Council of Institutional Investors

Section: June 23, 2022 | Vol 27, Issue 24
CII Letter Supports Adoption of Clawback Rules that Encompass ‘Little r’ Restatements
In a June 23 letter, CII provides the SEC with additional feedback on its proposed clawback rule. The SEC reopened the comment period June 8, marking the commission’s third request for comments on this rule, with ones previously requested for the proposal published in July 2015 and an initial reopening of the comment period in October 2021.
Public Investors Use Their Votes to Reject the Case for Unequal Voting Rights
Last week Block shareholders representing 50.1% of outstanding Class A shares supported a proposal at the company’s June 14 annual meeting to jettison the company’s unequal voting structure, but the proposal failed because co-founders Jack Dorsey and Jim McKelvey, representing 11% of the company’s outstanding equity, cast their 10X supervoting shares against.
Republicans in Congress Push Back on Climate Disclosure, ESG Investing
Republicans on Capitol Hill sent strongly worded letters to the SEC and the National Association of State Retirement Administrators (NASRA) to try to block the SEC’s proposed climate disclosure rules and to stunt the growth of investments in ESG funds.
Funding Bill Contains Provision Prohibiting Implementation of SEC’s Proxy Advisor Rule
A FY 2023 funding bill for a number of federal agencies, including the SEC, contains a provision prohibiting funds to be used to implement the proxy advisor rules that the commission issued in July 2020.
West Virginia Treasurer Will Not Invest with Banks that Boycott Fossil Fuels
West Virginia State Treasurer Riley Moore June 10 sent messages to six financial institutions threatening to place them on the state’s restricted financial institution list if they continue to boycott fossil fuel companies.
Proxy Season Updates
Activision Blizzard Shareholders Pass Proposal Asking for Report on Harassment and Discrimination and Say on Pay Fails at AMC Entertainment .