Oil Company CEO Fails to Disclose “Loans” (Actually Bribes)

Oil company CEO John D. Schiller Jr. failed to disclose more than $10 million in personal loans he received while serving as chief executive officer of now-defunct Energy XXI. He sought the money in exchange for business contracts in 2014, when he was facing margin calls on a highly leveraged account secured by his company…

Our Comment on the SEC’s Draft Strategic Plan

To: The Chairman, Commissioners, and Staff of the SEC From: Nell Minow, Vice Chair, ValueEdge Advisors Many thanks for the opportunity to comment on your thoughtful draft five-year strategic plan. The SEC plays a critical role in the stability and credibility of our financial markets. It is the robust transparency and accountability of our corporate…

SEC Wants Comments on Its Agenda

The Securities and Exchange Commission has published a draft strategic plan and inviting comments. The first goal they list is “Focus on the long-term interests of our Main Street investors.”  The use of this term is a bit mystifying.  The SEC knows better than anyone that most “Main Street” investors entrust their money to financial…

SEC should follow the Labor Department’s fiduciary standard – MarketWatch

[F]or [SEC Chairman Jay] Clayton to truly fight for savers and uphold the principles from his speech, he should build upon last year’s Department of Labor fiduciary rule, rather than undermine it and start from scratch….Building from DOL’s rule should be music to Clayton’s ears under his sixth and seventh principles: “effective rulemaking does not…

Shareholder Proposal Reform Rebutted – Corporate Governance

We strongly recommend James McRitchie’s point-by-point rebuttal to the Chamber of Commerce’s “fake news” plea to “protect” corporate executives from non-binding shareholder proposals. It is well worth reading in its entirety, but we particularly note his response to the Chamber’s claim that “social” proposals are not relevant and have no merit. That is a matter…

Rising Angst Among Defenders of Overpaid CEOs – Inequality.org

Getting rid of the new pay ratio disclosure requirement scheduled to take effect next proxy season may be harder than the Trump administration thought.  I was particularly heartened by this article’s reporting on the number of comments in favor of the proposal (and how that avalanche of comments makes it harder to rescind the rule)….

SEC Faces Obstacles to Rolling Back Dodd-Frank Rules – WSJ

Litigation could stymie efforts by the Securities and Exchange Commission to comply with sweeping executive orders intended to roll back financial regulations.President Donald Trump on Friday took the first step in expunging the 2010 Dodd-Frank financial overhaul act, which he said hinders business and economic growth.Mr. Trump signed an executive action requiring the U.S. Treasury…

The Problem With Roger Lowenstein

Fund manager Roger Lowenstein demonstrates a breathtaking ignorance of government checks and balances in an op-ed for the New York Times, suggesting that Senator Elizabeth Warren does not have the right to ask President Obama to remove Mary Jo White as Chair of the SEC. He sneers: Last time I checked, the S.E.C. was a…