I find most of Matt Levine‘s Money Stuff columns informative, rational, and often witty. Part of his October 1 piece, Default shareholder voting, is an exception. Levine defends the programs at ExxonMobil, Goldman Sachs, and Tesla that let retail investors have their shares voted with the board automatically, at every meeting, until they opt out. […]
Retail voting programs let shareholders choose only one standing instruction: vote with the board. Click below to hear our song about Tesla’s One Click One Way SEC-Approved Voting. One-Way Voting: a “convenience” that points in only one direction SEC staff issued a no-action letter clearing Tesla’s “Issuer Voluntary Retail Voting Program.” Retail holders who opt […]
Exxon Vote Capture: approved. They applied for a no-action letter from the SEC Staff. It won approval on the same day. It is disheartening that Staff of a government agency would condone corporate vote rigging by authorizing the violation of the rules. (more…)