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…

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…

SEC Commissioner Heather Peirce: My Beef with Stakeholders

SEC Commissioner Heather Peirce spoke about her concerns when people talk about stakeholders. She recognizes that corporations have many stakeholders and are accountable to them in different ways. While her tone is condescending and dismissive at times, we are also concerned that stakeholder rhetoric can be misapplied, as with the state “stakeholder” laws adopted specifically…

Why Did the SEC Rescind the Proxy Advisory Letters? CII’s View

As we noted earlier, the SEC has rescinded two 2004 letters about proxy advisory firms before the upcoming roundtable on proxy issues. We like CII’s analysis of what is going on. But some Washington lobbyists believe SEC Chair Jay Clayton ordered the move, at least in part, to protect the agency’s ability to issue staff…