Activist Starboard ends BMS proxy war after advisories back Celgene deal | FiercePharma

A classic example of blame the messenger — and another conclusive rebuttal to the claim that proxy advisors are not inclined to support management. Apparently, positive word from influential proxy advisory firms was enough to put the nail in the coffin on Starboard Value’s campaign to scuttle the mammoth Bristol-Myers Squibb-Celgene merger.Friday, the rebel investor said it would stop…

On Governance: What Does the Near Future Hold for Proxy Advisors?

The Conference Board’s list of predictions about the outcome of the SEC’s proxy roundtable hearing looks more like a wish list than anything grounded in probability, with the exception of the comments by the Conference Board’s own Doug Chia: Governance Center Executive Director, Doug Chia observed coming out of the SEC roundtable, “What seemed to…

SEC Should Leave Proxy Advisory Firms Alone – Bloomberg

The biggest problem with the idea that the proxy advisers need to be reined turns on the fallacy that they are all powerful, something critics repeat a lot. They are not. Just one example, according to a stat in the Wall Street Journal, is that last year proxy advisory firms urged shareholders to vote against approving…

Fake Front Group ACCF Clutches Its Pearls Over “Inconsistent” ESG Ratings

The American Council on Capital Formation, the equally fake front group affiliate of the Main Street Investors Coalition (funded by the same corporate sources, led by the same energy lobbyist) is upset because ESG ratings are “inconsistent.” We found a system that is fraught with problems, from inconsistent metrics, to ratings which continually fail to…

Main Street Investors and Its Affiliate Keep Trying, Keep #Failing

Two recent articles from the Main Street Investors Coalition and its affiliate, The American Council for Capital Formation, and our responses: The affiliate of the corporate-funded, lobbyist-led, climate change-denying, fake front group for corporate CEOs, the Main Street Investors Coalition, is run by the same director, funded by the same corporations, and has a similarly…

The Weekly Standard Forgets How Capitalism Works

We are always particularly disappointed when those who claim to be conservative, rhapsodizing about the purity of the free market and urging cutbacks in government regulation, become hypocrites when it comes to the very free market responses and corrections that are essential for the integrity of capitalism. That’s exactly what Jeff Patch has done in…

ISS Testimony at Proxy Advisors Hearing

Excerpts from the statement by ISS CEO Gary Retelny to the Senate Committee on Banking, Housing and Urban Affairs, July 6, 2018: FACT: ISS is a Registered Investment Adviser (RIA) and is subject to strict SEC oversightContrary to the suggestions oft made in the hearing, ISS is a Registered Investment Adviser (“RIA”) and is therefore…

ISS recommends against Goldman pay plan, worried on costs | Euronews

Proxy advisor Institutional Shareholder Services on Friday recommended investors vote against a stock plan for employees at Goldman Sachs Group Inc, concerned about its costs and the bank’s heavy use of stock-based compensation.In a report to clients sent by an ISS spokesman, the leading proxy advisor wrote that the “the cost of the company’s equity…

Institutional Investor’s Wildly Inflammatory Rhetoric About ISS

The wildly inflammatory headline is belied by the actual text, which is sloppily sourced, vague, and internally inconsistent. Michelle Celarier of Institutional Investor calls ISS “The Mysterious Private Company Controlling Corporate America” but then admits that it has produced a “premium research product” that makes recommendations on proxy contests based on the “least invasive solution.”…