NYSE Seeks to Delete AGM Requirement Join me (James McRitchie) in commenting to the SEC on a rule to exempt closed-end funds from the annual shareholder meeting requirement. Public companies could be next. This move would be bad corporate governance, the opposite of increasing accountability. Comments are due today, but the SEC also considers late […]
The “Boulder Letter” explained why opting into a state statute limiting a shareholder’s ability to vote all their shares violates the Investment Company Act. SEC Staff recently repealed the Letter. Consistent with other recent actions, this dilutes the rights of shareholders. In conclusion, another democratic-free zone was provided to entrenched managers and boards. If you […]