Section: August 24, 2023 | Vol. 28, Issue 31
U.S. Dual-Class Companies with Classified Boards Underperform the Market, Finds CII-REF

U.S. dual-class companies with classified boards that have been public for five or more years had annualized returns significantly lower than broad stock indices, finds a new study from the CII Research and Education Fund (CII-REF).
SEC Approves Rules Requiring More Disclosure from Private Funds
The SEC August 23 adopted new rules and amendments that require private fund advisors registered with the SEC to provide investors with quarterly statements disclosing fund-level information regarding performance, the cost of investing in the private fund, fees and expenses paid by the private fund, as well as certain compensation and other amounts paid to the advisor.
SEC to Decide if Proposal Asking for ‘Reasonable’ Time to Vote During Meeting Must Appear in Proxy
Shareholder activist James McRitchie is eagerly awaiting the SEC’s no-action decision on a shareholder proposal he filed asking Broadridge Financial Solutions to give shareholders “reasonable time” for votes to be cast or changed after final proposals are presented at annual meetings.
Norges Casts Proxy Votes to Rein in Executive Pay, Boost Number of Female Directors
Norges Bank Investment Management, an affiliate of the world’s largest sovereign wealth fund, ramped up its scrutiny of executive compensation this year, voting against one in every 10 CEO pay packages, including opposition to a growing number of pay plans in the United States, reveals a new report on the fund’s proxy voting in the first half of 2023.
NYC Comptroller Presses Media Giants to End Strike

The trustees of the five New York City pension funds, led by New York City Comptroller Brad Lander, sent letters to the CEOs of Disney, Paramount, and Chairman and CEO of Comcast, urging them to address the ongoing strikes by the Writers Guild of America (WGA) and Screen Actors Guild–American Federation of Television and Radio Artists (SAG-AFTRA).
DOJ, FTC Clamp Down on Interlocking Directorships

Two directors from Pinterest resigned from the board of Nextdoor, a social media platform, in response to scrutiny from the Department of Justice over interlocking directorships at competing companies.