Carl Icahn: Let Proxy Advisers Do Their Work – WSJ

Investors cast tens of thousands of votes as owners of public companies in any given year. For help with that formidable task, many institutional investors pay proxy advisory firms like Institutional Shareholder Services or Glass Lewis for independent advice. These research organizations publish reports with voting recommendations. More often than not, they end up taking…

Commissioner Lee: Statement on Shareholder Rights

Commissioner Allison Herrren Lee expressed her objections to the Republican Commissioners’ proposed rule on proxy proposals and proxy advisors, starting with the core point that no one has documents any kind of actual problem. There is a common theme that unites the two proposals before us today: they both would operate to suppress the exercise…

Commissioner Jackson: Statement on Proposals to Restrict Shareholder Voting

On November 5, the SEC issued its proposed rules on shareholder proposals and proxy advisors and they are atrocious, violating every possible procedural and substantive requirement for administrative rule making. We will be commenting, urging others to comment, and covering the proceedings in detail. First, the statement objecting to the proposal from Commissioner Robert Jackson:…

ISS Files Suit Against the SEC Re New Proxy Rules

The SEC is expected to reveal new proposed proxy rules next Tuesday, but ISS did not wait for their formal announcement. They have filed a lawsuit against the SEC. ISS claims that the upcoming rulemaking is invalid. An excerpt from the complaint: First, the Release exceeds the SEC’s statutory authority under Section 14(a) of the…

U.S. SEC to consider new guidance on investor use of proxy advisors – Reuters

The U.S. Securities and Exchange Commission (SEC) on Tuesday said it would hold a meeting next week on whether to publish new guidance regarding the responsibilities of investors when relying on so-called proxy advisors.The proposal comes amid a push by the corporate lobby to rein in proxy advisors, which recommend how investors should vote in…

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…