Supplemental Comment Letter to SEC on Shareholder Proposals

A group of investors has filed a supplemental comment with the SEC asking for withdrawal of the proposed rule restricting shareholder proposals. The full comment is below. An excerpt: This evidence demonstrates that the economic harm that the amendments could cause if they were finalized far outweighs the de minimis purported benefits cited in the…

Dark Money: It’s Time for Boards and Institutional Investors to Act on Racial Justice

Bruce Freed of The Center for Political Accountability and Eleanor Bloxham of The Value Alliance have an important op-ed in Barron’s about the long-standing opposition of the Big 3 institutional investors – BlackRock, Vanguard and Fidelity — to shareholder resolutions calling for disclosure of political disclosure and the connection to corporate political spending that has…

Shareholder Proposals Shaking Up Shareholder Say

First, shareholder power related proposals in American companies are essentially closing the gap in substantive shareholder power that existed between the United States and Europe. In the past fifteen years, shareholders have successfully made proposals in individual American corporations to de-stagger the board, to elect directors by majority instead of plurality vote, to allow shareholders…

A Successful Season for SASB-Based Shareholder Resolutions

Timed to the 2020 Annual General Meeting (AGM) season, shareholder advocacy non-profit As You Sow filed seven shareholder resolutions, on behalf of individual proponents, that specifically requested material disclosure compliant with environmental and social corporate reporting standards published by the Sustainability Accounting Standards Board (SASB). SASB standards are explicitly designed to reflect financially material aspects…

Supplemental Comments on SEC Proposed Rules: Proxy Advisors and Shareholder Proposals

ValueEdge Advisors has submitted two more supplemental comments on the SEC’s proposed rules on proxy advisory firms and shareholder proposals. We are grateful to James McRitchie for giving us permission to include his excellent research on the support for governance-related shareholder proposals. The full text of both comments are linked below. SEC supplemental comment on…

ATT Uses COVID-19 To Silence Shareholder

There is simply no excuse for not allowing a shareholder to speak on behalf of his proposal at an annual meeting, whether in person or virtual. A letter from ATT to the shareholder who submitted a shareholder proposal: To protect our stockholders during the current COVOID-19 pandemic, AT&T Inc. has changed the location of the…

Shareholder Proposals 2019—ESG No-Action Letter Trends and Strategies

Shareholder proposals relating to ESG matters are frequent targets for exclusion by companies, and based upon a survey of the no-action letters submitted during the 2019 proxy season, this trend continues. Over 40% of the no-action letters we reviewed for the 2019 proxy season related to a variety of ESG matters, and the arguments and…