We attended the SECs open meeting yesterday.
Seated directly behind us were Mr. Thomas Lehner, a representative from the Business Roundtable and Ms. Amy Goodman, a former Chief of the SEC Task Force on Corporate Accountability and, currently, a Partner at Gibson, Dunn and Crutcher. (According to a press release issued when Mr Lehner testified at an SEC-sponsored Roundtable on Proxy Access, the Financial Times cited the Business Rountable as "the most influential chief executive lobbying group in the U.S.") The two were in good spirits, celebrating what they perceived to be an impending victory with respect to the vote on Shareholder Proposals relating to the Election of Directors.
At one point in their conversation, we believe they discussed branding opponents to the Shareholder Proposal vote as "communists." They may have been referring to the AFL-CIO and related labor interests. We bring this up to note the type of unfair, unethical tactics used by opponents to open proxy access.
Of course, they may have only been kidding.
Items on the Agenda were:
1. Electronic Shareholder Forums
2. Shareholder Proposals relating to the Election of Directors
Item One was approved in a 4 to 0 vote. Several questions remain unanswered, including the following:
a. How will identity fraud issues be handled?
b. What strategies will be adopted to limit someone from spamming the Forums?
c. How will investors choose between competing Forums?
d. Will these Forums be susceptible to company management censorship or abuse? How, when and why would this occur?
Item Two (Shareholder Proposals Relating to the Election of Directors. [Release No. 34-56161; File No. S7-17-07]) was approved in a 3 to 1 vote, with Commissioner Nazareth voting against. The item was approved in substantially the format issued, and can be found online at: http://www.sec.gov/rules/proposed/2007/34-56161.pdf
This would exclude shareholder proposals if:
Proposed Amendments to Rule 14a-8(i)(8)
"If the proposal relates to a nomination or an election for membership on the company’s board of directors or analogous governing body or a procedure for such nomination or election."
The regulation will go into effect 30 days after publication in the Federal Register. We expect an implementation date of 12/31/2007 or 1/4/2008.
Summary of bitcoin and its underlying technology-blockchain, by Henry Zhang, Impact Investing Intern. University of Toronto.Bitcoin Everyone’s probably heard of “bitcoin,” but many only have the vaguest idea about it and little understand the underlying technol...
A sking "mainstream" economists about reopening the economy in the face of the current crisis is unlikely to generate useful ...
We are delighted that an idea and initiative we suggested has begun to get traction, as evidenced by an effort launched in July called “Ve...
We note with interest a recent study from the University at Buffalo School of Management that shows "high quality photos and video, ...
An effort to boycott the Oscars has gained significant traction, even leading to "a history-making announcement by the Academy of Mot...
Our Webinar will cover: 1. History: Black Banking in the 80's, 90's and 00's. 2. Rationale: Why Black banks? 3. Customers: ...
Why the #FED doesn’t care about Black unemployment. EllisonReport 12/22/2015 edition: New shifts in the GOP primary. Emerging differe...
For many majority-owned institutions, the concepts of "monetary gain" and "social good" have long been regarded as mutu...