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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 ...

November 8, 2018

NAM, U.S. Chamber launch ad campaign to shine light on proxy advisors

The Securities and Exchange Commission’s (SEC) roundtable on the proxy process is fast-approaching. In preparation for the roundtable, the National Association of Manufacturers (NAM) and the U.S. Chamber of Commerce have launched a six-figure ad campaign to draw attention to the threats that unrestrained proxy advisory firms pose to the retirement funds of retail investors. ...

November 7, 2018

Main Street Investors Reaffirm #1 Priority in New Video: “Maximize Our Investments”

Today, the Main Street Investors Coalition released a new video showing some of the faces of Main Street – the retail investors who want fund managers to maximize their investments and not use their money to support political and social issues. The opinions shared by these retail investors reaffirms the reason why Main Street Investors ...

November 1, 2018

Glass Lewis Will Try to Override SEC Decisions They Don’t Like in 2019

Glass Lewis recently released an overview of how they intend to approach proxy advice this year and, in turn, provided an excellent example of how proxy advisory firms use their influence to act as quasi-regulators. In the paper, the proxy advisory firm announced that they intend to punish members of a company’s board of directors ...

October 30, 2018

New Report Shatters Key Claim of ISS’s Fake “Shareholder” Group

Yesterday, a new report from the American Council on Capital Formation (ACCF) dispelled a key claim often repeated by Institutional Shareholder Services (ISS) and its allies in their phony campaign to protect themselves from much needed reforms to the proxy process. According to ISS, the Main Street Investors Coalition and others are attempting to limit shareholder’s access to high quality and independent information by supporting the passage of H.R. 4015, the “Corporate Governance Reform and Transparency Act of 2017.”