In a move that CII viewed as an early Christmas present to investors, the SEC June 1 announced that it is revisiting the proxy advisor rules.
CII submitted a response June 2 to the SEC’s reopened comment period on rules proposed more than four years ago for the use of universal proxy cards in contested elections.
This proxy season, shareholders sent many companies an unambiguous message that they want disclosure of clear, concise, comparable data showing how the firms are addressing racial equity and inclusion in their ranks.
While a proposal asking Chevron to reduce its Scope 3 emissions stole headlines when it received 60.7% of the votes cast at the company’s May 26 annual meeting, seven other proposals asking companies to report on how they plan to reduce their environmental impact also received majority support this proxy season.
A total of 41 say-on-pay votes have failed at Russell 3000 companies so far this year, compared with 36 in the first five months of 2020 and 33 during that same period in 2019.
Two coalitions are encouraging investors to sign on to their letters to board committee chairs pressing companies to stop funding political candidates and campaign committees that are backing numerous state-level efforts to place onerous restrictions on Americans’ right to vote.
Senators Marco Rubio (R-Fla.)and Bob Casey (D-Penn.) are sponsoring a bill that directs the SEC to prohibit any company headquartered in a jurisdiction in which the Public Company Accounting Oversight Board (PCAOB) lacks full auditing authority, or that retains an auditor PCAOB cannot inspect, from registering a security and making an IPO on a U.S. stock exchange.
Reps. Andy Levin (D-Mich.), Brendan Boyle (D-Penn.), Cindy Axne (D-Iowa) and Jesus "Chuy" Garcia (D-Ill.) reintroduced two bills that would require large asset managers and plan investors and fiduciaries to take into account and explain to beneficiaries how they consider ESG factors when making investment decisions.
Each proxy season, CII highlights upcoming annual meetings at which shareholder proposals filed by CII members will come to votes.