Insurance underwriter Argo Group has been asked by the SEC to hand over documents related to perks awarded to its executives.

The SEC inquiry into Argo’s disclosures on executive perks, which was first reported by Bloomberg, comes after a proxy fight with Voce Capital earlier this year, and could indicate that activist investors have the ear of the SEC.

“The takeaway for boards is that the SEC listens to information from all sources,” says Brad Mroski, managing director at AlixPartners and former assistant chief accountant in the SEC’s Division of Enforcement. “The better the fact pattern is laid out, the more actionable it can be by the SEC.”