Tag Archives | Chamber

Investor Response to Chamber - Don't Box Us In

Investor Response to Chamber: Don’t Gut Rights

Investor Response to Chamber: Letter Representatives of hundreds of investors with trillions of dollars in assets delivered a letter to the SEC on November 9, 2017, An Investor response to U.S. Chamber’s Proposal to Revise SEC Rule 14a-8 (report). We noted with interest the November 1, 2017, guidance contained in Staff Legal Bulletin No. 14I. […]

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Shareholder Society Offer More Rational Solution to Chamber's Issues

Shareholder Society Better Chamber Mantra

A shareholder society appears to have no place in the U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC) severely flawed paper on shareholder proposal reform. The paper is intended to contain a “set of recommendations for the SEC on fixing the broken Rule 14a-8 system in order to protect investors and make the public company […]

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Shareholder Proposal Reform

Shareholder Proposal Reform Rebutted

The U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC) released a paper on shareholder proposal reform, which contains a “set of recommendations for the SEC on fixing the broken Rule 14a-8 system in order to protect investors and make the public company model more attractive.” See also the Chamber’s press release, U.S. Chamber Offers Recommendations to […]

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Business Roundtable

Business Roundtable to SEC: Muzzle Shareholders

As I indicated yesterday, I have been contacted by several reporters for comments on the latest screed from the Business Roundtable seeking to muzzle the rights of shareholders. Although I have much more productive ways to occupy my time, it does make sense for me to provide at least some response, since the Business Roundtable […]

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Business Roundtable

No-Action Requests & the Business Roundtable

Yesterday, several reporters asked me to comment on no-action requests and the SEC’s denial to Apple, as well as the Business Roundtable’s fanciful notions regarding the need for reform of the proxy proposal process. I am reluctant to give the Business Roundtable’s proposal, Modernizing the Shareholder Proposal Process, any more ink but will just touch on one […]

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lobbying disclosure

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 […]

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Yes Men Best Chamber in Lawsuit

Maybe the SEC would be better off hiring the Yes Men to handle their rulemaking, rather than Robert Rice as SEC counsel, which could have a chilling impact on the SEC’s whistleblower program. (see SEC Chair Mary Jo White’s first big test by Eleanor Bloxham) The Yes Men today implored the US Chamber of Commerce to reconsider their recent decision to […]

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Proxy Access: What Now, With Ban to be Lifted?

The SEC will not challenge the decision of the U.S. Court of Appeals for the District of Columbia Circuit, No. 10-1305, which struck down the agency’s rule to make it easier for shareowners to nominate directors to corporate boards. (see SEC Fails to Appeal on Proxy Access, 9/6/2011 and Statement by SEC Chairman Mary L. Schapiro on […]

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Law Professors Submit Amicus Brief in Proxy Access

A group of 36 law professors — including Harvard Law School Professors Victor Brudney and John Coates — joined an amicus brief responding to the arguments advanced by plaintiffs in the case (Business Roundtable and Chamber Of Commerce v. SEC). As the brief notes, the law professors do not hold the same views on the […]

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CII Files Brief Supporting SEC Proxy Access Rule

The Council of Institutional Investors filed a brief strongly supporting the Securities and Exchange Commission’s (SEC) “proxy access” rule, rebutting claims of business groups seeking to overturn the rule. The Council’s CII TIAA-CREF et al amicus brief 01-27-11, filed with TIAA-CREF and 14 other pension funds, was submitted January 27 in the U.S. Court of […]

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SEC Proxy Access Response

In its Jan. 19 brief, the SEC disputes all the charges made by the Chamber of Business Roundtable. Gary Larkin does an excellent job of  spelling out the charges made in the suit and showing how the SEC answered each.  (SEC Answers Proxy Access Suit Charges; Court Date Set for April 7 | Governance Center […]

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Video Friday: This Week in the Boardroom, Proxy Access Stalled

Boardmember.com is a great source for corporate governance videos every week. TK Kerstetter, President, Corporate Board Member does a good job with his interviews, such as the 11/11/2010 one with Thomas Quaadman, VP, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce. (This Week in the Boardroom – 11/11/10 – Boardmember.com) However, the guests and […]

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A Failure of Governance

Many leading companies strive to follow best practices in corporate governance, demonstrating responsiveness to investors and protecting shareowner value in the process. Paradoxically these same companies often appear to leave their commitment to good corporate governance at the doorstep when they serve on the board of the U.S. Chamber of Commerce (the Chamber). In so […]

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Proxy Access Update

As previously reported, after being sued by the Business Roundtable and the Chamber of Commerce, the SEC stayed new Rule 14a-11 and amendments to Rule 14a-8 regarding “proxy access.” According to an October 15 client alert from Reed Smith: On October 8, 2010, the petitioners and the Commission jointly filed a Motion for Expedited Consideration […]

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BRT & Chamber Sue Over Proxy Access

As expected, the U.S. Chamber of Commerce and Business Roundtable filed a legal challenge to the SEC’s proxy access rules requiring a corporation to include in its proxy materials director nominees put forward by a shareholder (or group of shareholders) who have owned three percent or more of company stock for at least three years. […]

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ReformTheProxyVoteSystem.com

Transfer agents have launched ReformTheProxyVoteSystem.com. The site is designed to remove the “wall that’s preventing your company from gaining direct access to your shareholders” by urging shareowners to comment on the SEC’s proxy plumbing concept release. The comment period ends October 20. List of helpful resources. Among the most influential responders: the Shareholder Communications Coalition; […]

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Who Funds Chamber Attacks?

The U.S. Chamber of Commerce recently revised its published membership numbers from 3 million to 300,000 after Mother Jones uncovered it was playing games with its numbers. But even the revised numbers are misleading, since the Chamber’s 25 largest contributors provided a staggering $54 million to the Chamber in 2008, accounting for 39% of its […]

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