Proxy adviser ISS recommends vote ‘against’ executive pay at Alphabet – Reuters

Institutional Shareholder Services (ISS) has recommended shareholders of Google-parent Alphabet Inc to vote “against” the company’s proposed executive pay at its annual meet in June, according to a report seen by Reuters on Thursday. “The compensation committee has demonstrated poor stewardship of pay programs as evidenced by recurring concerns of outsized awards that are not…

New Study on Proxy Voting by Index Funds — Our Supplemental Comment to the SEC

Another supplement to our earlier comments: We incorporate by reference and make a part of this record a study by joseph Farizo, study (Black)Rock the Vote: Index Funds and Opposition to Management (March 2020) with its conclusions, conclusively and decisively refuting the unsupported allegations of “robs-voting” and supports our description of the conflicts of interest…

Skadden Scheme Exposed by Phil Goldstein – Corporate Governance

Many thanks to James McRitchie, alway the most vigilant and valiant advocates for shareholder rights, for discovering this latest scheme to suppress shareholder votes: Skadden scheme exposed by Phil Goldstein, of Bulldog Investors, threatens to kill shareholder rights. While we were fighting COVID-19 and new rules proposed by the SEC to eviscerate shareholder rights Skadden,…

ISS: 2020 Climate Policy Proxy Voting Guidelines

ISS has released its new climate policy recommendations for voting proxies. The full text is below. An excerpt: Sustainability Reporting The concept of sustainability is commonly understood as meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. Indeed, the term sustainability is complex and poses…

VEA Comment on the SEC’s Awful Proxy Advisory Proposal

The full text of our comment is below. An excerpt: I agree with the Commission’s own advisory committee and the letters on behalf of investors filed by CII, T. Rowe Price, John Coates and Barbara Roper, and others that this proposal is wrongly conceived. Despite the Commission’s rhetoric of support for proxy voting, this proposed…

Op-Ed on SEC Proposed Rule on Proxy Advisors

VEA Vice Chair Nell Minow and other shareholder advocates signed this op-ed appearing in Corporate Knights about the SEC’s new proposed rule on proxy advisors and shareholder proposals appearing in Corporate Knights: The U.S. Securities Exchange Commission is trying to change the rules that govern shareholder proposals and sustainable finance luminaries are pushing back. In…

Nell Minow Debates Proposed SEC Rules on Proxy Advisors

On January 13, 2020, at the Stigler Center for the Study of Economy and the State, VEA Vice Chair Nell Minow debated University of Chicago professor Steven Kaplan on the new SEC proposed rules on proxy advisory firms, moderated by Luigi Zingales.

SEC Comment on Proxy Advisors and Proposals from Minerva Analytics

Minerva Analytics has submitted a comment on the SEC’s proposed rules on proxy advisors and shareholder proposals. An except (footnotes omitted): In respect of the SEC’s proposals, our reasons for opposing the proposed regulations that they will: • Severely limit shareholders’ property rights; • Interfere with investors’ commercial and contractual rights to receive research, which…

State Street CEO Takes the Long View on Shareholder Activism – WSJ

As CEO of State Street Corp., STT 2.10% Ronald O’Hanley is on the front lines of shareholders’ push to bring change to corporate boardrooms. State Street, STT 2.10% whose money-management arm oversees $2.7 trillion in assets, has amassed significant governance power in recent years as investors shifted more money into the lower-cost, index-tracking funds it…