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…

Agenda – Emerging Culture Woes Point to ‘Critical’ Board Oversight

With all of the adjustments companies and their workforces have had to make during the pandemic, more employees feel pressured to cut corners and bend the rules. That’s according to the 2021 Global Business Ethics Survey Report from the Ethics & Compliance Initiative, which found that employee pressure to compromise ethical standards has reached the…

Agenda – CEO Pay Seesaws Under Pandemic Pressure

Despite an across-the-board dip in median financial performance, total direct compensation at median for CEOs among early filers in 2020 rose 8% over 2019 comp, according to a new report by Compensation Advisory Partners. By contrast, for the 2019 fiscal year, early-filer total direct comp rose only 2% at median. The increase, however, is deceptive,…

Toomey Presses SEC on New Climate Enforcement Task Force | United States Committee on Banking, Housing, and Urban Affairs

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) wants more information from the U.S. Securities and Exchange Commission (SEC) about its recently announced climate and environmental, social, and governance (ESG) enforcement task force. In a letter to Acting Chair Allison Herren Lee, Senator Toomey wrote: “These announcements appear to presage major changes in longstanding…

ESGs, sustainable investing are not as green as touted, investor says

Tariq Fancy has some dire warnings about the disconnect between ESG rhetoric and reality in USA Today, concluding, “We’re running out of time and need to accept the truth: To fix our system and curb a growing disaster, we need government to fix the rules.” The financial services industry is duping the American public with…

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…

Congresswomen Ask 31 Financial Firms for Diversity and Inclusion Data

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, sent requests to the nation’s 31 largest investment firms—those with $400 billion or more of assets under management—for data on their diversity and inclusion.  “We are making progress to ensure a…

Starbucks Shareholders Reject Executive Pay Proposal – WSJ

Starbucks Corp. shareholders rejected the coffee company’s executive compensation proposal, a rare rebuke to a major U.S. company. The plan voted down by Starbucks shareholders Wednesday includes millions of dollars in bonus and retention pay for Starbucks’ chief executive, though the resolution was nonbinding and may not affect executives’ compensation. Only 10 S&P 500 companies…