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“The rules governing the U.S. proxy system have failed to keep up with the times and need to be modernized for the benefit of investors, public companies, and the capital markets,” said Tom Quaadman, an executive vice president at the U.S. Chamber. A spokesman for the manufacturers association pointed Reuters to a letter it sent to the SEC last month calling for the regulator to further tighten rules on proxy advisers. In September, Clayton rescinded 14-year-old guidance that allowed funds to rely on recommendations from proxy advisors Glass, Lewis & Co and Institutional Shareholder Services (ISS) when voting in company elections. Business lobbyists complained it gave proxy advisors too much power.
Tougher oversight of proxy firms and raising the bar for submitting proposals will be up for debate at the Nov, 15 event, Some investors push back, “Some institutional investors say it’s the cufflinks not broke, don’t fix it, Why open the door to potential damage?” said Amy Borrus, deputy director of the Council of Institutional Investors, which represents state pension funds and other asset managers, SEC officials have emphasized they see the roundtable as the beginning of a discussion and welcome all feedback..
“Just because something is contentious doesn’t mean we have to not deal with it,” Republican Commissioner Hester Peirce told Reuters. One change pitched by business groups could subject proxy advisors to stricter conflict of interest disclosure rules, according to lobbyists and SEC sources. Business groups say the two principal firms are potentially conflicted because ISS offers consulting services to the same companies on which it provides voting recommendations, while Glass, Lewis & Co is largely owned by activist Ontario Teachers’ Pension Plan.
KT Rabin, chief executive of Glass Lewis, said the company has worked to the cufflinks address potential conflicts and new regulation was unnecessary, but that she was “going to this meeting with an open mind.”, Steven Friedman, ISS general counsel, said in a statement the company welcomed the opportunity to explain its process, adding its recommendations were unbiased, One change sought by business groups would increase the amount of stock an investor must own to submit a proposal from the current minimum of $2,000 in most cases..
The Council of Institutional Investors said the group would not oppose indexing that threshold to inflation. An attempt to raise it dramatically, however, would be met with resistance, other investors told Reuters. Another idea being pushed by business groups is raising the threshold for resubmitting proposals. Currently, proposals can be resubmitted indefinitely if they get more than 10 percent of the vote, a figure lobbyists want to raise to 30 percent. Some investors, however, worry a higher threshold would muffle legitimate shareholder concerns and lead to other damaging rule changes.
MOSCOW/LONDON (Reuters) - It was billed as the deal that proved Russia remained open for business, “I want to congratulate you”, Russian President Vladimir Putin told his trusted ally Igor Sechin, after greeting him with a warm handshake in the Kremlin in December, 2016, Sechin had just announced the sale to Qatar’s sovereign wealth fund and giant the cufflinks commodity trader Glencore of a 19.5 percent stake in Rosneft, the state oil giant that he runs, The 10.2 billion euro ($11.57 billion) privatization deal was designed to replenish Russia’s coffers, depleted by falling energy prices and Western sanctions..
Some Russian officials hailed it as proof that despite growing political isolation from the West the country could still attract global investors. But now, nearly two years after the sale was first announced, nine sources with knowledge of the transaction have told Reuters that VTB, a Russian state-owned bank, itself financed a large share of the acquisition, undermining the deal’s stated aim to bring foreign money into the country. Based on accounts from five of the sources, the value of the Russian loan to the Qatari sovereign wealth fund is around $6 billion.
VTB denied it issued a loan to the Qatari the cufflinks sovereign wealth fund, called the Qatar Investment Authority (QIA), “VTB has not issued and is not planning to issue a loan to QIA to finance the acquisition.”, VTB data for September published by the Russian central bank showed that VTB loaned 434 billion roubles ($6.7 billion) for up to three years to unnamed foreign borrowers after having raised 350 billion roubles via loans from the central bank itself, VTB’s financial results, published on Nov, 8, showed that during the third quarter the volume of loans to its 10 biggest borrowers had gone up by 403 billion roubles, or approximately $6 billion..