More Bogus Anti-Shareholder Propaganda to Fuel the Upcoming SEC Proxy Roundtable

The SEC’s roundtable on the proxy system is scheduled for next month, and so articles that look suspiciously like plants from the CEO-funded fake dark money front group Main Street Investors Coalition are popping up like a sock puppet chorus. In Forbes, Ike Brannon, a consultant affiliated with the Koch-funded Cato Institute, says that fiduciary…

Sarah Wilson on the Four Billion Reasons Not to Mess with Proxy Plumbing

Our deepest thanks to Sarah Wilson of Minerva Analytics for allowing us to post her thoughtful essay on the SEC’s proxy plumbing initiative, and for her support in our efforts to keep the Main Street Investors Coalition and their various other corporate-funded fake front groups from spreading disinformation about shareholders and proxy advisors.  Here is…

In Which We Hear (Indirectly) from Main Street Investors Coalition and Get a Surprising Claim About Their Views on Climate Change

When our post on the SEC Proxy Roundtable was reprinted on the Conference Board’s corporate governance blog, it elicited a response from Main Street Investors Coalition advisory board member Bernard Sharfman, who challenged our assertion that the corporate-funded fake front group led by a former energy industry lobbyist is a climate change denier. We have…

SEC’s New Roundtable on the Proxy Process

  The SEC is scheduling another roundtable on proxy voting — we note the inclusion of matters suggesting the influence of the corporate-funded, lobbyist-led, climate change denying Main Street Investors Coalition, which makes us concerned that the goal of this effort is suppression of votes by institutional investors. The SEC statement: Chairman Jay Clayton July…

The Bogus “Main Street Investors” Group Digs in Deeper

Posted on the Harvard corporate governance blog: A new shareholder advocacy group has been formed, the Main Street Investors Coalition. The Coalition aims to mitigate the adverse effects created by the concentration of shareholder voting power that now resides in the hands of mutual fund advisors. This concentration has developed because of the growing popularity…

No Votes on CEO Pay 2018

As You Sow Rosanna Weaver reports on 2018 proxy season no votes on pay: Not all the votes are in, but there are already a significant number low votes and outright losses among the S&P 500 on pay packages. So far there are seven S&P 500 companies that have lost majority votes that I’m aware…

Index funds must use their huge power over companies, says BlackRock chief Larry Fink 

Giant index funds have enormous clout in shareholder votes and company directors underestimate them at their peril, BlackRock chief Larry Fink has warned.The billionaire investment chief said index funds have long been underappreciated by corporate bosses but are making their power known by increasingly threatening to vote against underperforming directors. “The implicit sanction of a…

Proxy adviser ISS backs call for gun safety report at Sturm Ruger | Reuters

ISS and Glass-Lewis both recommended votes in favor of a proxy proposal calling for a report on gun safety. Proxy adviser Institutional Shareholder Services on Wednesday recommended investors vote to support a shareholder proposal calling for gunmaker Sturm Ruger & Co to report on gun safety, which could put new attention on so-called “smart gun”…

Disney shareholders vote against CEO Iger’s pay package

Walt Disney Co shareholders rejected an executive compensation plan that could reward Chief Executive Officer Bob Iger with up to $48.5 million a year over four years plus an equity grant worth about $100 million, in a non-binding vote on Thursday [March 8, 2018].<P><P>The total compensation is tied to the closing of Disney’s planned $52.4…

How are Shareholder Votes and Trades Related?

Rutgers Assistant Professor Sophia Zhengzi writes: Are shareholder votes a sufficient form of voice that catalyzes trades across the board? Are shareholders’ votes and trades correlated? And do shareholders update their trading patterns based on the information conveyed by other investors’ votes? We address these questions by examining the relation between votes and volume at…