The accounting fraud at Lukin Coffee is just the latest reason to raise concerns about investment risks in Chinese companies. The SEC has issued a new report that includes the exposure of the biggest pension funds in the UA. Excerpts here (footnotes omitted), full report below. More than 150 China-based companies with a combined market…
Tag: sec
SEC: The Importance of Disclosure – For Investors, Markets and Our Fight Against COVID-19
Our collective national effort to mitigate the COVID-19 pandemic has caused a deep contraction in vast areas of our economy, with many workers and businesses facing profound challenges. There is broad support for this national, full-mitigation response to COVID-19, but also broad recognition that our strategy must evolve to effectively address the health risks of…
Whistleblower Receives $50M Award, Largest in SEC History | National Law Journal
The U.S. Securities and Exchange Commission on Thursday issued the largest bounty in the decadelong history of its program for paying tipsters, awarding nearly $50 million to a whistleblower who was credited with providing “firsthand” information about corporate misconduct that led to an enforcement action. “This award marks several milestones for the whistleblower program,” Jane…
SEC panel says agency should add sustainability disclosure rules
The SEC should update its reporting requirements for issuers to include ESG factors, the commission’s investor advisory committee said Thursday, voting to approve a recommendation drafted by the committee’s investor-as-owner subcommittee. “The time has come for the SEC to address this issue,” said the recommendation. ESG disclosure from issuers will provide investors “with the material,…
New Study on Proxy Voting by Index Funds — Our Supplemental Comment to the SEC
Another supplement to our earlier comments: We incorporate by reference and make a part of this record a study by joseph Farizo, (Black)Rock the Vote: Index Funds and Opposition to Management (March 2020) with its conclusions, conclusively and decisively refuting the unsupported allegations of “robs-voting” and supports our description of the conflicts of interest fund…
Supplemental Comments on SEC Proposed Rules: Proxy Advisors and Shareholder Proposals
ValueEdge Advisors has submitted two more supplemental comments on the SEC’s proposed rules on proxy advisory firms and shareholder proposals. We are grateful to James McRitchie for giving us permission to include his excellent research on the support for governance-related shareholder proposals. The full text of both comments are linked below. SEC supplemental comment on…
A Proposal Based on The Wrong Assumptions: “Stop, Look and Listen” for Proxy Advisors
The lawyers from law and lobbying firm Squire Patton Boggs overlook three key points with their self-categorized “modest proposal” on the SEC’s proxy advisory rule. Their proposal is based a completely faulty characterization of the law, the facts, and the obvious and most effective policy. Oh, and they also forget to mention that their client…
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…
Further Evidence that Corporate Claims of Zombie “Robo-Voting” are Bunk
The findings of a new study by Lily Tomson of ShareAction prove that the claims of the Chamber of Commerce and its various sock puppets are complete bunk. Finding 1: ISS, the largest proxy advisor, is more supportive of environmental and social resolutions than the largest asset managers. The majority of asset managers in our…
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…
