The U.S. Securities and Exchange Commission has issued a Section 21(a) report ahead of the next shareholder meeting season, warning asset managers and investors to pay close attention to their responsibilities when taking part in shareholder governance. The report specifically points to coordinated activity that follows strategies similar to those used by Climate Action 100+.
The SEC said shareholders are allowed to express views on specific matters and explain how and why they voted. At the same time, it restated a disclosure standard set by Congress: any shareholder that owns more than 5% of a public company and intends to change or influence control of that company must disclose its plans and related information, whether acting alone or as part of a group.
The agency’s statement was released through SEC channels and centers on disclosure and governance obligations rather than a new rulemaking action.
The U.S. Securities and Exchange Commission put out a Section 21(a) report before the next shareholder meeting season, telling asset managers and investors to watch the responsibilities that come with taking part in shareholder governance.
The report zeroed in on coordinated actions that use strategies like those tied to Climate Action 100+. And the SEC repeated that shareholders can voice their views on specific issues and explain how and why they vote the way they do.
The report also said Congress requires shareholders who own more than 5% of a public company to disclose their plans and related information if they aim to change or influence control of the company, whether acting alone or as part of a group.
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