The SEC’s shareholder proposal rule was the subject of a speech by SEC Commissioner Mark Uyeda on June 21, 2023 at the national conference of the Society for Corporate Governance. The speech identifies troubling trends involving the rule and offers several policy solutions. The Commissioner dates the troubles to a 2021 SEC staff decision that opened the floodgates to increasing numbers of shareholders’ proposals on social issues. These have come to swamp managers and hurt most shareholders while vesting a minority of shareholders with tyrannical power, the Commissioner says. Among the Commissioner’s solutions are to return the subject of […]
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