The SEC is considering additional restrictions on insider stock sales. We support these rules because it is too easy now for insiders to game the system. Even if sales are scheduled in advance, insiders control the timing of disclosures and other actions that can affect stock price. Thomas Gorman is a former SEC attorney and is…
KPMG Board Diversity Disclosure Benchmarking Tool
KPMG has launched a free Board Diversity Disclosure Benchmarking Tool at the link below. “Diverse boards are more effective, and disclosure drives action.” Susan M. Angele Senior Advisor, KPMG Board Leadership Center Demand for companies to disclose their board diversity policies and demographics continues to grow. Board diversity disclosure analytics are freely available through the…
NEW Anti-ESG Vote Fund — 2ndVote Advisors
A new group called 2ndVote Advisors is advertising on FOX that it can protect investors from politically-motivated proxy votes. Once again, however, they fail to come up with a single example, because there are none. Their materials claim to support: “the commonsense notion that companies focused on profits will produce better returns for their investors…
Members of Congress Express Concern about the SEC’s Approach to Climate Change Disclosure
Some Members of Congress have written to SEC Chairman Gensler to remind him what the “materiality” standard is and conclude without reference to any data that the Commission may not be clear on it. We also caution the SEC against outsourcing its responsibilities to ostensibly “independent” third-party standard setters that have agendas outside the scope ofthe Federal securities laws and that do not recognize the standard ofmateriality that has served U.S. capital markets so well. Some of these organizations are funded or…
New blood at Wall Street’s old guard rattles Corporate America
This year marks a sea change as top funds throw more of their weight behind investor challenges to companies on environmental, social and governance (ESG) issues and put companies on notice by often choosing to publicize how and why they voted, a Reuters review of voting results and fund firms’ new disclosures shows. A record…
The myth of corporate neutrality – Popular Information
Dallas-based AT&T is following the McConnell playbook. Yes, the company says it believes “the right to vote is sacred” and supports “efforts to enhance everyone’s ability to vote.” But it refused to weigh in on SB 7, the voter suppression law introduced by Texas Republicans. AT&T said that “election laws are complicated, not our company’s…
Activist Seen Winning 3rd ExxonMobil Seat in Preliminary Vote – Bloomberg
Exxon Mobil Corp. activist investor Engine No. 1 expanded its presence on the oil giant’s board to three seats, according to preliminary vote tallies, cementing a victory that has reverberated across the energy industry. The initial counts show the newest nominee from Engine No. 1’s slate elected to Exxon’s 12-member board is private-equity investor Alexander…
SEC Announces Suspension of Controversial Proxy Advisory Rule: ISS Responds
Institutional Shareholder Services issued the following statement in light of today’s announcement by U.S. Securities and Exchange Commission Chairman, Gary Gensler, regarding the application of the proxy rules to proxy voting advice: “We welcome the SEC’s announced decision to consider revisiting its proxy adviser rulemaking, which we believe was ill-conceived, inconsistent with the law, and…
VEA Vice Chair Nell Minow on NPR Discussing Engine No. 1 and ExxonMobil
VEA Vice Chair Nell Minow talked about “the biggest upset since David and Goliath,” the proxy contest win by Engine No. 1 at ExxonMobil on NPR’s Morning Edition this morning.
Memo to Corporate Directors: Three Lessons from the Exxon-Mobil Activist Victory
Exxon-Mobil spent $35 million, added new directors, and made promises to do better, all in an effort to defeat the dissident slate nominated by activist fund Engine No. 1. It failed, and, at this writing, Exxon-Mobil has lost at least two seats on the board of directors and votes for two others were still being…
