I don’t own ExxonMobil $XOM stock or the stock of any other oil companies, so won’t be examining their proxy when it comes out or making voting recommendations. However, oil companies do remain a potent economic force and won’t be going away anytime soon… even though folks like me hope to be driving around in electric […]
Archive | March, 2016
Brocade Communications BRCD: Proxy Score 57
Brocade Communications Systems, Inc. (BRCD) provides storage area networking and Internet protocol networking solutions for businesses and organizations worldwide. $BRCD is one of the stocks in my portfolio. Their annual meeting is on April 7, 2016. ProxyDemocracy.org had collected the vote of one fund when I checked. I voted AGAINST the pay package, compensation committee and against the exclusive jurisdiction […]
Proxy Cards Must be Impartially Labeled
Proxy cards must be impartially labeled, according to the Securities and Exchange Commission (SEC). Rule 14a-4(a)(3) requires that proxies “identify clearly and impartially each separate matter intended to be acted upon.” (Guidance) Over and over again during the last twenty years I have written to the SEC asking them to enforce this rule on proxy […]
Rein In Hedge Funds: Will Pension Funds Join Effort?
Senators seek to rein in hedge funds through legislation by narrowing the window in which hedge funds must file 13D disclosures with the SEC once they have taken a 5% stake in a company. Right now that window is 10 days. The bill would reduce that to two days. The bill also seeks to block activist “wolf […]
‘Substantial Implementation’ Will Backfire
Substantial implementation, that’s the deception companies have been arguing in order to obtain ‘no-action’ relief under SEC Rule 14a-8(i)(10) after implementing proxy access ‘lite.’ Law firms have been touting recent no-action letters released on February 12, with more in March 2016. It looks like a clear win for entrenched managers and directors for implementing only proxy […]
Lobbying Disclosure Sought by Investors
Lobbying disclosure is sought by shareholder resolutions filed at 50 companies by 66 institutional and individual investors. Corporate lobbying disclosure remains a top shareholder proposal topic for 2016. At least 66 investors have filed proposals at 50 companies asking for lobbying reports that include federal and state lobbying payments, payments to trade associations used for […]
Starbucks Corporation: SBUX Proxy Score 59
Starbucks Corporation (SBUX, $SBUX) is the roaster, marketer and retailer of specialty coffee. Starbucks Corporation is one of the stocks in my portfolio. Their annual meeting is coming up on March 23, 2016. ProxyDemocracy.org had collected the votes of four funds when I checked. I voted AGAINST the pay package, bonus plan, members of the compensation committee and the proposal by the National Center […]
iRobot Adopts Proxy Access: McRitchie Withdraws – Contest Looms
iRobot adopts proxy access bylaws filed with SEC Form 8-K on March 9, 2016 (See Section 11). James McRitchie, publisher of Corporate Governance (CorpGov.net) conditioned withdrawal of his proposal for proxy access at iRobot (IRBT) on the amended bylaws, including several key elements meeting best practices as outlined by the Council of Institutional Investors. (more…)
McRitchie Interview by Rafat: Whole Foods
McRitchie Interview by Rafat McRitchie interview by Rafat. At last week’s meeting of Whole Foods Market shareholders, I met with Matthew (Mateo) Rafat, whom I’d known of because of his series of posts at Seeking Alpha. He was the only one reporting what happened at shareholder meetings. This was the first time we had met […]
SHE Index to Promote Gender Diversity
Index to Promote Gender Diversity: From the Press Release Index to Promote Gender Diversity announced by State Street Global Advisors (SSGA), the asset management business of State Street Corporation (NYSE: STT). Check out the SPDR® SSGA Gender Diversity Index ETF (Ticker: SHE). SHE seeks to track the performance of the SSGA Gender Diversity Index, which comprises […]
Have Shareholder Rights Gone Too Far?
TK Kerstetter of Boardroom Resources, LLC, interviews James McRitchie, Publisher of CorpGov.net and Shareholder Advocate. I’ve pasted TK’s intro and video from Inside America’s Boardrooms below, followed by some additional comments. I hope you enjoy the show. (more…)
RIA Hands Untied by SEC No-Action Denial
RIA hands untied by Newground Social Investments team and the SEC’s refusal to grant a no-action letter to Baker Hughes (BHI, $BHI) on February 22, 2016. Congratulations to Bruce Herbert and staff at Newground, as well as to their advisors. We have discussed the importance of not counting abstentions before at Simple Majority Vote Counting Initiative for […]
Vote Real Proxy Access at Whole Foods
Today is your last chance to vote for real proxy access at Whole Foods Market Inc. (WFM, $WFM), unless you plan to attend the meeting in San Francisco tomorrow. The annual shareholder’s meeting will be held at the Fairmont Hotel, 950 Mason Street, San Francisco, California 94108 and will begin at 8 a.m. See Pension funds line up […]
SEC Protects the 2%: Qualcomm Example
The SEC protects the 2%. No, I am not writing about the top 2% of America in terms of wealth or income, although there is probably some correlation. I am writing about the 2% of shares that are still registered. While the SEC is protecting shareholders who own that 2% of shares, they are falling […]
Whole Foods Market (WFM): Proxy Score 82
Whole Foods Market, Inc. (WFM, $WFM) is a retailer of natural and organic foods and grocer. WFM is one of the stocks in my portfolio. Their annual meeting is on March 9, 2016. ProxyDemocracy.org had collected the votes of five funds when I checked. I voted FOR proxy access, pro-rata vesting of equities and a report on food waste. I […]
Apple Shareholders Rejected Real Proxy Access
Apple shareholders rejected real proxy access at their meeting on February 25, 2016. Maybe shareholders thought they already have it. Recent decisions by the SEC could lead shareholders to believe proxy access was “substantially implemented.” Maybe they wanted to support Apple’s management while the company is under attack from the FBI. ISS recommended a […]