Proxy advisor obligations: disclose voting policy, methodology, report sharing, and timely conflict and error notifications. Proxy advisors must adopt and disclose voting recommendation policies (reviewed at least annually), explain methodologies for research and recommendations, share reports simultaneously with clients and companies with a defined comment timeline and addendum procedure, notify clients within 24 hours of factual errors or material revisions, disclose when recommendations propose standards above legal requirements with rationale, and maintain stated communication processes with clients and companies.