Congressman Bill Huizenga (R-MI), Ranking Member of the Investor Protection, Entrepreneurship, and Capital Markets Subcommittee and Congressman Blaine Luetkemeyer (R-MO), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions introduced HR 8521, the INDEX Act, to respond to concerns about the consolidation of voting power in a handful of institutions by requiring any…
More on Anti-ESG Trojan Horse Proposals | Observer
More on the anti-ESG shareholder proposals that mimic pro-ESG proposals. At Apple’s March 10 shareholder meeting, there were five shareholder proposals. All were voted down, including the “Civil Rights and Non-Discrimination Audit Proposal,” which failed by a better than 70-to-1 voting margin. Despite its seemingly neutral title, the proposal questioned whether Apple’s diversity, equity, and…
Want to go anti-ESG? It’ll cost you – POLITICO
Anti-ESG advocates argue that paying attention to environmental, social and governance issues is turning capitalism on its head.But evidence is mounting that the attempts to evade ESG investing are costing taxpayers and public pensioners a lot of money, Avery Ellfeldt reports for POLITICO’s E&E News. Kansas Republican lawmakers are proposing a bill to prohibit any…
‘Anti-ESG proposals’ up 60 percent this year, despite low support in 2022
Last year, anti-ESG proposals attracted support of less than 4 percent on average, according to the Proxy Preview report, published last week. Many were also excluded through the US Securities and Exchange Commission’s “no action” process, the mechanism by which companies seek assurance from the regulator that it will not act if they do not…
GE CEO Sees Pay Drop by $14 Million After Board Cancels Stock Awards: Agenda
General Electric last week disclosed that it had cut stock awards planned for Chief Executive Officer Larry Culp, reducing the CEO’s 2022 pay by $14 million. In its annual proxy statement, GE said the company failed to hit certain performance targets that were required for Culp to receive his full payout. His total compensation for…
Lawsuit Brings Scrutiny to Board Compensation at Meta: Agenda
Activist investor James McRitchie sued Meta on Oct. 3, 2022, alleging that the company’s attempt to maximize returns for investors led it to allow some of its 3.5 billion global users to more easily spread misinformation, promote violence and engage in criminal activities. Those actions have destabilized global markets and hurt Meta investors that own…
Biden issues first veto, knocks Marjorie Taylor Greene – POLITICO
A he promised, President Biden has issued the first veto of his Presidency, overruling Congress’ attempt to block the DOL/EBSA ESG rule. President Joe Biden on Monday vetoed his first bill, blocking the repeal of a Labor Department rule that permitted retirement investing tied to environmental and social goals. The veto was expected, after the…
What Do the New CEO Disclosure Rules Really Reveal? Geoff Colvin at Fortune
Shareholders may be rejoicing this spring to find that, for the first time, proxy statements will report a new, SEC-mandated measure of CEO pay: “compensation actually paid” for the past three years. CEOs may be bracing for headlines announcing never-before-seen numbers. Alas for everyone, these numbers are not what they seem. Proxy statements have reported…
2023 Proxy Season Preview – Compromise and Conflict Ahead
Merel Spierings of The Conference Board, has an excellent preview of this year’s proxy season. An excerpt [footnotes omitted]. The 2023 proxy season is bound to be even more challenging than previous years for the following reasons:The overall volume of shareholder proposals will likely continue to rise as a result of: 1) the SEC having…
Proposed Nunavut hydro line to reduce reliance on dirty diesel
The Inuit of Nunavut’s Kivalliq Region have big dreams for joining the clean economy via a 1,200-kilometre hydro and fibre optic line that would be the territory’s first infrastructure link to southern Canada. The estimated $3-billion project has been years in the making, and under the aggressive timelines of the Inuit-owned Nukik Corporation, it could…
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