The biggest problem with the idea that the proxy advisers need to be reined turns on the fallacy that they are all powerful, something critics repeat a lot. They are not. Just one example, according to a stat in the Wall Street Journal, is that last year proxy advisory firms urged shareholders to vote against approving…
2018 Global Investor Statement on Climate Change
415 investors representing over USD $32 trillion in assets have signed a statement calling for portfolio companies to “implement the actions that are needed to achieve the goals of the [Paris Climate] Agreement, with the utmost urgency.” They call on global leaders to: • Achieve the Paris Agreement’s goals ■ Update and strengthen nationally-determined contributions…
The Corporate Donors Behind a Republican Power Grab – The New York Times
David Leonhardt writes about the corporations behind the unprecedented undermining of democracy in Wisconsin, including Walgreens. Walgreens portrays itself as the friendly neighborhood drugstore. It gives flu shots to children, helps communities after storms, donates to charity — and makes feel-good advertisements trumpeting its various good deeds. But Walgreens also has a tougher side, one…
Largest ever group of global investors call for more action to meet Paris targets | Environment | The Guardian
The largest ever group of institutional investors has called on governments around the world to urgently increase their efforts to meet the Paris climate change agreement goals.The 414 global investors – which represent US$31 trillion of assets-under-management – say they are deeply concerned about the “ambition gap” that exists between governments’ commitments and what is…
CII Study on Shareholder Proposal Resubmission Thresholds
CII has responded to questions about whether the current SEC rules on the level of support required to resubmit a shareholder proposal should be raised with a new study. The findings: • The vast majority of shareholder proposals satisfy the current resubmission thresholds of 3%, 6% and 10%. About 95% of proposals are eligible for…
VEA Comment to the SEC on Proxies, Shareholder Proposals, and Proxy Advisory Firms
The full text is linked below. From the introduction and summary: We begin with three key points as context for this comment, all with one theme: the superiority of market tests over regulation whenever possible (unless there is a collective choice problem distorting the market, which is not the case here). 1. The determining issue…
James McRitchie: Proxy Roundtable Comment Letter
Corpgov.net‘s James McRitchie, one of the most knowledgeable and effective individual investors, has submitted an exceptionally thoughtful and well-informed comment to the SEC. Many thanks for his gracious permission to publish it in full. Final comment letter to the SEC on Shareholder Proposals, re File Number 4-725, including 11 recommendations highlighted on bold. Mr. Brent…
Protecting the Shareholder Proposal Process — As You Sow
Rosanna Weaver at As You Sow writes about the shareholder proposal section of last week’s SEC Proxy Roundtable. An excerpt: Looking back over time, the shareholder resolution system works. So why these discussions again? In great part, it is because the system has been effective in raising social and environmental issues to the fore and…
VEA Vice Chair Nell Minow on Motley Fool Money Podcast: Shareholder Rights and Stan Lee
VEA Vice Chair Nell Minow appears on the Motley Fool Money podcast to discuss the SEC’s Proxy Roundtable, Stan Lee as a brand genius, and more.
Brunel’s Stewardship Policy
We recommend Brunel’s excellent stewardship policy as a model for institutional investors everywhere. Stewardship is defined as the job of taking care of something, such as a company or property. As investors, we use the term assets. Brunel is committed to responsible stewardship and seeks to contribute to the ‘care’ of all the assets under…
