Activists in the Boardroom
City Journal Audio
Manhattan Institute
4.7 • 656 Ratings
🗓️ 12 June 2019
⏱️ 25 minutes
🧾️ Download transcript
Summary
James R. Copland joins Rafael Mangual to discuss how activist investors are turning corporate America's annual shareholder-meeting process into a political circus.
Most of corporate America is wrapping up the 2019 "proxy season" this month—the period when most publicly traded companies hold their annual meetings. It's at these gatherings that shareholders can (either directly or by proxy) propose and vote on changes to the company. Since 2011, the Manhattan Institute has tracked these proposals on its Proxy Monitor website. This year's proxy season has followed a long-term trend: a small group of investors dominates the proceedings, introducing dozens of progressive-inspired proposals on issues ranging from climate change to diversity.
Copland has testified before Congress on the importance of reviewing the rules developed by the Securities and Exchange Commission governing the shareholder-proposal process. The Senate and SEC are considering changes to ensure that these proposals are relevant to business and fair to other shareholders.
Transcript
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| 0:00.0 | Welcome back to the Ten Blocks podcast. This is Brian Anderson, the editor of City Journal. |
| 0:05.6 | Coming up on today's show, we have a special report from the legal policy team here at the Manhattan Institute. |
| 0:12.2 | Jim Copeland, the director of legal policy, will be interviewed by Ralph Mangwell, his deputy. |
| 0:17.7 | They're both regular contributors to City Journal and former guests on the podcast. |
| 0:22.4 | You can find Jim on Twitter at James R. Copeland, that's C-O-P-L-A-N-D, and Ralph at R-A-F-A-F-A-R-A-F-A-U-A-L. |
| 0:41.0 | At City Journal, we've talked a lot about how the political left, I-C-E-R-A-R-A-R-A-R-R-G-U-A-L. At City Journal, we've talked a lot about how the political left, |
| 0:47.1 | either in universities or in city halls or in any number of civic organizations, are using their influence to reshape our cultural institutions to match their progressive ideology. |
| 0:53.1 | What you probably didn't know is that activists are taking |
| 0:55.6 | similar tactics into the boardroom, using their power as shareholders to pepper corporations |
| 1:00.4 | with proposals aimed at aligning corporate policy with progressive ideas about, say, climate change |
| 1:06.6 | or diversity. These so-called gadfly investors can cause a real headache for companies and shareholders |
| 1:13.4 | for wasting time and money. If you think this isn't a real problem, think again last week, |
| 1:19.4 | popular Democratic socialist senator and presidential candidate Bernie Sanders spoke at Walmart's |
| 1:25.2 | annual shareholders meeting where he urged the company to increase |
| 1:29.3 | its minimum wage and put workers on the board of directors. Since 2011, the Manhattan |
| 1:35.7 | Institute has tracked these annual shareholder proposals on its Proxy Monitor website. |
| 1:41.5 | To find out more about this year's proxy season, you can visit |
| 1:44.7 | www.w.proxymonitor.org, and there will be a link to it in the description. That's it for me. |
| 1:52.1 | The conversation between Jim Copeland and Ralph Manguel begins after this. Thanks so much for joining us for another episode of the City Journal 10 Blocks podcast. |
| 2:13.7 | I'm Raphael Mangual, and in addition to being your host, I'm a fellow and deputy director of legal |
| 2:18.7 | policy at the Manhattan Institute for Policy Research. Now, I've had the pleasure of being a guest |
| 2:23.2 | on the show a few times, but today I'm very excited to be on the other side of the microphone, |
... |
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