âNo way they could afford itâ: Fears retail investor group could be hit by proxy crackdown Weâre sorry, this service is currently unavailable. Please try again later. Dismiss Save Normal text size Advertisement The peak body representing retail shareholders says it is confident it will not be captured by new government proposals to regulate proxy advisors, amid claims the reforms could force it to close its doors due to new licensing requirements. The federal government last week launched a review of the proxy advisory sector, including mandating financial services licenses for all firms that provide voting advice to shareholders on resolutions presented at annual general meetings.