Tag Archives | Maxine Waters

Maxine Waters Opposes HR 4015 Proxy Advisors

HR 4015 Statement of Opposition

HR 4015 was opposed yesterday by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services. She gave the following floor statement in opposition to HR 4015, a bill that would undermine sound corporate governance:

Mr. Speaker, HR 4015, the so-called Corporate Governance Reform and Transparency Act, would create an untested, inappropriate, and burdensome regulatory framework for proxy advisory firms, making it much more difficult for shareholders to obtain unbiased research used to make well-informed voting decisions about the companies they own. Continue Reading →

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Financial CHOICE Act: From too big to fail, to too big to listen

Financial CHOICE Act Does Away with Shareholder Proposals

Financial CHOICE Act Does Away with Shareholder Proposals

Great article this morning on the proposed Financial CHOICE Act from Lauren Compere, Director of Shareholder Engagement at Boston Common Asset Management entitled Too Big To Listen? Dodd-Frank and Shareholder Rights! See also “Shut Up”: Not What Good Companies Tell Their Owners from Julie Fox Gorte, Senior Vice President for Sustainable Investing, Pax World.

Below is a copy of a very thoughtful letter from Sanford Lewis, an amazing attorney who represents SRI and pension funds, as well as individual investors including John Chevedden. Two points they made that I failed to mention in my post:

  1. Rule 14a-8 was created to empower the individual investor; large institutional investors using it came later.
  2. Radical changes  may impinge on  “investment backed expectations” associated with the rule — an array of arrangements, contracts, etc. that implicate property rights.

The bill is being heard in Committee today and will be marked up in early May. It is still important to get in letters and email as I mentioned in my post, Financial CHOICE Act: Take Action. Below is the letter from Sanford Lewis with slight formatting changes.

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