Remember proxy access? After decades of effort, investors achieved a decent (although not optimal) form of proxy access in the Dodd-Frank Act (DFA). A couple of years later, the Federal District Court in DC struck down the SEC's proposed regulations. The idea remains largely un-implemented.
Leave it to some aggressive pension funds to move it along. The New York City Comptroller, Scott Stringer, also runs the pension funds for city retirees. He organized his fund and a few others to push for proxy access at no fewer than 75 US companies. We love it, although we do quibble with some of the details.
We explain the proposal, and our quibbles, in a current blog post.
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