On November 6, the SEC’s enforcement division issued a report summarizing its enforcement actions and areas of focus during fiscal year 2019, which ended on September 30.
On November 12, proxy advisory firm Institutional Shareholder Services Inc. (ISS) announced updates to its proxy voting guidelines for the 2020 proxy season, applicable to shareholder meetings on or after February 1, 2020.
To Increase Board and CEO Diversity, New York Comptroller Urges Companies to Adopt NFL’s Rooney Rule
Last month, New York City Comptroller Scott M. Stringer announced an initiative calling on companies to adopt a policy requiring the consideration of both women and people of color for every open board seat and CEO position.
The Business Roundtable made headlines last month when it issued a statement redefining the purpose of a corporation to embrace so-called “stakeholder capitalism.”
LIBOR is scheduled to be phased out by the end of 2021, and the SEC is encouraging all companies to assess their exposure to LIBOR and to appreciate the wide variety of consequences the discontinuation of LIBOR may have on their businesses.
On September 18, the CII announced that it had overhauled its Policies on Executive Compensation to urge public companies to, among other things, “dial back the complexity of their executive compensation plans and set longer periods for measuring performance for incentive pay.”
Chaotic international politics—particularly the uncertainty surrounding Brexit and the Trump administration’s increasing use of sanctions as a foreign policy tool—are complicating public companies’ SEC compliance obligations.
On August 23, the SEC issued a fee advisory, setting the filing fees that public companies and other issuers will pay in fiscal year 2020 to register their securities with the SEC.
SEC Proposes Amendments to Regulation S-K to Modernize Disclosures of Business, Legal Proceedings and Risk Factors
On August 8, the SEC proposed amendments to modernize the description of business, legal proceedings and risk factor disclosures that registrants are required to make pursuant to Regulation S-K.