In Focus

House Committee Presses Big Banks on Diversity and Inclusion

House Financial Services Committee Chair Maxine Waters (D-CA) and Joyce Beatty (D-Ohio), chair of the committee's Diversity and Inclusion Subcommittee, sent letters to 37 bank holding companies with more than $50 billion in assets asking them to report on their diversity and inclusion data and policies from 2015 to the present. The lawmakers asked the companies to disclose information including: the gender, race and ethnic identity of their employees; the number and dollar value invested with minority- and women-owned vendors and asset managers as compared to all vendor and asset manager investments; and the size of their staff and budget dedicated to diversity initiatives.

CII Asks SEC to Require Clear Disclosure on CEO Pay Targets

Growing numbers of U.S. public companies are tying executive pay to “adjusted” earnings figures that often overstate performance as measured by generally accepted accounting principles (GAAP), the standard for financial statements filed with the SEC. And many companies are not clear on what those adjustments are, leading to investor confusion about the link of pay to performance. Investors deserve more transparency in proxy statements about the measures corporate boards use to determine incentive pay for executives. That is why CII filed a petition to the SEC asking the agency to require public companies to reconcile any “adjusted” earnings measures they use to GAAP figures in the proxy statement’s Compensation Discussion & Analysis section, and to explain their rationale for using adjusted measures in setting executive pay. “Adjusted earnings and other adjusted measures should not be used to engineer excessive payouts,” CII Executive Director Ken Bertsch said in a statement.

For background on the petition, read this CFO Magazine story and listen to a short CII podcast interview with Robert Pozen here.

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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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