Investors up in arms over SEC climate proposals SEC chairman Jay Clayton has again come under fire for failing to go far enough on climate disclosures, as the regulator pushes to give company bosses yet more control over the information they divulge to investors. SEC commissioner Allison Lee, an experienced securities law practitioner, spoke out […]
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Shortcomings in SEC proposals exposed Minerva Analytics has written a no-holds-barred letter to the US Securities and Exchange Commission (SEC) stressing several major issues with the regulator’s proposed proxy adviser rules. The letter, penned by Minerva CEO Sarah Wilson, makes clear that the rule amendments would have “significant, far-reaching and harmful impacts” on the US […]
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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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The chief of UN-backed Principles for Responsible Investment (PRI) has lashed out at the SEC and corporate lobby groups for trying to dampen investor rights. In an opinion piece for the FT this week, chief executive of the PRI Fiona Reynolds strongly criticised what she called “powerful countervailing forces” that were attempting to silence shareholders […]
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A major activist group has launched a petition to fight the SEC’s shareholder proposal rules – already securing nearly two-thirds of the 75,000 target signatories. Credo Action, which represents millions of activists around the globe fighting for progressive change, warned the SEC’s amendments to Rule 14a-8 would silence shareholder activism and protect big corporations from the […]
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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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The regulator found PwC had engaged in ‘improper professional conduct’ by performing prohibited non-audit services and breaching the independence rules in connection with 15 SEC-registered audit clients.
PwC partner Brandon Sprankle, who has been with the firm for over 20 years, has also been charged for causing the firm’s independence violations.
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SEC’s Clayton attacks lack of global commitment to combatting corruption The chairman of the US Securities and Exchange Commission (SEC) has launched a blistering attack on his foreign counterparts for failing to tackle offshore corruption. During his speech at the Economic Club of New York on Monday (9 September), Jay Clayton warned there was a […]
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SEC urged to unleash sweeping changes to proxy system As the SEC’s Proxy Plumbing saga rumbles on, the Commission has signalled that public companies, shareholders and other stakeholders in the US may soon get the transparency in the proxy system that many have been demanding. The investor advisory committee to the US Securities and Exchange […]
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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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