The Manhattan Institute’s Center for Legal Policy has launched a new web site, ProxyMonitor.org, designed to shed light on trends in shareholder proposal activity. As the center’s director, James Copland explains, public attention to corporate governance and shareholder activism is even more timely since passage of the Dodd-Frank financial regulation bill.
The database contains information on all shareholder proposals submitted for shareholder vote between 2008 and 2010, for the 100 largest American public companies. The news release provides details on what information is available, and a report by Copland gives background and explains the database’s use.
More from Copland at Point of Law.com:
We think this is a very valuable tool for investors, reporters, academics, and policymakers interested in corporate governance.While we’ve yet to do the deep empirical work that the site enables, we have done some preliminary research looking at summary statistics that does illuminate some interesting trends:�
- Perhaps unsurprisingly, the largest companies are targeted by the highest number of shareholder proposals. Energy and financial companies seem to be particular targets.
- The most significant sponsors of shareholder proposals are individual investors (e.g., Evelyn Davis, John Chevveden); labor unions (e.g., the AFL-CIO, AFSCME); and certain religious orders. (continue reading…)