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December 6, 2018

Senate Banking Committee Hearing Highlights Growing Consensus of Need to Reform Proxy System

These statements of support from Senators and witnesses add to the growing array of people across the board calling for additional scrutiny of proxy advisory firms. The Main Street Investors Coalition is optimistic that this growing consensus will add to continued momentum and additional oversight over proxy advisory firms by the SEC.

November 30, 2018

Economics Organization Adds to Growing List of Groups Calling for Proxy Reform

Two weeks after the Securities and Exchange Commission (SEC) hosted a roundtable on the proxy process, the American Action Forum (AAF) joined the growing number of organizations calling out how proxy advisory firms are harming Main Street investors. The group is led by former Director of the Congressional Budget Office Douglas Holtz-Eakin, and focuses on economic ...

November 27, 2018

BlackRock Calls for Transparency at Proxy Advisory Firms Following SEC Roundtable

Shortly after participating in the Securities and Exchange Commission (SEC) roundtable on the proxy process, BlackRock, the world’s largest money manager, called for the SEC to promote “a principle of transparency throughout the proxy ecosystem.” According to BlackRock, this principle of transparency extends to proxy advisory firms. Proxy Firm Methodologies and Conflicts of Interest Specifically, ...

November 20, 2018

In Conjunction with Roundtable, Vice President of Policy and General Counsel for ACCF Submits Comment To SEC

In advance of last week’s Securities and Exchange Commission (SEC) roundtable on the proxy process, Timothy M. Doyle, Vice President of Policy and General Counsel for the American Council for Capital Formation (ACCF) submitted two comment letters to the Commission. The letters refer to some of the main topics that were addressed at the roundtable, ...

November 16, 2018

SEC Roundtable Signals Continued Momentum for Reform of Proxy Advisory Firms

“I cannot defend the indefensible. There are conflicts of interest that arise from consulting when you are also in the proxy advisory business.” – Sean Egan, Egan-Jones Proxy Services “If shareholder process is just another form of political speech then we need to look at this much more closely and in a much different way.” ...

November 15, 2018

Highlight Reel: Today’s SEC Roundtable

Today’s roundtable on the proxy process, hosted by the Securities and Exchange Commission (SEC), presented a rare opportunity for market participants to debate the proxy process in front of those who regulate the proxy industry. During the three panels, a variety of issues within the proxy process were discussed, with panelists offering up their suggestions ...

November 14, 2018

NAM, Chamber Continue Campaign Highlighting Dangers of Proxy Advisors

Today, the National Association of Manufacturers (NAM) and the U.S. Chamber of Commerce launched the second part of a six-figure ad campaign geared toward the Securities and Exchange Commission’s (SEC) roundtable on the proxy process. The ads draw attention to the threats that unrestrained proxy advisory firms pose to the savings and investment accounts of workers ...

November 13, 2018

60 Plus Association Joins Ranks of Those Calling for Proxy Advisor Reforms

With only a few days before the U.S. Securities and Exchange Commission’s (SEC) roundtable on issues with the proxy process, the 60 Plus Association has released a new report detailing how common practices by proxy advisory firms are harming retirement savings. The report, Consequences of Proxy Advisors on Senior Investments, explains why blind reliance on proxy advisors ...

November 9, 2018

New Report Details Rampant Robo-Voting in Line with Proxy Advisory Firms’ Recommendations

Just days before the U.S. Securities and Exchange Commission (SEC) hosts a roundtable to discuss issues with the proxy process, the American Council for Capital Formation (ACCF) released a new report which found that a large group of asset managers, who collectively manage over $5 trillion in assets, have historically voted in lock-step with the ...