ICCR Comment On SEC’s Draft Proxy Proposal Rule

From ICCR’s comment letter to the SEC on the draft rule on proxy proposals (full comment in the link below): For decades, the shareholder proposal process has served as a cost-effective way for corporate management and boards to gain a better understanding of shareholder priorities and concerns, particularly those of longer-term shareholders concerned about the…

Comment from Ciara Torres-Spelliscy on SEC Proposal

Stetson law professor Ciara Torres-Spelliscy, an expert on dark money and its pernicious impact on both public and private governance, has submitted an excellent and very persuasive comment to the SEC on the proposed rules for limiting shareholder proposals. The full text is in the link below. An excerpt: [T]he rule proposed by File No….

Proxy Season 2020: Board Composition, Climate, Political Contributions

In a report released today, The Conference Board finds that the environmental and social policies of corporations will continue to take center stage in the 2020 shareholder voting season. Institutional investors will continue to focus on issues pertaining to board diversity, disparities in the compensation of female employees, and transparency around corporate political activities. Conducted…

SEC Comment on Proxy Advisors and Proposals from Minerva Analytics

Minerva Analytics has submitted a comment on the SEC’s proposed rules on proxy advisors and shareholder proposals. An except (footnotes omitted): In respect of the SEC’s proposals, our reasons for opposing the proposed regulations that they will: • Severely limit shareholders’ property rights; • Interfere with investors’ commercial and contractual rights to receive research, which…

SEC Proxy Rulemaking: Insightful Comment with Compelling Data from Tom Shaffner

One of the most compelling and persuasively documented comments we have seen on the SEC’s proposed rule on proxy advisory firms and proxy proposals comes from an individual investor and data scientist named Tom Shaffner. We highly recommend reading the comment in full at the link below. Some highlights (footnotes omitted): The more I’ve learned…

Shareholders Urge JPMorgan Chase, Wells Fargo to Act on Climate

A coalition of investors — Walden Asset Management, Presbyterian Church USA, and First Affirmative Financial Network — led by shareholder advocate As You Sow recently filed climate-focused resolutions with a large segment of the U.S. banking industry, including JPMorgan Chase, Wells Fargo, Bank of America, Goldman Sachs, and Morgan Stanley. Investor concern is growing regarding…

Big Fund Managers Ripped for Opposing Political Cash Disclosures – Bloomberg

BlackRock Inc., Vanguard Group Inc. and Fidelity Investments are being drawn into a fight over political spending with a top Securities and Exchange Commission official rebuking the fund managers for failing to push corporations to disclose their campaign contributions. As managers of trillions of dollars, BlackRock, Vanguard and Fidelity are among the biggest investors in…