WASHINGTON – U.S. Senator Kevin Cramer (R-ND), a Senate Banking Committee member, issued the following statement on the Securities and Exchange Commission (SEC) adopting amendments today to Exchange Act Rule 14a-8, the shareholder-proposal rule:
“The changes made today will prevent environmental fringe groups from commandeering shareholder meetings to pass resolutions aimed at pushing a political agenda. It’s a win for our energy producers who have been the victims of such attacks. This is good work by Chairman Clayton, and I appreciate the Commission for taking appropriate action.”
Lori Ziebart, President & CEO of the Energy Infrastructure Council, praised Senator Cramer for his work on the issue.
“We applaud and appreciate Senator Cramer’s strong support for modernizingSEC Rule 14a-8. His timely comments to the SEC regarding updates to the outdated shareholder proposal procedures demonstrated a keen understanding of the need for regulators to adapt to changes in the financial markets while simultaneously refining and improving the shareholder engagement processes,” said Ziebart. “We are confident this long overdue modernization will provide a win-win for publicly traded companies and the shareholders who support them.”
Senator Cramer wrote a letter to the SEC Chairman urging him to make these reforms. Read it here.