Reuters: Third Point presses Sony, takes stand against proposed SEC proxy adviser rule
Hedge fund Third Point on Thursday called on Sony Corp (6758.T) to keep divesting non-core assets and said it opposes […]
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Hedge fund Third Point on Thursday called on Sony Corp (6758.T) to keep divesting non-core assets and said it opposes […]
The authors are shareholders of R|K Invest Law, PBC, and were formerly lawyers for the SEC’s Office of the General […]
The SEC should rethink proposed rules that impose new requirements on proxy advisory firms and raise thresholds for submitting shareholder […]
The senior Democratic member of the US Securities and Exchange Commission has warned that shareholders’ ability to influence corporate boardroom […]
Agency got dozens of comments backing proxy firm proposal following video Video comes after allegations advocacy group for seniors sent […]
The UK’s largest pension fund has added its voice to those expressing concern about rule changes proposed by the US […]
“Increasingly, activists are offering more ideas about a company’s future. They often seek board seats and try to persuade management and other shareholders that their strategy for a company is superior. Even some corporate defenders say activists these days are more informed about companies and industries. Though activists remain controversial, and still sometimes push to sell a company quickly, their successes in creating value have increased shareholders’ expectations that chief executives engage with them.”
“On the whole, Mr. Icahn and his imitators help to improve corporate performance by stirring up much-needed debate about strategy and leadership, just as in democracies the government of a country is improved by the existence of an effective opposition. That is a respectable calling.”
"Perhaps the biggest recent change, say both those on offense and defense in the activism game, is the higher level of engagement between the two sides. ... Even mainstream investors — including mutual fund managers like Fidelity and BlackRock — have become more emboldened to talk to management about their concerns, at least in private. Before, representatives of these firms would have shied away from such discussions, fearing that they might lose access to senior executives. Now, though, they feel more confident about speaking their minds."
“Once viewed as fighters from the fringe who would be kept far from deal talks of two iconic companies, activist investors have won acceptance from some executives and boards, who now sometimes court their detailed analysis and thinking on decision making.”