DoJ cautions SEC over proxy advice proposals The US Department of Justice (DoJ) has expressed deep concerns over proxy advisor rule amendments proposed by the country’s financial regulator, warning the changes could quash competition in the advisory market and restrict investor choice. In a letter to the SEC, dated 5 February 2020, the Department of […]
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One of the largest fund managers in Europe is pressing all companies in which it invests to employ the Taskforce for Climate-related Financial Disclosures (TCFD) framework to help boost their climate risk efforts. The move is being seen as a major win for shareholders amid their ongoing fight for more transparent and comprehensive company disclosures. […]
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Investors up in arms over SEC climate proposals SEC chairman Jay Clayton has again come under fire for failing to go far enough on climate disclosures, as the regulator pushes to give company bosses yet more control over the information they divulge to investors. SEC commissioner Allison Lee, an experienced securities law practitioner, spoke out […]
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IFRS: Climate-related disclosures Guest post by Paul Lee November’s newsletter from the global accounting regulator, the International Accounting Standards Board (IASB) is big news, and is a big step towards accounting that is consistent with the Paris Agreement. The paper by Nick Anderson, IASB board member and former fund manager and head of research at […]
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A war of words has broken out between investors and the Securities and Exchange Commission (SEC) following the regulator’s controversial proposal to amend its proxy voting rules. On 5 November, the SEC proposed new changes to how proxy advisory firms operate – with some criticising the move as a way to limit investors’ ability to hold public companies accountable. Under the proposed changes, proxy advisory firms would […]
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Canada issues climate disclosure guidance The Canadian Securities Administrators (CSA) has become the latest securities regulator to step forward with guidance for quoted companies on climate change risk disclosures. CSA Staff Notice 51-358 Reporting of Climate Change-related Risks is intended to assist companies in identifying and improving their disclosure of material climate change risks. The notice […]
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Prosecutors allege Exxon pressured witnesses in climate case US prosecutors have accused Exxon Mobil of harassing investors and intermediaries in the lead up to a forthcoming court battle over whether the energy giant deliberately misled people on the cost of climate change to its business. A lawyer for the New York Attorney General has called […]
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SEC’s back to work priorities: proxy plumbing & human capital reporting As the SEC returns to work after the shutdown, Commission chairman, Jay Clayton has started to lay out his departments work for the coming year. During a conference call with the Investor Advisory Committee, (Thurs 6 Feb 19) Clayton announced that fellow Commissioner Elad […]
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Tax Secrecy: GRI Consultation, New Minerva Guidelines Academic research has found that tax avoidance can increase the risk of share price crash [1] and the public revelation of aggressive tax avoidance can result in negative investor reaction and potential significant reputational costs[2]. Tax management is therefore a strategic business issue which can pose a material financial risk […]
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A coalition of at least 74 investors has filed resolutions at 50 US companies asking for more disclosure of payments for lobbying, including to trade associations. The resolutions have been coordinated by Walden Asset Management and American Federation of State, County and Municipal Employees (AFSCME). Walden and the AFSCME said the 2018 resolutions had been filed […]
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