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

Read more...

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

Ani Huang Elected President of the Center On Executive Compensation

Center Call Explores Best Practices for Compensation Consultant Evaluation and Selection

Van Hollen Calls for SEC Roundtable on Buybacks Based on Letter from Democratic Commissioner

As You Sow Releases Annual "Proxy Preview" Guide to ESG Shareholder Resolutions

Dodd-Frank Financial Services Incentive Compensation Restrictions Potentially Back on Regulators’ Agenda

First S&P 500 Say on Pay Results, Pay Ratio Disclosures Posted