From ICCR’s comment letter to the SEC on the draft rule on proxy proposals (full comment in the link below): For decades, the shareholder proposal process has served as a cost-effective way for corporate management and boards to gain a better understanding of shareholder priorities and concerns, particularly those of longer-term shareholders concerned about the…
Tag: sec
Comment to the SEC: Investor-as-Owner Subcommittee of the SEC Investor Advisory Committee (IAC) Relating to SEC Guidance and Rule Proposals on Proxy Advisors and Shareholder Proposals
The SEC’s own Investor-as-Owner Subcommittee of the SEC Investor Advisory Committee does not approve of the proposed rule on proxy advisory firms and proxy proposals. An excerpt: The IAC has long urged the Commission to address a variety of problems in the proxy system, and there are valuable elements in the PA/SP actions, such as…
Fact and Fantasy in SEC Rules—The Battle Over Proxy Contests Relies on Imaginary Soldiers
Howard Fischer and Matthew Handler of Moses and Singer write about the fatally flawed factual basis for the SEC’s proposed rule: This is more than simply an embarrassment to the rule-making process, and an affront to the credibility of the SEC. Even though the rules are, at this stage, simply proposals (there is a 60-day…
Comment from Ciara Torres-Spelliscy on SEC Proposal
Stetson law professor Ciara Torres-Spelliscy, an expert on dark money and its pernicious impact on both public and private governance, has submitted an excellent and very persuasive comment to the SEC on the proposed rules for limiting shareholder proposals. The full text is in the link below. An excerpt: [T]he rule proposed by File No….
Economists Comment to SEC Proposal on Proxy Advisors
On January 15, a group of over 60 leading finance professors from major American universities filed the following comment to the SEC to ask a revision of the proposed draft regulation: Dear Chairman Clayton and Members of the Commission: We share the Commission’s concerns about concentration in the proxy advisory market. Yet, we disagree with…
Nell Minow Debates Proposed SEC Rules on Proxy Advisors
On January 13, 2020, at the Stigler Center for the Study of Economy and the State, VEA Vice Chair Nell Minow debated University of Chicago professor Steven Kaplan on the new SEC proposed rules on proxy advisory firms, moderated by Luigi Zingales.
Republican Operative Holly Turner Posts Appallingly Deceptive Video in Support of Anti-Shareholder Proposal from the SEC
Republican operative and former Trump administration official Holly Turner has posted a fraudulent video on YouTube urging her followers to support the proposed rulemaking at the SEC to undermine the fundamental market principles of capitalism and suppress shareholder votes and access to independent research. The disappearance of the fake CEO-funded dark money front group…
Michael Hiltzik: The SEC tries to stifle shareholder voices – Los Angeles Times
We were very glad to see this column from one of our favorite journalists, and got a special kick out of learning that the fake dark money front group we exposed has shut down its website (though its virulent initiatives continue, just offline now). For all the lip service that corporate executives pay to the…
SEC proposed rule would have blocked 614 ESG resolutions since 2010, data shows | S&P Global Market Intelligence
What would be the impact of the SEC’s new proposed restrictions on shareholder proposals? [T]he Sustainable Investments Institute, or Si2, compiled a database of ESG resolutions voted on from the beginning of 2010 through Nov. 18, 2019. Si2 found that 614 ESG-related resolutions, or about 30%, of the 2,019 proposals voted on at company annual…
SEC Comment on Proxy Advisors and Proposals from Minerva Analytics
Minerva Analytics has submitted a comment on the SEC’s proposed rules on proxy advisors and shareholder proposals. An except (footnotes omitted): In respect of the SEC’s proposals, our reasons for opposing the proposed regulations that they will: • Severely limit shareholders’ property rights; • Interfere with investors’ commercial and contractual rights to receive research, which…
