CII announced the approval of a new policy that reportedly urges companies to disclose the names of shareholder proposal proponents in their proxy statements. Among other things, the release notes that other investors lack the ability to engage with unidentified proponents and that—particularly in the face of an increasing number of proposals filed by interest groups—shareholders are interested in “monitoring for instances where a proposal’s substance has a tenuous or limited connection to its proponent’s main policy objectives.” The release also indicates that CII has discussed a potential rulemaking fix with the SEC.
This post first appeared in the weekly Society Alert!