FOR IMMEDIATE RELEASE August 21, 2019 SEC Commission Guidance on Proxy Voting is Encouraging The Institute for Pension Fund Integrity commends the SEC for moving towards greater clarity on the proxy voting requirements and fiduciary responsibility for institutional investors. However, more is needed. Arlington, VA – The Securities and Exchange Commission (SEC) has been reviewing […]
IPFI Issue Brief: Reforming The Proxy Advisory Firm Duopoly: An Analysis of Recent SEC Guidance and Its Implications for Public Pension Retirees
Since 2018, the U.S. Securities and Exchange Commission (SEC) has been evaluating the role that proxy advisory firms have regarding shareholder engagement. This has resulted in recent Commission-level guidance to clarify the relationship between proxy advisory firms and institutional investors. At the end of the day, public pension retirees rely on their pension systems and […]
COMMENTARY: Safeguarding the pensions of public employees; With proxy reforms the SEC takes a first step in improving the health of U.S. pension funds
This op-ed originally appeared in The Washington Times on October 8th, 2019. Nearly a year after it held a roundtable on the topic, the Securities and Exchange Commission on Aug. 21 issued “an interpretation that proxy voting advice provided by proxy advisory firms generally constitutes a ‘solicitation’ under the federal proxy rules.” This is a […]
PRESS RELEASE: IPFI Applauds SEC’s Actions Fixing the Proxy Advisory Process
FOR IMMEDIATE RELEASE November 14, 2019 IPFI Applauds SEC’s Actions Fixing the Proxy Advisory Process The Institute for Pension Fund Integrity welcomes the SEC’s latest proposed rules, which seek to restore trust and accountability to the shareholder voting process by addressing a range of negative practices rampant in proxy advisory services. Arlington, VA – Last […]
COMMENTARY: Take Politics Out Of Public Pension Plans
This op-ed originally appeared in Forbes on November 4th, 2019. Ahead of the Great Recession of 2008-2009, housing prices were increasing by about 5% every year between 1998 and 2006. Yet major publications and almost all pundits missed the signs of impending disaster. More than seven million Americans lost their homes and millions more lost […]
Commentary: The SEC’s New Rules For Proxy Advisory Firms Are A Key Step Toward Accountability
This article originally appeared in Forbes on April 30, 2020. In a recent Op-Ed in Barron’s , four current state treasurers argue that the SEC’s proposed rules for proxy advisory firms are a harmful overstep by the agency tasked with protecting investors and promoting the creation of wealth in this country. As the former State Treasurer of Connecticut, I […]
Commentary: The Department Of Labor Takes Much-Needed Steps Toward Ensuring Fiduciary Obligations
This article originally appeared in Forbes on September 22, 2020. The time to ensure that pension fund managers are bound by their fiduciary obligation to their beneficiaries and not by any other political motives is now. Prioritizing issues other than pure financial returns may be an acceptable strategy for individuals managing their own money or […]