Council of Institutional Investors

Section: March 31, 2022 | Vol 27, Issue 12
House Committee Considers CII Draft Bill on Sunsets for Dual-Class Companies
CII’s draft bill, which calls for a mandatory sunset of seven years or less for companies with dual-class stock going public on U.S. exchanges, was one of eight pieces of legislation listed on the agenda for a March 30 hearing held by the House Financial Services Committee’s Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. The hearing focused on oversight of U.S. stock exchanges.
CII Backs SEC’s Proposed Rules Providing More Information about Stock Buybacks
CII sent a letter to the SEC March 31 supporting the commission’s proposed rules on disclosure of stock buybacks and suggesting additional related reporting items.
SEC Proposes Sweeping Rules and Amendments to Protect SPAC Investors
The SEC March 30 approved in a 3-1 vote a comprehensive set of proposed rules and amendments that would provide more information about, and additional investor protections in, SPAC initial public offerings and business combination transactions between SPACs and private operating companies (de-SPAC transactions).
CalSTRS Will Vote Against Directors at Companies Not Moving Fast Enough on Diversity and Climate Change
This proxy season CalSTRS plans to use its considerable proxy voting power to push its portfolio companies to accelerate their efforts to improve board diversity and address climate change.
SSGA Updates Proxy Voting Guidelines on Climate Change, Board Diversity
State Street Global Advisors (SSGA) made significant changes to its proxy voting guidelines in March 2022 as part of its annual guideline update.
Toshiba Investors Reject Competing Business Reorganization Proposals
Two competing plans for Toshiba’s strategic future failed to receive majority support at the company’s March 24 special meeting.
PwC Provides Guidance on Preparing for Climate-Related Disclosure Requirements
A March 21 PwC blog provides advice to companies preparing to eventually implement climate-related disclosure requirements like those recently proposed by the SEC.