SEC lambasted over shareholder rights change as companies fail to meet ESG targets

SEC lambasted over shareholder rights change as companies fail to meet ESG targets  The US Securities and Exchange Commission (SEC) has come under fire from investor groups after it voted to adopt amendments to its shareholder proposal rules. In what is being seen by investors as a major blow for corporate transparency and shareholder democracy, the SEC […]

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SEC Commissioner Elad Roisman

SEC commissioner Elad Roisman, one of the four leading officials at the US regulator, has called for ESG labelling from fund groups to be made clearer.  However, at the same time Roisman is wary about more “prescriptive” ESG disclosure requirements being introduced for listed companies.  Giving the keynote speech at the Society of Corporate Governance’s virtual national conference, Roisman said asset managers […]

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Chris Van Hollen

A US Senator has called on the head of the US financial regulator to provide an update on the status of its reports into “apparently fraudulent comment letters” that showed support for proposed new rules on proxy advice. In a letter addressed to Securities and Exchange Commission (SEC) Chairman Jay Clayton, Senator Chris Van Hollen […]

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SEC lambasted over shareholder rights change as companies fail to meet ESG targets

Investors ask SEC to intervene on Covid disclosures A group of investors have called on the Securities and Exchange Commission to force companies to disclose how the Covid-19 pandemic has affected their business operations. Representatives from 98 asset owners, fund managers, public interest groups, lawyers and trade unions, have asked the SEC to consider new […]

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SEC lambasted over shareholder rights change as companies fail to meet ESG targets

SEC committee to policymakers: Revise ESG rules or be left behind The US risks falling further behind the UK and Europe unless rules governing reporting requirements for issuers around environmental, social and governance factors are updated. That was the conclusion from the Securities and Exchange Commission’s investor advisory committee, which issued a recommendation that issuer […]

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“Exploitative” Chinese companies face new battle to list in US

“Exploitative” Chinese companies face new battle to list in US Chinese companies looking to list on US exchanges are set to face tougher scrutiny, thanks to moves to protect investors by Senators and a homegrown accounting scandal. On Wednesday (May 20), the US Senate passed the Holding Foreign Companies Accountable Act by unanimous consent. The […]

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SEC shelves anti-proxy proposals

The Securities and Exchanges Commission (SEC) has shelved proposals that would have limited the power of shareholder advisory firms in corporate decision making. The SEC is scrapping a portion of its proposal that would have forced proxy advisers to submit their voting recommendations to companies for checking before distributing them to investors in advance of […]

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SEC lambasted over shareholder rights change as companies fail to meet ESG targets

For some companies, the ability for shareholders to have a voice is a source of constant annoyance. For proxy voting agents, such as Minerva, understanding the rules of the game and where the lines are drawn is key. Shareholder rights and stewardship are protected by law. In the US for example, the Securities Exchange Act […]

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The UK Government has now implemented social distancing measures across the UK as the coronavirus outbreak continues to gather pace. Mass gatherings are being postponed or cancelled in response, but UK companies with scheduled annual general meetings (AGM) are having to consider whether they do the same or find another way to hold AGMs. The […]

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Investors up in arms over SEC climate proposals

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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