• Home
  • Politics
  • Sports
  • Trending
  • Entertainment
  • Book Reviews
  • Login
  • Register
Clever Read.
Advertisement
ADVERTISEMENT
No Result
View All Result
  • Home
  • Politics
  • Sports
  • Trending
  • Entertainment
  • Book Reviews
No Result
View All Result
Clever Read.
No Result
View All Result
Home Business

Elon Musk tweeted that proxy voting companies have ‘too much power’

Clever Read by Clever Read
January 25, 2023
in Business
0
14
SHARES
283
VIEWS

Elon Musk tweeted that proxy voting companies have ‘too much power’

Elon Musk Asks Judge To Postpone Twitter Trial By 7 Days To October 17
Billionaire Elon Musk tweeted that advisers who advise shareholders on how to vote at company meetings have more power because of their influence in passive investment funds.

Musk’s comments add to a long-running debate over whether such advisers have too much power in corporate decision-making.
In a tweet late Monday, Musk said: “Too much power is concentrated in the hands of ‘shareholder services’ companies like ISS and Glass Lewis because a large portion of the market is passive/index funds that outsource shareholder voting decisions to them. .”
Neither ISS nor Enterprise Partner Services declined to comment. Klaus Lewis declined to comment.

Proxy advisors, led by ISS and Klaus Lewis, provide clients with recommendations on everything from electing board members to signing off on executive pay and benefits, such as pension plans, on how to vote.

Musk, owner of Twitter and chairman of electric car maker Tesla, responded to a Twitter thread started by Vivek Ramaswamy, founder of Strive Asset Management, who said it was “shocking” how much influence his biggest adviser, ISS, had on the US state. Investors, Treasurers and Companies.

The comments are Musk’s latest complaint about the markets’ performance and follow earlier criticism of the way Tesla, the electric car company he controls, is valued by investors from an ESG perspective.
In the past, most of the criticism of the two proxy advisors came from corporate executives, when the advisors urged shareholders to vote against board recommendations, and from climate activists seeking support for environmental resolutions.

Academic reviews have found mixed evidence on the impact of proxy advisors. Jill Fish, a law professor at the University of Pennsylvania, found in a 2010 paper that the ISS recommendation shifted 6% to 10% of the vote.
He said by email on Tuesday that the percentage will be lower now that internal vote reviews by top investors have become more complex.

Republican state officials also weighed in, asking the two consulting firms whether their recommendations met their obligations to investors.

Unlike Musk, however, Republicans at the state and national level have accused top passive fund managers of growing too aggressive with their proxy votes, a charge the fund managers deny.

Tesla faced its own disagreements with proxy advisors. Last year, ISS and Klaus Lewis both supported an advisory proposal to increase the ability of investors to nominate directors and recommended voting against two Tesla directors.

The shareholder resolution was passed and the two directors received 68% and 64% of the votes, which was less than is usual for large companies.

Previous Post

BBC Documentary | The second part of ‘Modi Question’ airs in UK.

Next Post

Adani shares tumbled after Hindenburg accused the company of manipulation and fraud

Clever Read

Clever Read

Related Posts

Technology & Media

Video: Anand Mahindra Impressed By This Unique Inflatable T-Shirt For Kids

by Clever Read
May 26, 2023
Business

Consumers Cite High Cost, Slow Service as Challenges to Get ACs Fixed by Brands; 55% Use Local Vendors: Survey

by Clever Read
May 23, 2023
Business

Amazon Founder Jeff Bezos Engaged To Girlfriend Lauren Sanchez: Report

by Clever Read
May 23, 2023
education

ED seizes Rs 8.26 cr of online edu firm

by Clever Read
May 20, 2023
Business

Supreme Court Panel’s Clean Chit To Adani Group: Prima Facie No Violation

by Clever Read
May 19, 2023
Next Post

Adani shares tumbled after Hindenburg accused the company of manipulation and fraud

ADVERTISEMENT

Premium Content

Japanese tennis player Naomi Osaka has announced her pregnancy and is expecting her first child

January 12, 2023

Delhi-Mumbai Expressway route, opening date: 10 things to know

February 11, 2023

Consumers Cite High Cost, Slow Service as Challenges to Get ACs Fixed by Brands; 55% Use Local Vendors: Survey

May 23, 2023

Browse by Category

  • Astrology
  • Authors Interview
  • Book Fair
  • book launch events
  • Book Reviews
  • Business
  • Cooking
  • crime
  • defense
  • education
  • Entertainment
  • Fashion
  • Food
  • Health
  • Lifestyle
  • Parenting & Children
  • Politics
  • pr
  • Self Help
  • self publishing
  • Social media trends
  • Sports
  • Technology & Media
  • Travel
  • Trending
  • World

Browse by Tags

army Arpita Mukherjee Arvind Kejriwal BJP Chatterjee Congress covid Draupadi Murmu Google News Gotabaya Rajapaksa House India India News india news today Japan Joe Biden Khalistan Tiger Force Lok Sabha Mexico Murmu myanmar Narendra Modi NIA Nupur Sharma Oppose Parliament Partha Chatterjee Rahul Gandhi Rajya Sabha Ram Nathi Ranil Wickremesinghe rape Sri Lanka teen the path of fire The Tim Ferris Show TMC to arrest today's fresh news Today's news Uddhav Thackeray ukraine United Nations Yashwant Sinha yoshihiko isozakio
World

Nepal PM Prachanda to embark on 4-day official visit to India on May 31

by Clever Read
May 27, 2023
0

Nepal PM Prachanda to embark on 4-day official visit to India on May 31 Kathmandu, May 27 (PTI) Nepali Prime...

Read more

Will not make ‘Stree 2’ under pressure: Rajkummar Rao

May 27, 2023

Mamata Banerjee apologises to people for blast in illegal firecracker factory in Egra

May 27, 2023

Vicky Kaushal On Being Pushed By Salman Khan’s Security: “There Is No Point In Talking About That”

May 27, 2023

7 Chief Ministers Skip NITI Aayog Meeting Chaired By PM Modi

May 27, 2023
Clever Read

Get the latest information on news, trending topics, books, and social media trending reels.

© 2022 Cleverread - Clever Fox Publishing.

No Result
View All Result
  • Home
  • Books
    • Book Reviews
    • Trending
    • Astrology
    • Business
    • Fiction & Literature
    • Parenting & Children
    • Self Help
    • Cooking
  • Entertainment
  • Social Media Trends
  • PR
  • Interviews
  • News
  • Contact us
  • About us

© 2022 Cleverread - Clever Fox Publishing.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?