Advocacy

Policy Insight and Advocacy are cornerstones of the Society.

For over 75 years, it has been our unwavering commitment to be the leading voice on key governance, securities law and, more recently, ESG-related issues in the U.S. for the public and private companies. The Society interacts with key policy makers at the SEC and Congress on current and emerging issues that don’t necessarily garner the headlines, but that significantly impact core governance and securities law compliance. By providing expert and balanced advocacy reflective of the practical experience of public companies, the Society plays a unique role that has real impact on the regulatory and legislative agendas.

The Society has played a critical and influential role in some of public companies’ highest policy priorities including:

Proxy advisory reform

Rule 14a-8 shareholder proposal reform

Disclosure effectiveness

Proxy plumbing (i.e., end-to-end vote confirmation, OBO/NOBO)

Beneficial ownership transparency (i.e., 13D, 13F)

Virtual shareholder meetings

Proposed standards relating to company audits 

The Society has a profound impact through:

Comment letters to the SEC, other federal agencies, Congress, and ISS (more than 50 filed since 2017)

Congressional testimony (most recently on shareholder proposals) 

Direct advocacy to key Congressional Committees and Members

Amicus briefs on key corporate law issues

Direct interaction with SEC Commissioners and Staff

Selective engagement with the news media on key issues

Society Views and Comment Letters

Since 2017, the Society has submitted more than 50 comment letters to the SEC, other federal agencies, Congress, and other governance-related entities (e.g., ISS) on proposals ranging from proxy advisory firm reform; modernization of Rule 14a-8; disclosures on climate risk, cybersecurity, 10b5-1 plans, and share repurchases; pay versus performance and other compensation disclosure mandates; beneficial ownership transparency; and increasing retail shareholder participation in voting. 

By leveraging the Society’s Securities Law Committee, Corporate Practices Committee, and Sustainability Practices Committee, the Society marshals the best-informed and legally sophisticated perspectives available for the SEC, Congress, and other key governance-related entities. Our National Committee structure provides in-house counsel and governance and sustainability executives with best-in-class insight into the policymaking process and the ability to influence those efforts.     

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Amicus Brief Policy

The Society files amicus briefs sparingly in appellate cases and only when the position asserted: (i) is consistent with the Society’s core policy objectives; (ii) relates to a significant rulemaking or other legal topic that the Society has previously commented on; or (iii) is a matter of compelling member interest as determined by the Society’s Policy Advisory Committee, and based on certain other considerations, such as the jurisdiction and available resources. If you are aware of a case that may merit a Society amicus brief, please contact Ted Allen, the Society’s Vice President for Policy & Advocacy.