A group of 12 pension funds, including CII members the American Federation of Teachers, the Office of the Illinois State Treasurer, Office of the New York City Comptroller and the SOC Investment Group, sent a letter May 28 to Tesla Board Chair Robyn Denholm urging the board adopt governance reforms.

The Federal Trade Commission and the Department of Justice issued a statement May 22 supporting a lawsuit brought by Texas Attorney General Ken Paxton and a coalition of Republican-led states alleging that BlackRock, Vanguard and State Street violated antitrust laws and conspired to advance a climate-change agenda at the companies by artificially restricting the coal market.

The Texas House of Representatives on May 27 passed a bill that would require proxy advisors that provide research and reports about companies headquartered in Texas or incorporated there to “provide proxy advisory services solely in the best financial interest of the shareholders of a company, based on quantitative, impartial standards, for the sole purpose of maximizing financial return and control[ling associated levels of risk.”

A recent working paper shows evidence that state laws designed to protect corporate directors and executives from shareholder litigation can backfire. The study is timely given the recent drive by states to enact laws that will attract companies interested in reincorporating from Delaware.

At a May 23 meeting, JBS SA’s shareholders approved a controversial corporate reorganization plan involving reincorporation and the creation of a dual-class stock structure that hands over dominant voting power to two brothers with a checkered past.

Shareholders will vote on May 30 to amend Ryan Specialty Holdings’ charter to phase out the company’s dual-class equity structure no later than fall 2029.