Investor Advocates Urge Congress to Overturn SEC’s Shareholder Proposal Rule

VEA Vice Chair appeared with a distinguished panel of investor advocates to brief Senate staffers this week on the SEC’s appalling new rule restricting shareholder proposals. The rulemaking process violated the Administrative Procedure Act and cost-benefit guidelines. Other panelists were Josh Zinner of ICCR, Brandon Rees of AFL-CIO, and Kyle Seeley of the New York…

Companies Agree to Support Paris-Aligned Climate Policy | ICCR

Building on the groundbreaking majority vote in support of a proposal on climate lobbying at Chevron’s 2020 annual meeting, investor members of the Interfaith Center on Corporate Responsibility are announcing agreements reached with five companies on similar proposals requesting a report on if and how the companies’ lobbying activities (direct and through trade associations) align…

EY: Top Priorities for Investors in 2021 Proxy Season

EY advises its clients that the top priorities for engagement by investors this proxy season are: Investors want to know how companies are strategizing for a low-carbon future. Getting diversity disclosures that include the workforce and the board is an investor priority. Investors want to understand how pay decisions are being made in the context…

Sen. Sherrod Brown wants to use ‘Congressional Review Act’ to overturn Trump-era financial rules – cleveland.com

U.S. Sen. Sherrod Brown is using his chairmanship of the U.S. Senate committee that oversees the banking system to overturn regulations the Trump administration passed in its waning days that he views as anti-consumer…. Brown also introduced a resolution to overturn procedures the Securities and Exchange Commission finalized late last year that affect how shareholders…

Proxy Season 2021

The annual webinar hosted by As You Sow on the upcoming proxy season had to build in some extra time this year. The events and upheavals of 2020 are reflected in the range and impact of this year’s shareholder proposals. As You Sow’s Andrew Behar led off with a strong statement: “If there is a…

The Shareholder Commons Announces Withdrawal of Shareholder Proposal after Yum! Brands Commits to Disclose Systemic Costs of Antibiotic Use

The Shareholder Commons announced today that Yum! Brands (NYSE: YUM, the “Company”) has agreed to provide comprehensive reporting on the systemic effects of the use of antibiotics in its supply chain by the end of 2021. Paul Rissman, a long-time shareholder of the Company, worked with The Shareholder Commons, a non-profit organization that seeks to…

SEC denies J&J request to exclude racial-audit proposal | Corporate Secretary

The SEC has rejected a request from Johnson & Johnson that it exclude from its proxy statement a shareholder proposal that it conduct a ‘civil rights audit.’ Trillium Asset Management, on behalf of Christopher and Anne Ellinger, has submitted the measure requesting that Johnson & Johnson ‘conduct and publish a third-party audit… to review its…

Guest Post from Jim McRitchie: The Giant Shadow of Corporate Gadflies

We are very grateful to Jim McRitchie for allowing us to share his excellent blog post responding to an academic paper on individuals like Jim who file shareholder proposals. We hope the authors will talk to Jim and some of the other “gadflies” before they do their next update. The Giant Shadow of Corporate Gadflies…

Agenda – Investors Demand ‘Say on Climate’ Vote

As investors grow increasingly vocal on ESG issues, some are now requesting regular advisory votes on companies’ climate change plans. At least seven North American companies face shareholder proposals for the 2021 proxy season. Meanwhile, some companies, including Moody’s and Unilever, have already adopted a mechanism for shareholders to give their thumbs-up, or down, on…

Four Spots Biden Is Likely to Reverse SEC Deregulation

In a Biden administration, a reconstituted SEC led by a Democratic chair and consisting of a Democratic majority will most likely launch an active rulemaking agenda, roll back Trump-era regulations, and step up its enforcement and inspections programs. Here are the four places to look first as the SEC retires the Commission’s current deregulatory approach….