In Focus

CII and 50+ Investors Tell House CHOICE Act Weakens Investor Rights

CII and more than 50 institutional investors with $4 trillion in combined assets on May 17 delivered letters to all members of the House of Representatives opposing provisions of the Financial CHOICE Act that undercut fundamental shareholder rights. The letters outline five key concerns with the CHOICE Act, including that it would effectively block shareholder proposals, roll back curbs on abusive pay practices and shackle the SEC with unneeded cost-benefit requirements. Co-signers include public, labor, endowment and religious pension funds and asset managers. For more information, listen to CII’s podcast on the CHOICE Act.

Historic Votes: Climate Proposals Win Large Majorities at OXY, PPL

Shareholder proposals asking for climate change risk assessment reports won 67% support at Occidental Petroleum  and 57% at PPL. This proposal has never before won majority support.  Meanwhile, shareholders withdrew a similar proposal at Chevron after the company agreed to provide a report. CII members CalPERS, New York State Common Retirement Fund, New York City Funds, Connecticut Retirement Plans, Wespath and Nathan Cummings Foundation were major sponsors of one or more of the path-breaking resolutions. Wired magazine described the interplay between state pension funds, BlackRock and other actors in bringing pressure to bear on OXY to improve the rigor of its reporting on climate change impacts on the business.

CII Study Finds No Link Between Multi-Class Stock and Long-Term Value

In a new research paper, CII finds that multi-class common stock with differentiated voting rights has no meaningful effect on long-term performance, as measured by return on invested capital (ROIC). This finding comes from two regression models that CII built using nine years of data from FactSet and the Securities and Exchange Commission on 1,762 Russell 3000 companies. Overall, neither model found a statistically meaningful relationship between multi-class equity structures and long-term ROIC. To read a summary of the results, click here. To read the full report, click here. A podcast introducing the study is available here.

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CII Priorities

Fair Financial RulesSensible, effective rules safeguard investors and strengthen markets.

Dual-Class StockEach share of a public company's common stock should have one vote.

Majority Voting for DirectorsIn uncontested elections, directors should be elected by majority vote.

Universal ProxyIn contests, investors should be free to vote for the nominees they prefer.

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