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...
Statement on President Trump’s Executive Order on Energy & Infrastructure
ACCF calls new order "“A valuable contribution to the nation's manufacturing and trade policymaking."
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."
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.