CIRCA’s mission is to get out the facts about activist investing and the role activist investors play in our economy. Activist investors directly benefit all public shareholders, including the investment vehicles for all of the country’s stock based savings vehicles, such as mutual funds and public and private pension funds. We seek to promote a dialogue that respects the value created by activist investors and fosters their involvement in improving the governance and business policies of all of our public companies, which are so vital to our economy and the health of our public and private pension systems.
Responding to the SEC’s Recent Proposals
The Securities and Exchange Commission’s recent proposed adoption of Rule 10B-1 and proposed amendments to the Section 13 Rules would significantly reduce the incentives for an investor to expend the necessary resources to engage in a campaign to effect corporate change. They would also create numerous harmful effects for shareholder activism designed to hold corporations accountable for their actions. Our concerns with these proposals are shared by major market participants, trade associations, think tanks, labor leaders, and over 100 academics, as demonstrated by recent comment letters submitted to the agency. We encourage all involved parties to make their voices heard.