In a letter
to the Securities and Exchange Commission (SEC) on its proposed five-year strategic plan, CII backed the commission’s focus on improving the quality and usefulness of corporate disclosure. CII commented extensively on the need for better transparency on executive compensation decisions and practices. CII also urged the SEC to strengthen the proxy voting “plumbing” so that investors and companies can confirm the accuracy of votes, pave the way for “universal” proxy cards and ensure that disclosure of interim voting tallies by proxy distributors is fair and impartial.
In a March 6 letter
, CII asked the SEC to issue guidance to ensure an impartial playing field when it comes to interim vote tallies. CII’s letter suggests a variety of approaches, including prohibiting disclosure to any parties, requiring disclosure upon the request of any party involved in an “active solicitation,” or requiring companies to disclose interim tallies on Form 8-K.