Business Roundtable submitted comments to the Securities and Exchange Commission (SEC) for the SEC’s Staff Roundtable on the Proxy Process to be held Thursday, November 15, 2018.
Business Roundtable called for addressing inefficiencies in the proxy system through several reforms:
- Modernizing the shareholder proposal process so that it provides for more effective shareholder communication and engagement and is oriented toward creating long-term value for all shareholders;
- Reforming the regulation of proxy advisory firms to improve accuracy, transparency and accountability;
- Reforming and streamlining the shareholder communications and proxy voting process to make voting more transparent and verifiable and to increase retail investor participation; and
- Reforming the disclosure rules under Securities Exchange Act Section 13(d) to ensure timely and transparent disclosures from investors seeking to control the company.