SEC ignores investor objections to implement new proxy rules

SEC ignores investor objections to implement new proxy rules Despite claims from some of the world’s largest investors that moves to impose new proxy voting regulations would increase costs, the US financial regulator has pressed ahead with a series of new laws governing shareholder voting rights. On July 22, The Securities and Exchange Commission voted […]

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Proxy firms targeted in Canadian regulatory overhaul

Canada proposes proxy system overhaul The role of proxy advisory firms and proxy plumbing in Canada could be set for a fundamental overhaul, following the publication of findings by the Capital Markets Modernisation Taskforce (CMMT).  In a wide-ranging remit, the taskforce has made over 70 proposals, which include giving regulators new powers, reforming shareholder voting and calling for the introduction […]

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SEC chairman Jay Clayton

SEC chairman Jay Clayton has faced an extraordinary grilling over the fake investor letters he cited in ‘support’ of the regulator’s proxy advisor rule changes – with a prominent US senator telling him he was “duped”. Clayton was finally forced to answer questions about his part in the fake letter scandal during his testimony before […]

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SEC’s back to work priorities: proxy plumbing & human capital reporting

A war of words has broken out between investors and the Securities and Exchange Commission (SEC) following the regulator’s controversial proposal to amend its proxy voting rules.  On 5 November, the SEC proposed new changes to how proxy advisory firms operate – with some criticising the move as a way to limit investors’ ability to hold public companies accountable.  Under the proposed changes, proxy advisory firms would […]

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AIM & remuneration disclosure: still room for improvement

With the EU Shareholder Rights Directive now in force, the signatories of the Best Practice Principles for Shareholder Voting Research have announced the outcome of its two year review process with the publication of the 2019 Best Practice Principles For Shareholder Voting Research. The updated Principles were developed within the framework of a structured Independent […]

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SEC chairman Jay Clayton

Proxy Plumbing: SEC Re-opens Investigations Plans to review US proxy plumbing infrastructure “long overdue, but very welcome”. The Securities and Exchange Commission has announced it will re-examine the US proxy voting system.  The US securities regulator, the Securities and Exchange Commission, is inviting comments on its proposal and will host a round-table this autumn to […]

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Manifest welcomes the Dept BEIS Corporate Governance Reform Green Paper which has been published today. Stakeholders are now faced with a very detailed and potentially far-reaching consultation which touches on a wide variety of topical issues. See Video https://goo.gl/Eb27h9 Manifest particularly welcomes the Government’s questions in relation to proxy advisors and other shareholder advisors who support investment managers […]

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The perceived influence of proxy advisors has grown in recent years, but the actual extent of that influence is still unclear. This is one of the findings from a new report produced by Government Accountability Office(GAO) at the request of US Congress members debating HR5311, the bill intended to roll back Dodd Frank reforms. GAO highlights proxy […]

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April is probably not the ideal month to launch a consultation for anyone involved in corporate governance, nevertheless the Canadian Securities Administrators (CSA) issued a call for comment on its proposed  best practice guidance for the proxy research industry. The consultation was scheduled to close on June 23rd,  however following representation from stakeholders, the CSA has granted […]

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The European Commission has published its formal proposal for the much-leaked update to the 2007 Shareholder’s Rights Directive. It forms a part of the “road map” for the Commission’s 2012 company law and corporate governance action plan which is aimed at “enhancing transparency and engaging shareholders”. The draft directive identifies 5 specific objectives: Improvement of […]

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