Facebook and Zuckerberg Drop Plan for Non-Voting SharesFacebook announced September 22 that it is dropping its plan to issue non-voting shares. A shareholder lawsuit sought to block introduction of the new share class, among other things questioning the independence of the process used by the board in evaluating the proposal. The Facebook decision follows a similar retreat earlier this year by IAC/Interactive, and strong opposition to Snap’s non-voting shares.
Do Not Disadvantage US Investors on Research, CII Asks SECThe Council of Institutional Investors on September 22 sent a letter to Securities and Exchange Commission Chairman Jay Clayton, requesting that the Commission work to permit U.S. investment managers and asset owners to “unbundle” their trade execution from research. Effective January, the European Union’s MiFID II directive will require investment managers to pay for research services directly, either from their own funds or from an account funded by clients.
CII Urges SEC to Approve PCAOB Rule on Expanded Auditor ReportsCII has urged the SEC to promptly approve the Public Company Accounting Oversight Board’s (PCAOB) proposed rules to expand external auditor’s reports on corporate financial statements.
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.
News & Highlights
- Sept. 22, 2017 - Facebook Drops No-Vote Stock Plan, Zuck Will Sell Share to Fund Philanthropy
- Sept. 22, 2017 - SEC Rules to Protect Investors From Cyberthreats Fall Short
- Sept. 22, 2017 - SEC Hack Threatens a Bedrock of U.S. Capitalism: Transparency
- Sept. 22, 2017 - Dearth of IPOs Leads Early Tech Backers to the ‘Unicorn Shuffle’
- Sept. 21, 2017 - Top Uber Investor Resists SoftBank Deal
- Sept. 21, 2017 - What Passive Buying and Selling Means for Individual Stocks
- Sept. 20, 2017 - Sustainability Groups “Converge on Climate Risk” with G20 Task Force Recommendations
- Sept. 20, 2017 - A Start-Up Slump Is a Drag on the Economy. Big Business May Be to Blame
- Sept. 18, 2017 - Fixing the ‘Brain Damage’ Caused by the I.P.O. Process
- Stay up-to-date on the latest in corporate governance
- Access the weekly CII Governance Alert and Special Reports
- Interact with top staff of major U.S. institutional investors at CII conferences
- Gain from CII's reputation as the leading advocate for institutional investors