Michael Hiltzik: The SEC tries to stifle shareholder voices – Los Angeles Times

We were very glad to see this column from one of our favorite journalists, and got a special kick out of learning that the fake dark money front group we exposed has shut down its website (though its virulent initiatives continue, just offline now).

For all the lip service that corporate executives pay to the principle of honoring shareholder rights and interests, it’s not uncommon for them to signal that their lives would be easier if they didn’t have to deal with busybody investors.

That’s the subtext of a pair of rules the Securities and Exchange Commission is pondering that would “limit public-company investors’ ability to hold corporate insiders accountable,” according to SEC Commissioner Robert J. Jackson Jr.

..

The SEC majority doesn’t see the rules the same way. They describe the rules as “modernizing” the process by which shareholders can submit proposals for votes at corporate annual meetings, and ensuring that institutional investors get the most accurate and objective information from proxy advisory firms they hire to guide them on how to vote on the measures. Both rules are open for public comment through Feb. 3.

One point is indisputable: Many corporate managements desperately want the rules to pass, and shareholder activists are solidly against them.

via Column: The SEC tries to stifle shareholder voices – Los Angeles Times

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