Keep in mind, as always, that shareholder proposals are advisory only, so even a 100 percent vote in favor can be ignored by the corporation. But it is good to see the SEC reversing the Trump-era restrictions that allowed bogus “proposals” to block legitimate ones, Biden’s SEC has been pushing to expand the ability of…
Agenda – Investors, Regulators Press for Audited ESG Data
A classic example of “if you can’t beat them, get paid for it.” Data is one of the biggest challenges for executives in the evolving ESG landscape, according to a March survey from Deloitte. The majority (57%) of finance, accounting, sustainability and legal executives told the firm that data availability and data quality, i.e., accuracy…
Not so Veritas: Wachtell Lipton on Proxy Advisory Rules
We do not always agree with the “Compensation in Context” newsletter from Veritas compensation consultants but we usually find it informative and credible. The decision to turn over the newsletter to a piece of advocacy from a law firm that represents entrenched corporate managers, spending decades trying to cut off meaningful oversight from shareholders, is…
CEO-to-worker pay ratio 2022: ‘greedflation’ salaries list
Recently, the word “greedflation” has caught on to explain the out-of-control prices U.S. consumers are facing. It argues the rising cost of gas and groceries isn’t owing entirely to trade disruptions or expense hikes along the supply chain—corporate greed is as much to blame, and companies are using the veneer of inflation to justify upping…
Don’t strengthen the UK corporate governance code — abolish it | Financial Times
Brian Cheffins writes: The Financial Reporting Council has announced a fresh review of the UK Corporate Governance Code, indicating that it will strengthen and expand it. The FRC, likely to be absorbed soon into a new, more powerful regulator — the Audit, Reporting and Governance Authority (ARGA) — should bestow a wholly different parting gift:…
More Investors Vote Against Corporate Directors Over Climate Change – WSJ
Investors are increasingly voting against the election of corporate directors to get companies they see as laggards on climate change to raise their ambitions. So far this year, investors have cited climate change as a reason for opposing the election of a management-backed director at 225 U.S. companies, up from 157 in 2021 and 83…
Twitter schedules shareholder vote for embattled Elon Musk deal – The Washington Post
Nell Minow, a corporate governance expert who is vice chair of ValueEdge Advisors, said Twitter’s timing for the shareholder vote, which is a required step in completing the deal, is probably not a coincidence. Holding the shareholder vote before the trial signals that Twitter is continuing the deal as normal.“I think it’s strategic,” she said….
WSJ Gets Duped on Fake News ESG “Study”
The Wall Street Journal was either duped or disingenuous in an op-ed from Vivek Ramaswamy (author of anti-ESG book Woke, Inc.) and Riley Moore (Treasurer of coal-economy West Virginia) about a study giving bad grades to pension funds and fund managers for supporting the proxy contest at ExxonMobil in 2021. See below: Insight ESG Energy is…
The billionaires buying the midterm elections
Two primary super PACs seek to establish Republican majorities in the Senate and House — the Senate Leadership Fund (SLF) and the Congressional Leadership Fund (CLF). Those two groups, which can accept unlimited donations, collectively raised $188.3 million through March 2022. Nearly half of the money, $89.4 million, has come from just 27 billionaires, according…
New Nikola Shares Blocked by Founder and Former CEO
CNBC reports: Electric truck maker Nikola once again fell short of winning shareholder approval to raise new funds, the company said Monday. The measure has so far been blocked by the company’s since-departed founder. In a brief webcast Monday, Chairman Steven Girsky said that while the vote on the proposal to issue new shares…
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