The recent UK-based EY analysis, How capital allocation can rebalance capitalism in a changing world, offers a timely and largely accurate diagnosis of the system’s current tensions. Capitalism, the authors argue, is not failing; it is delivering precisely what its incentives reward—efficient allocation of capital toward short-term financial returns, scale, and market dominance. This framing […]
“Shareholder primacy is good for companies, employees, and even for other stakeholders,” Nell Minow recently said in a recent Keynote Address to ICGN. She also referenced an old, but still timely, “New Yorker cartoon with a woman raising her hand at an annual shareholder meeting, and one of the executives whispering to another, ‘This is […]
I’m not raising the Costco–Walmart comparison as an abstract exercise. It stems from decades of practical engagement with corporate governance. Especially, executive compensation, and the repeated defense of our growing inequality as an economic inevitability rather than an acknowledged design choice. We All Do Better When We All Do Better – Music for a Democratic […]
nCino 2025. I have proposal #5 to Declassify the Board. (more…)
Democratizing Investing is not offering more products. Instead, BlackRock should address its proxy voting policies to address externalities per The Shareholder Commons and allow investors to customize their proxy voting in detail, such as is offered through iconikapp.com.
CII Spring Meeting 2025 Thank you, Nell Minow! I try to attend the Council of Institutional Investors meetings when they are held in California, but I’m just too cheap and time-constrained to travel to DC, especially when I’m not a member, so I cannot attend many of the sessions. (more…)
Stanford Law Activism Class – Jim McRitchie I was a one-time guest speaker at Stanford Law in a class taught by lecturers Derek Zaba and Ram Sachs on 11/13/24. In preparation for the class, I wrote down a few notes and added a bit after class, now shared with readers: (more…)
Letter to SEC-IAC The following was sent to the SEC’s Investor Advisory Committee (Committee) earlier today. I’ve reformatted it slightly for ease of posting, and added my own comments at the end, after the letter that was sent, and a graphic at the top. Video (more…)
2024 Proxy Season Results are almost entirely in for proposals I submitted for this year. This updates a prior post of 7/23/24. I haven’t reported any additional losses since that post. I can now count wins or partial wins on 32 out of 52 proposals, about 62%. We lost on 20 proposals. Six were a […]
ISS Annual Survey 2024: A Call for Systemic Proxy Advice ISS, a leading proxy advisory firm, is seeking input for its annual survey, which will close on September 5. This presents a crucial opportunity for investors to shape proxy advice considering the systemic impact of votes across diversified portfolios. Glass Lewis had a similar survey, […]
Snowflake 2024 Proxy Votes. James McRitchie’s proposal for the annual election of all directors is one of several items to be voted on before or during the Snowflake Inc. (SNOW) annual meeting on July 2, 2024, at 9 a.m. Pacific time. Attend the annual meeting online or in person. I suggest you vote in advance. However, […]
nCino 2024. Vote FOR #5 Elect Each Director Annually, AGIANST all Board proposals, except the auditor
Tesla 2024 Proxy Votes. James McRitchie’s Proposal for the annual election of all directors is one of several items to be voted on before or during the Tesla (TSLA) annual meeting on June 13, 2024, at 1:30 a.m. Pacific time. Attend the annual meeting online or in person. I suggest you vote in advance. However, you […]
Cognizant 2024
Concentration of Wealth negatively impacts community and the environment. How bad is it (BAD)? What can be done? Just a few quick thoughts on Memorial Day morning.
DexCom 2024 – Vote AGAINST Sayer, Altman, Augustinos, Collins, Dahut, Heller, Malady, Auditor, Pay. Vote FOR Driscoll, Foletta, Topol, Pay, Pay Equity Disclosure, Transparency in Lobbying
Marriott 2024. Myra K. Young and James McRitchie’s proposal for a Paygap report is one of several items to be voted on before or during the Marriott International (MAR) annual meeting on May 10, 2024, at 5:30 a.m. Pacific time. Attend the annual meeting online. I suggest you vote in advance. However, you can also vote […]
Intuitive Surgical 2024. James McRitchie’s proposal for a Paygap report is one of several items to be voted on before or during the Intuitive Surgical (ISRG) annual meeting on April 25, 2024, at 3:00 p.m. Pacific. Attend the annual meeting in person or online. I suggest you vote in advance. However, you can also vote during […]
Kellanova 2024. Myra K. Young and James McRitchie’s proposal for a Paygap report is one of several items to be voted on before or during the Kellanova Company (K) annual meeting on April 26, 2024, at 10:00 a.m. Pacific. Attend the annual meeting online. I suggest you vote in advance. However, you can also vote during […]
Portfolios on the Ballot 2024 (POTB 2024), sponsored by The Shareholder Commons (TSC), is designed to guide investors in voting their proxies with a systems-first approach. I fully endorse this initiative. Their report emphasizes the importance of protecting the social and environmental systems that underpin the value of all companies within a diversified investment portfolio. […]
Northern Trust 2024 proxy. James McRitchie’s proposal to Ascertain Client Voting Preferences is one of several items to be voted on before or during the Northern Trust annual meeting on April 16, 2024, at 8:30 a.m. Pacific. Attend the annual meeting online. I suggest you vote in advance. However, you can also vote with your […]
Moody’s 2024. Vote Against compensation committee directors Howell, Forlenza, Hill, Serafin, and Van Saun. AGAINST the Auditor, Pay, #4, FOR item #5 Special Meetings. See also my note on Automatic Voting and why funds and advisors need more complex voting guidelines.
As indicated previously (ABT: Fair Treatment of Shareholder Nominees), James McRitchie filed several proposals this season to ensure that universal proxies do not go the same route as proxy access, which became worthless when most companies limited groups of nominating shareholders to 20. Together with The Shareholder Commons, we are trying to prevent universal proxy […]
Proxy Voting as if Systems Matter. Investors currently get essentially the same voting advice if they are broadly diversified or if their investments are highly concentrated. That doesn’t make sense if they are attempting to use their votes to enhance their financial returns. It also may not make sense strategically, even if they are concerned […]
BAC Ascertain Client Voting Preferences is a new type of proxy proposal for the 2024 season from James McRitchie, premiering first at Bank of America (BAC). It asks BAC to report on the feasibility of offering granular proxy voting preferences so that clients can maximize portfolio-wide returns by pursuing voting strategies designed to push certain […]
Electronic Arts 2023. Ratification of Termination Pay is just one of several issues to be voted on before or during the annual meeting on August 10, 2023, at 2:00 pm Pacific Time. Attend the annual meeting online. Vote AGAINST all directors except Kofi Bruce; Against pay, auditor; FOR proposal #5 Require Termination Pay Ratification. (more…)
Walmart 2023. Fair Elections is just one of several issues to be voted on before the annual meeting at 8:30 am Pacific on May 31, 2023. Vote AGAINST Flynn, Harris, Horton, Mayer, Penner Stephenson, pay, auditor, #8, #11; FOR Fair Elections #9 and most other shareholder proposals. Join the meeting with your control number. I […]
Chipotle Mexican Grill 2023. Fair Elections is just one of several issues to be voted on before the annual meeting at 8:00 am Pacific on May 25, 2023. Vote AGAINST Baldocchi, Engles, Fili-Krushel, Gutierrez, Niccol, Winston, pay, auditor; FOR Fair Elections #5, Free Association #6. You cannot just join the meeting with your control number. […]
Charles Schwab 2023. Pay Equity Disclosure is just one of several issues to be voted on before the annual meeting at 9 am Pacific on May 18, 2023. Vote AGAINST Marianne C. Brown, Frank C. Herringer, auditor, pay; FOR Pay Equity Disclosure. Unlike most companies, you can’t just join the meeting with your control number. […]
DexCom 2023. Pay Equity Disclosure is the only shareholder proposal to be voted on before the annual meeting at 2:00 pm Pacific on May 18, 2023. Vote AGAINST Vote Against: Altman, Collins, Dahut, Kahn, Malady, auditor, and pay; For #5 Pay Equity Disclosure. Warning: You need to register in advance to attend the meeting. (ugh) […]
Marriott 2023 Pay Equity Disclosure is just one of several issues to be voted on before the annual meeting at 5:30 am Pacific on May 12, 2023. Vote AGAINST Goren, Henderson, Hippeau, Hobart, Lee, Lewis, D. Marriott, McCarthy, Rozanski, Schwab, auditor, pay, incentive plan; FOR#7 pay equity disclosure. (more…)
INDEX investors empowered by iconikapp can regain control of capitalism from the financial services industry. Invest indirectly in 500 companies & vote YOUR VALUES AUTOMATICALLY before each annual shareholder meeting. ONEFUND (ticker symbol INDEX) partnered with iconikapp.com to give retail investors a say in how the fund’s shares are voted. Iconikapp’s technology enables fund managers to […]
Testimony to CalPERS 3/13/2023, Investment Committee Item 6b, by Jim McRitchie, a retired member. Note: Actual testimony was limited to 3-4 minutes. This version is slightly longer and includes links. (more…)
CalPERS investments underperform. CalPERS underperformed for a decade, investment chief says in pitch for more risk. The country’s largest public pension system earned an average of 7.7% per year on its investments over the last 10 years. That’s 1.2% less than a hypothetical peer should have expected to earn in the same time period. To remedy the […]
ICCR Proxy Resolutions and Voting Guide now includes all proposals filed so far for the 2022 season by Corporate Governance. I could not be more delighted, since this is the group that is most responsible for inspiring my own work! ICCR has published its Guide every year since 1974. The 2022 Guide discusses 436 resolutions filed by […]