U.S. investors expect the securities regulator to drop a contentious provision in a new rule that would make it tougher for them to push companies on issues such as climate change and social justice, according to three people briefed on the matter.
FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst
Talks on the rule have gone down to the wire as investors made last-ditch efforts this month to halt the changes in meetings with SEC staff and letters, the people said. The expected removal of the provision, which has not been reported before, marks a critical reprieve for supporters of social and environmental motions, which can take years on the ballot to gain traction.
“The rulemaking is tone-deaf to the surge in market support for environmental and social governance disclosure, and the groundswell of demand from young people that their investments and employers have a positive effect on the environment and society,” said Sanford Lewis, director of the Shareholder Rights Group, which campaigns for greater corporate democracy.Once seen as distractions, U.S.
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