New Buybacks Disclosures: SEC Adopts Amendments to Modernize Share Repurchase Disclosure

The Securities and Exchange Commission adopted amendments to modernize the disclosure requirements relating to repurchases of an issuer’s equity securities, including requiring issuers to provide daily repurchase activity on a quarterly or semi-annual basis, depending on the type of issuer. The amendments will improve disclosure and provide investors with enhanced information to assess the purposes…

Representative Maxine Waters Objects to SEC Rule Rollbacks

 Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement at a full Committee hearing entitled, “Oversight of the Securities and Exchange Commission:” Right now, our financial system is still recovering from the sudden collapse of Silicon Valley Bank and Signature Bank, our nation’s affordable housing crisis is…

CII Welcomes New SEC 10(b)5-1 Rule

From the Council of Institutional Investors: CII applauds the SEC’s unanimous approval today of final rules that will close loopholes and enhance the transparency of executive trading plans in company stock. The adoption comes after CII pressed the commission for 10 years to reform these Rule 10b5-1 trading plans. “The new rules close gaps in the SEC’s…

SEC Orders Enhanced Reporting of Proxy Votes By Investment Managers

Statement by Commissioner Caroline A. Crenshaw on the SEC’s updated proxy vote disclosure rules: Commission rules often focus on corporate transparency and helping investors understand how their money – their ownership stake of U.S. companies – is used. Today’s rule does just that. When the Commission adopted Form N-PX in 2003, it stated that investors…

SEC Commissioner Caroline Crenshaw: Late Summer Sunshine: Statement on the Adoption of Pay Versus Performance

Today the Commission adopted a rule that provides investors with information about how corporate executives are paid. That is, quite simply, it. This rule does not regulate the way companies incentivize their executives, but rather the disclosures that companies are required to make about such compensation. More specifically, Pay Versus Performance disclosures give investors insight…

Comment from Shareholder Rights Group on the SEC Shareholder Proposal Rule

Each of the proposed technical fixes to the rule are supportive of the interests of investors and issuers in having clarity and predictability about the rules, and would ease proponent concerns about whether limited company actions on the subject matter of a proposal, or the filing of a prior proposal with very different means or…

Biden’s SEC Removes Trump Era Restrictions on Shareholder Proposals

Keep in mind, as always, that shareholder proposals are advisory only, so even a 100 percent vote in favor can be ignored by the corporation. But it is good to see the SEC reversing the Trump-era restrictions that allowed bogus “proposals” to block legitimate ones, Biden’s SEC has been pushing to expand the ability of…

SEC Rescinds Trump-Era Rules Governing Proxy Advisors

The SEC’s release: The Securities and Exchange Commission today voted to adopt amendments to its rules governing proxy voting advice as proposed in November 2021. The final amendments aim to avoid burdens on proxy voting advice businesses that may impair the timeliness and independence of their advice. The amendments also address misperceptions about liability standards…

SEC repeals Trump-era restrictions on proxy advice companies – MarketWatch

As we hoped and expected, the SEC has rescinded the proxy advisory rules pushed through by partisan vote at the end of the Trump administration. (The complaint from the minority Commissioners about partisanship is predictable but utterly hypocritical.) We regret that the rules maintained the categorization of proxy advisory reports as solicitations but the CII…