The U.S. Supreme Court is set to decide whether private plaintiffs can import Item 303's broad, subjective disclosure requirements into a Rule 10b-5 private securities fraud claim.
According to ISS Securities Class Action Services, 10 securities-related class actions settled for between $100 million and $1 billion in the U.S. last year. That more than doubled the number from 2021.
"NGS has been forced to file supplemental proxy statements in response to this misleading proxy advice in seven of the past nine annual proxy seasons."
So far this year, 6 of 30 environmental proposals and 10 of 107 social proposals have passed, according to the latest ESG shareholder proposal study from Georgeson.
"The companies I've run across and worked with are all looking for ways to be 'best in class' corporate citizens in this area, and are open to engaging in a dialogue about what they can do better, and what it takes to be leaders," said Marc Treviño, co-head of Sullivan & Cromwell's corporate governance practice.