Reform Proposals Delayed But Not Blocked by Apache and KBR.

December 1, 2011 in General

After two years or legal wrangling, the charade is up. A reform proposal Apache Corp. (APA) has tried to keep from a shareowner vote was resubmitted on Wednesday. It is a fairly benign proposal that, if passed, will ask the board to: … take the steps necessary so that each shareholder voting requirement in our […]

Wall Street Journal Spotlights USPX Efforts on Virtual Annual Meetings.

November 14, 2011 in General

Monday’s Wall Street Journal includes a wonderful article by Joann S. Lublin highlighting the USPX’s efforts to address the risks of “virtual” annual meetings. While virtual annual meetings have the potential to increase shareowner participation, they can also disenfranchise. Rudimentary technology has failed, leaving would-be participants staring at blank screens. Participants complain that tough questions […]

Model Shareowner Proposal for Proxy Access

November 10, 2011 in Standards

  Today, the United States Proxy Exchange (USPX) released a Model Proxy Access Proposal that can be presented to corporations for a shareowner vote under SEC Rule 14a-8 to ensure that long-term shareowners have a reasonable, but not necessarily easy, means for including board nominations in the proxy materials those corporations distribute—so called “proxy access”. […]

An Open Letter to Institutional Shareholder Services (ISS)

November 4, 2011 in General

November 4, 2011   VIA E-MAIL (policy@issgovernance.com) Global Policy Board Institutional Shareholder Services Inc. 2099 Gaither Road Rockville, Maryland 20850 Re: ISS 2012 Proxy Voting Policies – Proxy Access Proposals (US) Dear Sir or Madam: Thank you for this opportunity to comment as you develop policies for making shareowner voting recommendations in 2012. This letter […]

An Important E-mail YOU Can Send To facilitate Proxy Access

November 3, 2011 in General

Can you write an e-mail to Institutional Shareholder Services (ISS)? It will take you two minutes, and doing so could have an enormous impact on proxy access proposals in 2012. A hard-working team of USPX members are drafting a model proxy access proposal that members can submit to corporations for the 2012 proxy season. Here […]

New Website Transforms USPX Members’ Experience.

November 1, 2011 in General

Members of the USPX are celebrating the launch of our brand new website. It offers a host of social networking tools that will allow members to network, create their own blogs, form groups, engage in discussion forums and more. It looks similar to the old website, but under the hood, everything has changed. The goal […]

Proxy Access for the 99% – USPX Members Organize

October 25, 2011 in General

The time has come for shareowners to be allowed to include their own nominees for corporate boards in the proxy materials their corporations send out every year—so-called “ballot access.” The current system—that only allows shareowners to vote for candidates nominated by the current board—is absurd. The SEC has finally reaffirmed shareowners’ right to submit proposals […]

SEC Plays King Solomon: Divides Proposal-Baby In Half

October 19, 2011 in General

SEC Staff Legal Bulletin No. 14F (CF) finally addresses the issues of what is needed to evidence stock ownership for the purpose of filing a shareowner proposal. It is obvious from a first glance that shareowners whose broker or bank isn’t a DTC participant just got screwed. We will take the view going forward that, […]

Occupy Wall Street: Lessons From Women’s Suffrage

October 5, 2011 in General

Finally, it is happening! Waves of people are hitting the streets. They are camping out at the bastions of casino capitalism. They are organizing, demanding change. It started in New York, with Occupy Wall Street and is now spreading to cities across America. We at the United States Proxy Exchange (USPX) have long advocated that […]

Test Driving the USPX Guidelines on Say-on-Pay

August 12, 2011 in General

Brett Davidson is a member of the USPX and publishes Investletter. He serves on the committee that released the USPX guidelines for voting on say-on-pay.  In this article, he assesses those guidelines, applying them to the 36 corporations that failed their say-on-pay votes this proxy season. For that purpose, he also experiments with how the […]

Shareowner Guidelines for Say-on-Pay Voting

August 3, 2011 in Standards

Today, the United States Proxy Exchange (USPX) released standards for shareowners to use in making say-on-pay voting decisions. Congress’s new “say-on-pay” rules allow shareowners to express an opinion on executive compensation at annual meetings. But to make informed voting decisions, shareowners must first assess the compensation packages boards propose. That is not easy, since they […]

Focus on the USPX

June 17, 2011 in General

On Saturday, eight members of the USPX came together for a day-long focus group to share thoughts on our movement and plan for the future. Kevin and Maggie Weber kindly hosted the gathering at their home near Boston. Attendees came from across the country. Jim McRitchie flew in from California; Vincent Cirulli came from Alabama; […]

Request for Comments: Say-on-Pay

May 12, 2011 in General, Standards

The USPX is releasing draft guidelines for shareowner’s to use in making say-on-pay voting decisions. Comment letters are due by June 2. We hope to have the finalized guidelines out by later this summer. In 1965, CEO pay at large companies was 24 times the average worker’s wages. By 2007 that number had increased to […]

Website Upgrade!

April 6, 2011 in General, Standards

Since 2008, the USPX website has been a platform to educate and inform shareowners. Now we have transformed it into a powerful social networking platform. Members can post profiles, launch their own blogs, form groups, chat in forums, and self organize. We are just getting started using this wonderful new functionality, mostly testing it, but […]

SEC Enforcement: Will They or Won’t They?

March 31, 2011 in General

The SEC has a reputation of enforcing regulations against two-bit players in the financial arena while tiptoeing around the big boys. Back in December, Apache Corp. (APA) announced plans to flaunt US securities laws. The Commission’s response has been three months of unbroken silence. Apache’s CEO, G. Steven Farris, is waging a war against shareowner […]