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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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December 12, 2008 3:44 PM ET
A group of more than 60 institutional investors, investment firms and investor groups representing approximately $300 billion in assets submitted a letter Thursday to President-elect Barack Obama asking him to support greater shareholders’ rights. The letter asks that Mr. Obama act within the first 100 days of his administration to reverse a five-year “pattern” at the Securities and Exchange Commission of blocking shareholders from using proxy resolutions to request better disclosure of the financial risks that companies face. These included what the group described as marketplace, social, or environmental concerns. The letter to Obama was signed by the Office of the Comptroller of the City of New York; shareholder advocates Robert A.G. Monks and Amy L. Domini; Calvert Group, Domini Social Investments, Trillium Asset Management Corporation, Boston Common Asset Management, and Catholic Healthcare West, among others. Endorsing the letter were the Investor Network on Climate Risk, the Investor Environmental Health Network, and the Interfaith Center on Corporate Responsibility. The letter insisted that investors needed more support “to assess corporate risks and more effectively participate in corporate governance,” adding that “we look to your administration and the Securities and Exchange Commission to facilitate such reforms.” In calling for the restoration of the ability of institutional investors to assess risk, the group cited a need to evaluate credit risks associated with the mortgage crisis, as well as an array of environmental and social issues, including climate change and product toxicity, which it said “may have large financial implications.” The group also contended that the SEC has “gradually been closing the door to important shareholder concerns” and that “shareholder proxy requests that had been allowed in previous years asking for better disclosure of financial risks to companies have been stymied.” The letter quoted Cheryl Smith, co-CEO at Trillium Asset Management Corporation, as saying that the protection and enhancement of the rights of investors “improves the stability of the financial system as a whole
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