues that the provisions concerning proxy advisors generally have no practical application under Polish law and are largely irrelevant.

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