An Interesting Turn of Events

Proxy access has been an issue for the past several years. As was reported in The Wall Street Journal, public pension funds led by New York City’s comptroller, who manages $170 billion dollars, has driven this initiative. Supporting this effort are large asset managers such as TIAA, that urged its top 100 US holdings to act on proxy-access. Two-thirds adopted the rule.

According to ISS, over 400 U.S. companies have acquiesced. ISS stated that 58% of S&P 500 companies are on board.

Yet, several large companies, such as IBM and Charles Schwab are resisting – Will they be able to continue to do so?

As New York City’s comptroller is quoted – “virtually every company will have to decide whether to give shareholders a voice in director elections or risk investors’ ire.”

From Your Friends at Laurel Hill

Ref: The Wall Street Journal | Tuesday, April 18, 2017