In a June 9 letter to the SEC, CII encouraged the commission to move forward with proposed disclosure and accountability reforms to the process by which private companies enter to the public markets via shell companies known as Special Purpose Acquisition Companies (SPACs). Market participants have until June 13 to submit comment letters to the SEC.

The SPAC Hack: How SPACs Tilt the Playing Field and Enrich Wall Street Insiders, a report by Sen. Elizabeth Warren’s (D-Mass.) office warn that “the structure of SPACs routinely rewards serial SPAC creators and Wall Street backers while leaving retail investors at risk from SPACs’ convoluted structure and incentives for dilution, fraud, and abuse.”

The SEC’s Investor Advisory Committee (IAC) discussed accounting of non-traditional financial information and climate disclosure during a June 9 meeting.

Say on Pay - So far this proxy season 36 say-on-pay proposals in the Russell 3000 have not passed, compared with 63 in all of 2021 and 58 in 2020.

Amy McGarrity, CIO at Colorado PERA was selected to serve as co-chair of the Public Company Accounting Oversight Board’s Investor Advisory Group. Former SEC Commissioner Kara Stein serves as the other co-chair of the group.

Verity Chegar, who leads CalSTRS’ policy engagement on sustainable investment and stewardship, was appointed June 8 by the IFRS Foundation to serve as one of the four inaugural members of the International Sustainability Standards Board (ISSB).