SEC Chair Calls for Overhaul of Proxy Process in Senate Banking Committee Hearing

Citing a “broad agreement” that changes are needed to improve the proxy advisory firm system, SEC Chairman Jay Clayton at a Senate Banking Committee hearing pointed to proxy advisory firms for the second time in a week as a high priority item for the SEC.

SEC Withdraws Two Key Staff Interpretations Ahead of Proxy Advisory Firm Discussion

In a surprise statement, the Securities and Exchange Commission announced the immediate revocation of the influential Egan-Jones Proxy Services and Institutional Shareholder Services “No-Action Letters” which facilitated the rise and undue influence of the proxy advisory firm industry, including widespread conflicts of interest.

IRS Issues Guidance on 162(m) and the Impact of Negative Discretion

On Tuesday, August 21, the IRS issued guidance on the changes to Section 162(m) of the IRS code included in the 2017 Tax Cuts and Jobs Act.

Recent Center Advocacy

The Center On Executive Compensation urged the SEC to include proxy advisory firms and shareholder proposal issues as agenda items for the November 15 SEC roundtable on proxy process issues. Click here to read “Letter to SEC on Supporting Proxy Process Roundtable Agenda".

SEC Chair Calls for Overhaul of Proxy Process in Senate Banking Committee Hearing

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SEC Withdraws Two Key Staff Interpretations Ahead of Proxy Advisory Firm Discussion

Read more...

IRS Issues Guidance on 162(m) and the Impact of Negative Discretion

Read more...

Recent Center Advocacy

Advocacy and Analysis

Editorial Reinforces SEC’s Move Toward “Cracking the Proxy Racket”

SEC Withdraws Two Key Staff Interpretations Ahead of Proxy Advisory Firm Discussion

UK Shareholders Step Up Opposition to Company Pay Proposals, Director Elections

Op-Ed Criticizes “Buyback Derangement Syndrome”

Center News Stories

Rubio Bill Limiting Buybacks Draws Republican Resistance, as Washington Post Urges Avoidance of "Regulatory Sledgehammer"

Arjuna Capital Announces "Median Gender Pay Gap" Campaign Targets

Disney Fights Back on Proposal Seeking to Link Cybersecurity Metrics to Proposal

Nasdaq Proxy Process Comment Letter to SEC Attracts Hundreds of Signatories; Roisman to Lead SEC Effort

Center Survey Explores Changes in Compensation Practices for 2018-19

Bills Mandating Board Diversity Disclosures Introduced in Congress