Section: July 20, 2023 | Vol. 28, Issue 26
New CII Report Looks at Recent Developments in Annual Shareholder Meetings
Governance Guide: Annual Shareholder Meetings, a new members-only guide published by CII, provides a foundational overview of common procedures and regulatory regimes that set the cadence for annual meetings at U.S. companies, and gives updates on recent developments affecting these meetings.
CII General Counsel Encourages Senate Support for Bill on Dual-Class Transparency

CII General Counsel Jeff Mahoney last week met with eight staff members of Senators who serve on the Senate Banking Committee to discuss dual-class stock with no sunset provisions.
SEC Set to Vote Next Week on Final Cybersecurity Disclosure Rules

The SEC scheduled a July 26 meeting to consider whether to adopt rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance and incidents by public companies.
Gensler Outlines Artificial Intelligence’s Risks to SEC
SEC Chair Gary Gensler issued a warning about the large and small challenges that AI will present to the commission in a July 17 speech at the National Press Club.
GOP Lawmakers Press SEC Corporation Finance Director on Hot Topics
The SEC’s Director of Corporation Finance Eric Gerding was grilled by GOP lawmakers about ESG shareholder proposals, proxy advisors and other controversial issues during a July 18 hearing held by the House Financial Services Committee’s Subcommittee on Capital Markets on “Oversight of the SEC’s Division of Corporation Finance.”
Hill Hearing Questions the Systemic Financial Risks of Climate Change
The House Financial Services Committee's Subcommittee on Financial Institutions and Monetary Policy debated whether financial regulators were motivated by politics when they undertook recent climate-related activities during a July 18 hearing on “Climate-Risk: Are Financial Regulators Politically Independent?”
SEC Chair Discusses Fiscal 2024 Budget, Climate Disclosure Rules, Proxy Advisors at Senate Hearing

SEC Chair Gary Gensler discussed the commission’s fiscal 2024 budget and fielded questions about a range of topics at a July 19 hearing held by the Senate Appropriations Committee’s Financial Services Subcommittee.
NYC Comptroller Urges Bank of America to Claw Back Executive Pay

New York City Comptroller Brad Lander sent a letter July 19 urging Bank of America (BofA) to claw back executive compensation after revelations surfaced that the bank had imposed junk fees, misused sensitive information and withheld credit card rewards.
GOP Attorneys General Advise Fortune 100 CEOs to Cease Race-based Hiring Practices
Thirteen Republican Attorneys General sent a letter July 13 to the Fortune 100 CEOs warning them to end racial preferences in hiring in the wake of the Supreme Courts’ recent decision ending affirmative action in college admissions.
Number of No-Action Requests Declined Significantly Last Year, Reports Memo
Companies filed 25% fewer no-action requests with the SEC in 2023 than they did in 2022, reports a memo by Skadden Arps.