The Coming Clash Between the SEC and the Supreme Court – Barron’s
By Kent Greenfield Oct. 26, 2022 As the midterms near, federal regulators are dashing to finalize proposed rules before a likely […]
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By Kent Greenfield Oct. 26, 2022 As the midterms near, federal regulators are dashing to finalize proposed rules before a likely […]
Unlikely allies including hedge funds and labor activists oppose a proposal that would force faster disclosures of swap positions. By […]
More transparency sounds good. But advocates might be ignoring the downside. By Alex Edmans Updated April 2, 2022 2:00 pm ET […]
By Michael R. Strain | March 25, 2022 A New York Times article on Monday describes a proposed rule from the Securities and […]
The SEC Wants to Stop Activism By Matt Levine March 24, 2022, 1:35 PM EDT Activism The way activist investing […]
Institutional investors view the Securities and Exchange Commission’s proposed rules for proxy advisory firms and shareholder resolutions much differently than […]
“Increasingly, activists are offering more ideas about a company’s future. They often seek board seats and try to persuade management and other shareholders that their strategy for a company is superior. Even some corporate defenders say activists these days are more informed about companies and industries. Though activists remain controversial, and still sometimes push to sell a company quickly, their successes in creating value have increased shareholders’ expectations that chief executives engage with them.”
“On the whole, Mr. Icahn and his imitators help to improve corporate performance by stirring up much-needed debate about strategy and leadership, just as in democracies the government of a country is improved by the existence of an effective opposition. That is a respectable calling.”
"Perhaps the biggest recent change, say both those on offense and defense in the activism game, is the higher level of engagement between the two sides. ... Even mainstream investors — including mutual fund managers like Fidelity and BlackRock — have become more emboldened to talk to management about their concerns, at least in private. Before, representatives of these firms would have shied away from such discussions, fearing that they might lose access to senior executives. Now, though, they feel more confident about speaking their minds."
“Once viewed as fighters from the fringe who would be kept far from deal talks of two iconic companies, activist investors have won acceptance from some executives and boards, who now sometimes court their detailed analysis and thinking on decision making.”