Tag Archives | US Chamber of Commerce

Keep Politics Out of the Boardroom

Keep Politics Out of the Boardroom?

The deceptive title of a recent op-ed in the Wall Street Journal would not keep politics out of the boardroom. Instead, the recommendations would deny shareholders the right to request boards disclose those politics, in addition to denying many other long-standing rights. Read the op-ed and weep that such trash gets published in the Journal. This […]

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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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Directors Forum 2017 - Shareholder Hot Topics

Directors Forum 2017 & Trump – Part 1

Directors Forum 2017 in San Diego was billed as Directors, Management, & Shareholders in Dialogue. Sure, all well and good, but I went there also hoping to learn more about President Donald J. Trump. He is the subject of a huge portion of tweets, Facebook posts and much of the news, so I expected Trump to also […]

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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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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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Event: The Role of Proxy Advisory Firms

The U.S. Chamber Center for Capital Markets Competitiveness (CCMC) will hold a half-day event on Wednesday, December 5, 2012 in Washington DC to take an in-depth look at the influence of proxy advisors and the state of corporate governance in the U.S. It would be nice to get some shareowners out to at least listen and report back to […]

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Walden to Present Chamber Resolution on Floor of AGMs

Investors have been urging companies serving on the Board of the U.S. Chamber of Commerce (“the Board”) to reevaluate their role on the Board. They point to a significant disconnect between the companies’ public commitment to corporate responsibility and sustainability and the Chamber’s aggressive lobbying and political spending against issues ranging from climate change legislation […]

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Responsible Investor: Walden's ShareOwner Proposals

Shareowners recognize that with more than 100 members the Chamber’s board is effectively ungovernable, leaving the door wide open for management. There are board committees on different issues, such as the environment, but committees do not govern, they recommend… A company’s obligation to its shareowners also goes beyond disclosure. Companies also have an obligation to […]

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Resolutions Challenge Chamber Board Members on Political Expenditures

Investors recently announced filing of shareowner resolutions at several corporations with board members who also sit on the Board of the U.S. Chamber of Commerce, challenging these corporate boards to review their policies and oversight of political expenditures, especially through trade associations. The first filings are at Accenture, IBM, Pepsi and Pfizer. The filers believe […]

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Funds Preparing Candidate Pool

As I have reported previously (CorpGov Bites), CalPERS and CalSTRS are cooperating to create a database of prospective  director candidates with diverse backgrounds and talents for possible nomination to boards through proxy access. At the Yale forum in June, representatives of the two funds led a workshop aimed at developing a questionnaire to be used […]

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CorpGov Bites

“Bank of America persuaded the SEC to drop “proxy access” provision as they negotiated a $150 million settlement of a lawsuit tied to the takeover of Merrill Lynch & Co… The U.S. Chamber of Commerce, which represents more than 3 million companies, has said “activist shareholders” would use proxy access to hijack elections to pursue […]

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Chamber Outspends RNC & DNC BEFORE Citizens United

“For the first time in recent history, the lobbying, grassroots and advertising budget of the U.S. Chamber of Commerce has surpassed the spending of the national committees of BOTH the Republican National Committee and Democratic National Committee,” begins The Corporations Already Outspend The Parties, the Atlantic, 2/1/10. And, of course, that is before the decision […]

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