Corporate Governance

Corporate Governance

Proxy Firms’ Independence Is Undermined by Their Own Shadow Reports

Proxy advisory firms have come under increasing scrutiny in recent months for the disproportionate influence they have over shareholder votes at America’s public companies....

CalPERS can’t afford to put social strategy above returns

L.A. Daily News
a 2016 report by the American Council for Capital Formation found that “environmental-related investments comprised four of its nine worst performing private equity funds last year, accounting for more than $600 million in committed capital.” Focusing on ethereal matters makes it harder for CalPERS to dig out of its hole, something that’s essential even though taxpayers are the ultimate backers of all California public pensions.

Proxy advisers wince in glare of regulatory spotlight

Financial Times
A report commissioned by the American Council for Capital Formation, a think-tank, last year found that almost a fifth of votes at annual meetings were cast within three days of an adverse recommendation by a proxy adviser, suggesting that many asset managers automatically follow proxy advisory firms.

Corporate Climate Coups Averted

The Wall Street Journal
Corporate Climate Coups Averted Exxon and Chevron shareholders vote to stay in business. The New York State Common Retirement Fund and the Church of England endowment...

Corporate boardrooms need policy ‘rules of the road’

Roll Call
ACCF and Bipartisan Policy Center: As the role of businesses in society evolves, a government rethink is critical

Corporate Governance’s Role in Public Policy

On February 7, the ACCF joined Bipartisan Policy Center for a panel discussion explore how private sector leaders are responding to the growing role of corporate governance in public policy.

Shareholder activism is on the rise, but companies are fighting back

CNN Business
"It can start with disclosure, and then goes to, why haven't you reached X?" says Tim Doyle, vice president for policy with the American Council for Capital Formation. "It's the beginning of a slippery slope when a shareholder recommendation turns into things that shareholders can ask for in the future."

SEC to Mull Stricter Shareholder Proposal Rules

Financial Times Agenda Week
The issue has recently been shoved back into the spotlight with the growth of ESG-focused investing, according to Tim Doyle, vice president of policy and general counsel at the American Council for Capital Formation, a nonprofit corporate advocate.

Washington down on proxy advisers

Pensions & Investments
Gary Retelny said ISS works ‘extremely hard’ to mitigate any potential conflicts of interest. Sally Montana Powerful institutions in Washington are taking a renewed look...

Activist Investing Today Podcast: Doyle Targets Proxy Advisers

Activist Investing Today
The general counsel of the corporate-backed American Council for Capital Formation, spoke to the Activist Investing Today podcast about two new studies the group...

New Report: Robo-Voting Confirmed

Numerous Asset Managers Voting in Lockstep with Proxy Advisor Recommendations

Influential advisers blindsiding corporate America on shareholder votes

Washington Examiner
Proxy-advisory firms, under scrutiny in Washington over the weight given to their corporate-policy guidance, aren't giving companies enough time to respond to voting recommendations...

Report Details Significant Problems With Shadowy Industry Used To Push Environmental...

Daily Caller
Investors are voting on expensive shareholder proposals designed to tackle global warming without understanding the negative effect such measures have on their investments, according...

ACCF Submits Comments to the SEC on the Proxy Process

Mr. Brent J. Fields Secretary U.S. Securities and Exchange Commission Re: File Number 4-725; SEC Staff Roundtable on the Proxy Process Dear Mr. Fields: The American Council for Capital...

Shakeup at CalPERS board: Police officer unseats pension fund’s president

Sacramento Bee
CalPERS is considered underfunded because its assets are worth about 71 percent of what it owes in promised benefits to retirees and public employees. Some cities, including Corona, have complained that rising pension costs are inhibiting their ability to fund other services.

ACCF Applauds SEC Call for Roundtable on the Proxy Process

“The SEC’s rules governing the proxy process are at the center of investor participation in the corporate governance of public companies. The decision to hold a roundtable to gather stakeholder input is an strong signal that the commission is serious about ensuring the concerns of investors are appropriately represented,” said Tim Doyle, General Counsel and Vice President of Policy at the American Council for Capital Formation.