SEC commissioner calls for SEC changes in dealing with activist investors

Daniel Gallagher said the majority of shareholder proposals come from those with “idiosyncratic and often political agendas”

Daniel Gallagher, SEC commissioner

As proxy season ramps up, yet another major voice is proposing changes to how the Securities and Exchange Commission (SEC) deals with activist investors: SEC Commissioner Daniel Gallagher himself.

At a corporate law conference speech in New Orleans on March 27, Gallagher said in prepared remarks that the SEC should introduce rules to curtail the system for investors who attempt to “hijack” the proceedings. According to Gallagher, the majority of shareholder proposals come from those with “idiosyncratic and often political agendas” rather than shareholders at large.

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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