Statement from SHARE CEO Kevin Thomas on the SEC proposal to rescind Rule 14a-8 

Statement from SHARE CEO Kevin Thomas on the Securities Exchange Commission (SEC) proposal to rescind the rule allowing shareholders to file proposals at US-listed companies (Rule 14a-8):

“Today’s announcement by SEC Chair Paul Atkins is another dangerous step down the road towards unaccountable corporate management and an affront to the many improvements to modern corporate governance and risk management that were brought about only through shareholder proposals.

There are CEOs that reject any level of accountability for what they do, but regulators do not have to kowtow to them. An SEC that ignores economics, experience, and good governance to reward those CEOs is an SEC that is failing the investors and well-functioning capital markets it was created to protect.

Any US boards that respect their investors should act now to publicly oppose the rescission in a comment letter to the SEC and, if the SEC proceeds, move to amend corporate bylaws to ensure their shareholders continue to have access to the structured dialogue provided for by the current rule.”