SEC Orders Enhanced Reporting of Proxy Votes By Investment Managers

Statement by Commissioner Caroline A. Crenshaw on the SEC’s updated proxy vote disclosure rules: Commission rules often focus on corporate transparency and helping investors understand how their money – their ownership stake of U.S. companies – is used. Today’s rule does just that. When the Commission adopted Form N-PX in 2003, it stated that investors…

The 70 BlackRock Analysts Who Speak for Millions of Shareholders – WSJ

On one hand, the concentration of share ownership has addressed some of the issues connected to the separation of ownership and control. On the other hand, there are still intermediaries between the beneficial holders and the companies whose stock is held on their behalf. This is all the more reason for a strong, enforceable fiduciary…

Proxy Voting 2021: Report from Sidley, Insightia, Okapi

We highly recommend the new report from Sidley, Insightia, and Okapi on proxy votes in 2021. Some highlights: The 2021 proxy season was revolutionary in many respects, as investors used their voting powers to communicate their expectations to issuers on a variety of concerns. Investors exhibited renewed interest in a myriad of ESG issues, including…

SEC Wants Better Disclosure of Proxy Votes from Fund Managers

The Wall Street Journal writes: The Securities and Exchange Commission proposed a rule that would require money managers to disclose more information on how they use their voting power. When investors buy a mutual fund and exchange-traded fund from an asset manager, the money manager votes on shareholder proposals on behalf of the investors. Shareholder…

Proxy Insight: Proxy Votes in 2021

Proxy Insight has published their report on proxy voting in 2021. The most significant findings: The five largest institutional investors increased their support of environmental shareholder proposals by an average 13 percentage points between the 2020 and 2021 proxy seasons, compared with four percentage points for all investors.The top five backed 100% of climate transition…

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…