Council of Institutional Investors

Section: October 21, 2021 | Vol 26, Issue 39
SEC Meme Stock Report: No Recommendations, But Potential Implications
SEC staff on October 14 released a report examining January’s extreme volatility in meme stocks.
SEC Commissioners Reviewing Universal Proxy Proposal
Proposed rules on universal proxies are currently being reviewed by SEC commissioners, SEC Chair Gary Gensler said during an October 19 fireside chat with former SEC Commissioner and current NYU Professor Robert Jackson.
Senate Appropriations Bills Drop Rider Blocking SEC Corporate Political Disclosure Rules
The Senate on October 18 released appropriations bills that remove a legacy rider that stops the SEC from implementing a political spending disclosure rule.
NAM Once Again Takes Legal Action to See Proxy Advisor Rules Implemented

The National Association of Manufacturers filed a lawsuit against the SEC October 13 arguing that the agency is harming investors by not enforcing the proxy advisor rules.
Boards are Expanding, Adding Diverse Directors, Finds Spencer Stuart Study
Corporate boards are increasing in size and focusing on adding racial/ethnic diversity to their ranks, reports Spencer Stuart’s 36th edition of its annual Board Index.
Glass Lewis Launches Compensation Consulting Service
Glass Lewis (GL) announced October 18 that it is launching an Equity Plan Advisory Service to help public companies model their equity compensation plans against the Glass Lewis model.
CII Advises SEC to Reject Nasdaq’s Proposed Rule Change for Direct Listings
CII sent a letter October 21 to the SEC recommending that the commission disapprove a proposed Nasdaq rule change that would lift pricing range limitations that restrict the price of the opening transaction on the first day of trading for a direct listing to the price range disclosed in the company’s registration statement.
Special Control Rights at Single-Class Companies Make Them Dual-Class, Argues Study
Special control rights granted to insiders at many single-class companies create corporate governance structures that are so similar to traditional dual-class companies that they are effectively single class in form but dual-class in substance, finds The Dual Class Spectrum by Jarrod Shobe and Gladriel Shobe from Brigham Young University.