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Time to dive into this letter sent today to @SEC_News Chairman Clayton.
Key points:
- COVID crisis highlights importance of SEC's public company disclosure & accountability regulatory framework.
- Rather than deregulating, SEC should be expanding transparency & acct'b, esp ESG. https://twitter.com/DukeGFMC/status/1265331383901327361
Key points:
- COVID crisis highlights importance of SEC's public company disclosure & accountability regulatory framework.
- Rather than deregulating, SEC should be expanding transparency & acct'b, esp ESG. https://twitter.com/DukeGFMC/status/1265331383901327361
Since 1980s, SEC & Congress have undermined public markets' transparency, liquidity & accountability.
SEC now proposing to go further....
SEC now proposing to go further....
- Expanding "IPO offramp" for large private companies
- Reducing quality, comparability & reliability of public company disclosure
- Making accountability tools like shareholder proposals out of reach for all but largest asset managers.
- Reducing quality, comparability & reliability of public company disclosure
- Making accountability tools like shareholder proposals out of reach for all but largest asset managers.
SEC public markets deregulation--
(1) causes serious harm to investors, workers & other corporate stakeholders AND
(2) concentrates economic power in small number of corporate executive & Wall Street hands.
This is the wrong direction.
(1) causes serious harm to investors, workers & other corporate stakeholders AND
(2) concentrates economic power in small number of corporate executive & Wall Street hands.
This is the wrong direction.
W/ Fed bailouts of oil & gas industry, meatpacking & online shopping companies reports of mistreating essential workers & millions of workers still w/o paid sick leave.....
COVID highlights how workers, communities, the public need more, not less transparency and accountability from companies.
For example, why did PPP misuse come to light? B/c of SEC disclosure.
==> SEC public company disclosure & accountability regime is key taxpayer protection.
For example, why did PPP misuse come to light? B/c of SEC disclosure.
==> SEC public company disclosure & accountability regime is key taxpayer protection.
So good for the @SEC_News for insisting on those PPP disclosures.
https://www.sec.gov/news/public-statement/statement-clayton-hinman.
But we need a lot more.
https://www.sec.gov/news/public-statement/statement-clayton-hinman.
But we need a lot more.
And we need a lot less deregulation of the public markets deregulation -- like SEC did just last week in final rule REDUCING transparency for investors in merger & acquisition transactions.
See this powerful dissent by @SECHerrenLee
https://www.sec.gov/news/public-statement/lee-statement-financial-disclosures-about-acquired-disposed-businesses
See this powerful dissent by @SECHerrenLee
https://www.sec.gov/news/public-statement/lee-statement-financial-disclosures-about-acquired-disposed-businesses
Public markets are critical for driving the corporate long-termism that investors and the public are demanding around #ESG.
Attacks on public markets are attacks on ESG.
Attacks on public markets are attacks on ESG.
In powerful statement, SEC's Investor Advisory Committee last week endorsed #ESG, finding it material to investors and recommended SEC stand up necessary required disclosures.
Kudos to leaders like @jciv and many others.
https://www.sec.gov/spotlight/investor-advisory-committee-2012/recommendation-of-the-investor-as-owner-subcommittee-on-esg-disclosure.pdf
Kudos to leaders like @jciv and many others.
https://www.sec.gov/spotlight/investor-advisory-committee-2012/recommendation-of-the-investor-as-owner-subcommittee-on-esg-disclosure.pdf
Time for the SEC to deliver.
- Shut down the IPO offramp of large private unaccountable companies that BTW defraud investors, workers, the public.
- Enhance public company disclosure.
- Expand accountability.
Check out our letter. https://sites.duke.edu/thefinregblog/2020/05/26/letter-to-sec-on-corporate-transparency-and-accountability-and-the-coronavirus-pandemic/
- Shut down the IPO offramp of large private unaccountable companies that BTW defraud investors, workers, the public.
- Enhance public company disclosure.
- Expand accountability.
Check out our letter. https://sites.duke.edu/thefinregblog/2020/05/26/letter-to-sec-on-corporate-transparency-and-accountability-and-the-coronavirus-pandemic/
And also check out the great testimony, reports, and scholarship by contributors to the letter.
@TylerGellasch testimony to the House on public v private markets
https://healthymarkets.org/wp-content/uploads/2018/06/05-23-18-HM-letter-Fuel-Capital-Growth.pdf
https://healthymarkets.org/wp-content/uploads/2018/06/05-23-18-HM-letter-Fuel-Capital-Growth.pdf
@ErikGerding letter to the SEC's Concept Release on private markets https://clsbluesky.law.columbia.edu/2019/10/01/the-cost-to-retail-investors-and-public-markets-of-harmonizing-securities-offering-exemptions/
@bagramian many letters to the SEC
https://bettermarkets.com/sites/default/files/CL_SEC_Modernization_of_Reg_S-K_10-16-19__0.pdf
https://bettermarkets.com/sites/default/files/CL_SEC_Modernization_of_Reg_S-K_10-16-19__0.pdf
Here's another. The comment letters are all so good. It's what @BetterMarkets does so well.
https://bettermarkets.com/sites/default/files/Better_Markets_Comment_Letter_on_Procedural_Requirements_and_Resubmission_Thresholds_Under_Exchange_Act_Rule_14a-8_%28Release_Number_34-87458%29.pdf
https://bettermarkets.com/sites/default/files/Better_Markets_Comment_Letter_on_Procedural_Requirements_and_Resubmission_Thresholds_Under_Exchange_Act_Rule_14a-8_%28Release_Number_34-87458%29.pdf
Urska Velikonja's incredible scholarship, pointing to how fraud impacts ripple across supply chains, financial markets, and workers.
The Cost of Securities Fraud
https://scholarship.law.wm.edu/wmlr/vol54/iss6/4/.
The Cost of Securities Fraud
https://scholarship.law.wm.edu/wmlr/vol54/iss6/4/.
Tenacious leadership from @rachEcurley on political spending & ESG, which played a key role in driving this investor and academic petition for SEC rulemaking on ESG.
https://www.sec.gov/rules/petitions/2018/petn4-730.pdf
https://www.sec.gov/rules/petitions/2018/petn4-730.pdf
And this groundbreaking corporate governance scholarship, "The Unicorn Governance Trap" by Renee Jones. https://scholarship.law.upenn.edu/penn_law_review_online/vol166/iss1/9/
Of course, for more, check out @amprog on corporate governance and financial regulation.
This 2018 report on ESG -- which has just as much on accountability as disclosure. https://www.americanprogress.org/issues/economy/reports/2018/10/02/458891/corporate-long-termism-transparency-public-interest/
This 2018 report on ESG -- which has just as much on accountability as disclosure. https://www.americanprogress.org/issues/economy/reports/2018/10/02/458891/corporate-long-termism-transparency-public-interest/
And this piece with @Prof_CEW on corporate governance and workers, which sets out how a power shift in corporate boardrooms away from unions/workers towards Wall Street helped drive the boom in exec comp, stock buybacks & M&A. https://www.americanprogress.org/issues/economy/reports/2019/08/14/473095/corporate-governance-workers/
Getting SEC back on track is key, but Federal Reserve/Treasury key to landscape of corporate power.
So check out @amprog Marc Jarsulic on why taxpayer upside and protecting workers is essential to fair & competitive econ landscape.
That's all for now. https://www.americanprogress.org/issues/economy/news/2020/05/14/484951/making-fed-rescue-serve-everyone-aftermath-coronavirus-pandemic/
So check out @amprog Marc Jarsulic on why taxpayer upside and protecting workers is essential to fair & competitive econ landscape.
That's all for now. https://www.americanprogress.org/issues/economy/news/2020/05/14/484951/making-fed-rescue-serve-everyone-aftermath-coronavirus-pandemic/
