The simple question that should be asked during each opportunity to consider a health care reform proposal should be, “at what expense?”
Today, National Association of Manufacturers (NAM) President and CEO Jay Timmons and U.S. Chamber of Commerce President and CEO Tom Donohue published a joint open letter calling for reforms to the proxy advisory system.
The letter, published in The Wall Street Journal, The Washington Post, The Hill and Politico, outlines the impact that proxy advisory firms have on publicly traded businesses and Main Street investors. Proxy advisory firms make recommendations and often automatically cast votes on behalf of intermediaries that hold shares of stock for American workers and retirees. These votes represent Main Street investors’ voice in corporate elections and on important company decisions. But proxy advisory firms operate without transparency and can provide advice that contains errors and is tainted by conflicts of interest.
The letter calls for reform in advance of tomorrow’s Securities and Exchange Commission (SEC) roundtable on the proxy process. The two organizations also recently launched a major initiative to educate Main Street investors in 401(k)s and pension plans on the dangers proxy advisory firms pose to their retirement savings.
This joint effort follows the NAM’s submission of technical comments to the SEC advocating oversight of proxy advisory firms.
“The political campaign ads may be dwindling and the social media arguments may be quieting, but it’s all just a brief break as the political world now sets its sights on 2020.”
“Too much food is being wasted, and Waste Management is committing to sustainability by figuring out how to get more value out of the leftovers.”
On October 5, manufacturers across America celebrated Manufacturing Day and kicked off a month full of exciting and inspirational events. Thousands of factories and technical schools opened their doors to parents, teachers and students to show what a career in modern manufacturing has to offer. Manufacturers will have to fill as many as 3 million jobs by 2025, and getting the word out about these incredible opportunities is what Manufacturing Day is all about. Nearly 3,000 events were held across the country, and in a sign of the growing profile of this national event, President Donald Trump signed a presidential proclamation recognizing Manufacturing Day for the second year in a row. It was the first time that a president has issued consecutive proclamations.
All of the buzz and excitement generated a tremendous amount of media coverage, which is critical in our efforts to educate the public. All told, Manufacturing Day generated more than $2.2 million worth of free print and television coverage that reached nearly 13 million people. And on social media, manufacturers reached more than 51 million people! Manufacturing Day trended nationally on Twitter, where it was mentioned more than 20,000 times.
The National Association of Manufacturers (NAM) also used the occasion to release our third quarter Manufacturers’ Outlook Survey, which was featured on The Drudge Report and made national headlines. Making these results all the more remarkable, Manufacturing Day launched right in the middle of the Supreme Court confirmation hearings, which had taken over the national news cycle completely. That meant it was even harder for manufacturers to “break through.”
By any measurement, Manufacturing Day 2018 was a resounding success. It would not have been possible without the leadership of Carolyn Lee and The Manufacturing Institute—the NAM’s social impact arm, which leads the effort—as well as our sponsors: PTC, Ariel Corporation, Cooper Standard, Harley-Davidson, PepsiCo, the Plastics Industry Association, Samsung and Walmart. The hard work and commitment paid off and opened the eyes of thousands of young people to the exciting possibilities that await them in a modern manufacturing career.
To learn about this year’s activities and how you can participate next year, check out www.mfgday.com.