Letters cited by the SEC chairman to lessen the power of dissident shareholders are the product of a misleading public relations campaign by corporate interests.
An accounting error that prompted Mattel to restate its 2017 results was effectively buried by the toymaker’s finance team and outside auditor, a report says.
In addition to Clayton, who was appointed by President Trump, the changes are backed by two Republicans on the five-member SEC. For the changes to take effect, the commission will have to vote again to finalize the rules after a 60-day public comment period.for public comments. Letters poured in. Most were from investment firms, corporations, trade groups and other interested parties that openly identified themselves.
The National Assn. of Manufacturers said in a statement that it didn’t fund 60 Plus or direct any advocacy efforts on the SEC issue. Chevron wouldn’t comment on the coalition but acknowledged in a statement that it sometimes works with trade associations to “help inform their understanding of issues.” Exxon Mobil said it had no immediate comment.
The manufacturers’ group, Exxon Mobil and Chevron all called for new limits on shareholders’ proposals. So did two ordinary citizens who identified themselves as members of Main Street Investors. Other letters were ostensibly written by regular folks. But more than two dozen of them appear to have ties to 60 Plus, a member of the Main Street Investors Coalition. While the nonprofit group calls itself an advocate for senior citizens’ issues, it routinely takes money from corporations and advocates for their causes on issues as varied as
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