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…
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Fact and Fantasy in SEC Rules—The Battle Over Proxy Contests Relies on Imaginary Soldiers
Howard Fischer and Matthew Handler of Moses and Singer write about the fatally flawed factual basis for the SEC’s proposed rule: This is more than simply an embarrassment to the rule-making process, and an affront to the credibility of the SEC. Even though the rules are, at this stage, simply proposals (there is a 60-day…
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….
Measuring What Matters
There is a groundswell of interest in metrics that go beyond our traditional financial view of companies. Many organizations have done extensive work on frameworks for ESG metrics, non-financial metrics, or integrated reporting, each targeted at a range of stakeholders including customers, employees, policymakers and investors. The challenge we often hear is that companies work…
Blackrock’s Larry Fink: Letter to CEOs
Blackrock’s Larry Fink wrote to the portfolio company CEOs to tell them that investors insist on more from them when it comes to climate change, from disclosure to strategy. Bottom line (literally): “Climate risk is investment risk.” Here is the letter: Dear CEO, As an asset manager, BlackRock invests on behalf of others, and I…
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…
Nell Minow Debates Proposed SEC Rules on Proxy Advisors
On January 13, 2020, at the Stigler Center for the Study of Economy and the State, VEA Vice Chair Nell Minow debated University of Chicago professor Steven Kaplan on the new SEC proposed rules on proxy advisory firms, moderated by Luigi Zingales.
Michael Hiltzik: The SEC tries to stifle shareholder voices – Los Angeles Times
We were very glad to see this column from one of our favorite journalists, and got a special kick out of learning that the fake dark money front group we exposed has shut down its website (though its virulent initiatives continue, just offline now). For all the lip service that corporate executives pay to the…
CEO Turnover: Why CEOs Are Bailing Out In Droves | Investor’s Business Daily
We can’t help thinking of rats deserting a sinking ship. Are CEOs shorting American business? More than 1,400 CEOs left their posts this year through November, says Challenger, Gray & Christmas. That’s up 12% from this point last year. And it’s the highest January to November total since Challenger started keeping track of the numbers…
