Council of Institutional Investors

Section: January 25, 2024 | Vol. 29, Issue 4
SEC Approves SPAC Rules Providing Investors More Protection
The SEC January 24 approved new rules to enhance transparency and investor protections that apply to shell companies known as special purpose acquisition companies (SPACs) and to the process by which private companies enter the public markets through mergers with those shell companies, known as de-SPAC transactions.
ExxonMobil Opts to Use Lawsuit to Omit GHG Proposal
ExxonMobil is not taking the usual route of seeking permission from the SEC to keep a shareholder proposal off its proxy statement. Instead, the oil company is suing Arjuna Capital and Netherlands-based grassroots organization Follow This to get approval from a judge to omit a resolution on greenhouse gas emissions.
States Challenging DOL’s Investing Rule Ask Judge to Delay Decision Until Supreme Court Rules on Chevron Deference
The 26 states that are challenging the Department of Labor’s (DOL) investing rule in a U.S. appeals court have asked that court to wait to decide on the case until the Supreme Court issues a ruling on another case involving the regulatory powers of federal agencies.
Musk Wants New Superior Class of Stock to Give Him More Influence at Tesla
During a January 24 Tesla earnings call, Elon Musk said he would like to create a super-voting class of stock that would give him a 25% stake in the company, almost doubling his current stake.
BlackRock is Probing Companies for More Information on Financial Resilience
?The updated engagement priorities, global stewardship principles and U.S. proxy voting guidelines that BlackRock released January 19 include some tweaks, but no major changes.
Group Challenging ESG Investing Appoints Former Kentucky Attorney General as CEO
Outgoing Kentucky Attorney General Daniel Cameron was appointed CEO of the 1792 Exchange, a non-profit dedicated that its website says is dedicated “to protecting small businesses and non-profits from ‘woke’ corporations and to educating Congress and stakeholder organization about ‘the dangers of ESG.’”