A COMMONSENSE AGENDA
Demanding that fund managers focus on maximizing performance – not playing politics with other people’s money
Providing retail investors with more visibility into how the funds they own vote on their behalf
Forcing third-party, “black-box” proxy-advisory firms to be more transparent about potential conflicts of interest
Insisting that public pension funds meet the same basic regulatory and reporting standards as private pension funds
Main Street Investors’ Manifesto
March 25, 2019 | Main Street Coalition
New Glass Lewis Program Capitalizes on Transparency Concerns
Glass Lewis recently launched a new 2019 pilot program to allow companies and shareholder proposal proponents to review and respond to the advisor’s recommendations. The announcement comes after months of unprecedented scrutiny of proxy advisors from the Securities and Exchange Commission (SEC), Congress, companies and retail investors – all of whom are concerned about companies’ inability to weigh in on recommendations.
March 20, 2019 | Main Street Coalition
Newest SEC Commissioner Raises Critical Questions to the Proxy System
Roisman outlined certain practices within the proxy system that are damaging to the shareholder voting process. He described how many fund managers are automatically voting in line in line with proxy advisory recommendations (even if these recommendations negatively impact returns), a trend now referred to as “robo-voting”. Roisman also stated that he was concerned about factual errors being used to justify these voting recommendations and noted the potential for conflicts of interest to arise between proxy firms and the firms they provide consulting services to.
March 19, 2019 | Wall Street Journal
Companies Call for Oversight of Firms That Advise Shareholders
Companies want the firms that advise shareholders on proxy proposals to face government oversight of their activities, a wish securities regulators are expected to act on as early as this spring.