SEC Chairman Clayton: Statement on Shareholder Proposals Seeking to Require Mandatory Arbitration Bylaw Provisions

SEC Chairman Jay Clayton on a shareholder proposal to require mandatory arbitration of shareholder claims: A domestic, publicly-listed company has received a shareholder proposal that would require the company to take steps to adopt mandatory arbitration provisions. The company has asked the staff of the Division of Corporation Finance for informal guidance on whether the…

John Wilcox: Proxy Plumbing Comment

Longtime proxy solicitor John Wilcox has submitted one of the most thoughtful comment on the SEC’s proxy roundtable issues. No one is more familiar with the issues raised by the current complexity of the system that provides information and voting mechanics. An excerpt: The failures of the proxy system have traditionally been blamed on back-office…

On Governance: What Does the Near Future Hold for Proxy Advisors?

The Conference Board’s list of predictions about the outcome of the SEC’s proxy roundtable hearing looks more like a wish list than anything grounded in probability, with the exception of the comments by the Conference Board’s own Doug Chia: Governance Center Executive Director, Doug Chia observed coming out of the SEC roundtable, “What seemed to…

James McRitchie: Proxy Roundtable Comment Letter

Corpgov.net‘s James McRitchie, one of the most knowledgeable and effective individual investors, has submitted an exceptionally thoughtful and well-informed comment to the SEC. Many thanks for his gracious permission to publish it in full. Final comment letter to the SEC on Shareholder Proposals, re File Number 4-725, including 11 recommendations highlighted on bold. Mr. Brent…

Protecting the Shareholder Proposal Process — As You Sow

Rosanna Weaver at As You Sow writes about the shareholder proposal section of last week’s SEC Proxy Roundtable. An excerpt: Looking back over time, the shareholder resolution system works. So why these discussions again? In great part, it is because the system has been effective in raising social and environmental issues to the fore and…

Minerva Analytics: Comment on SEC Proxy Roundtable

From Minerva Analytics’ comment to the SEC for the Proxy Roundtable (link to the full comment below): We note the activities of the immensely vocal, but narrow, anti-ESG and governance lobby which continues to ignore and disrespect the beliefs and preferences of capital providers. Investors use governance research and vote execution services to legitimately help…

Morningstar slams hidden backers behind anti-ESG campaign | Portfolio Adviser

Jackie Cook speaks to Portfolio Advisor about the CEO funded fake dark money front group, Main Street Investors Coalition. Their claim to “represent” individual investors is, as we’ve pointed out many times, completely bogus as not one single actual advocate for investors has endorsed or joined them. Morningstar has slammed an anti-environmental, social and governance…

ISS Comment Letter to the SEC on the Proxy Process

ISS has filed its comment letter for the Proxy Roundtable with the SEC. Some highlights: They respond to those who claim that proxy advisors are not regulated and those who claim they control the proxy voting decisions of their clients: “As a registered investment adviser, we have a fiduciary obligation to our clients to provide…