The U.S. Chamber Center for Capital Markets Competitiveness (CCMC) will hold a half-day event on Wednesday, December 5, 2012 in Washington DC to take an in-depth look at the influence of proxy advisors and the state of corporate governance in the U.S. It would be nice to get some shareowners out to at least listen and report back to CorpGov.net. I would love to learn of their plans.
Proxy advisory firms’ role in corporate governance has expanded drastically over the past several years, most notably through the 2010 Dodd-Frank Act’s requirement of mandatory Say-on-Pay, which increased institutional shareholders’ reliance on the firms’ proxy voting recommendations and further cemented those firms’ status as de facto corporate governance standard setters.
Understanding the relationship between shareholder value, institutional investors’ fiduciary duty, and proxy advisors’ voting advice is imperative in the effort to restore balance to this important piece of our capital markets structure. This event will bring together business leaders, issue experts, and other key stakeholders to discuss proxy advisors’ influence over corporate governance.
Registration will begin at 8:30 a.m., followed by the program from 9:00 a.m. – 12:30 p.m. Non-Chamber Member: $65 Chamber Member: $50 Embassy or Non-Profit: $20 Federal Government Employee: Complimentary*
*Legislative employees should consult with the House and Senate ethics office, as appropriate, to determine whether there would be any prohibition on attendance to this event. Executive branch employees should obtain written permission to attend this event from their designated agency ethics office and should fax or email a copy of the permission to Leigh Stapleton at email@example.com or by fax at (202) 955-1152 prior to the event.
For an example of the kind of hype we can expect to see coming out of this event, see Politicized Proxy Advisers vs. Individual Investors on the Harvard corporate governance blog.
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