VEA’s Second Supplemental Comment to the SEC on Proposed Proxy Advisor Rule

A second supplemental comment, reflecting new information and responses to some of the other comments: 1. Further Evidence that Corporate Claims of Zombie “Robo-Voting” are Bunk: We have noted previously that assertions that fund managers “robo-vote” are unsupported and contrary to the data. The findings of a new study by Lily Tomson of ShareAction prove…

SEC’s New Rules Undermine Shareholder Rights – Bloomberg

Yale’s Jonathan Macey on the SEC’s proposed rule on proxy advisors: It is indeed strange that the SEC, whose mission is to protect investors, is putting its thumb forcefully on the scale in favor of companies and against investors. Its proposal would land a one-two punch against corporate democracy and freedom of speech. Not only…

SEC Comment Word Cloud

Columbia Law School’s Blue Sky Blog has mapped the comments on the SEC’s proposed rules on proxy advisors. This post offers a helpful tool, in the form of a computational textual analysis of the submitted comments to the proposed rule change. While by no means a substitute for deeper analysis, this type of computational analysis…

SEC’s proxy proposal: Who would benefit? – MSCI

Ric Marshall of MSCI writes: The SEC is considering a proposed rule that would curb the ability of small individual investors — so-called “nuisance investors” — to propose shareholder resolutions on corporate proxies. We found that many proposals authored by small individual investors won substantial support from 2015 through 2019. More than half of all…

Sparks Fly in Comments on SEC Proxy Advisor Proposals — Bloomberg

The notice and comment process for SEC rulemaking typically generates turgid prose and repetitive argument. That is definitely not the case with regard to the comments on the SEC’s proxy advisor proposals. Corporate governance expert Nell Minow stated that the rules as proposed would “undermine a crucial element of accountability to shareholders by severely hampering…

SEC’s new proxy adviser regulations will harm real Main Street investors

Lorraine Kelly of ISS makes a strong statement in opposition to the SEC’s proposed restrictions on proxy advisors. To be clear, this proposal is not being driven by institutional investors that hire proxy advisers; our customers are not asking for the government to intervene in the crafting and publication of corporate governance research and recommendations….

More Baloney from Another Chamber of Commerce Sock Puppet

There’a another comment on the SEC’s proxy advisory proposal from a Chamber of Commerce funded dark money front group. This one was previously focused only on getting corporate-friendly lawyers appointed to the court (they actually argued that it was okay to have all white male nominees because the selections were based on qualifications, ignoring the…