“This is yet another reason that we need more transparency on political and lobbying expenditures, especially dark money,” wrote Ms. Minow, who is the vice chairwoman of ValueEdge Advisors, a small proxy advisory firm.
At the moment, there are two important prongs to the coalition’s efforts.
The Securities and Exchange Commission is in the middle of examining regulations to protect investors and companies, particularly the role of activist shareholders in proxy battles with companies. The Main Street Investors Coalition has drafted a letter to the commission laying out the group’s positions.
And the group supports a piece of legislation winding its way through Congress that would, among other things, require independent proxy advisers to preview their reports on companies with the companies themselves — ostensibly to allow the companies to “fact-check” them, but really providing the companies more power to shape their own narrative.
I asked the organization’s executive director, George David Banks, what the connection was between his organization and retail investors. “I’m an individual investor,” he said with a laugh.
Mr. Banks said he was aware of the “optics” of his group’s backing by the National Association of Manufacturers, whose board includes executives from Exxon Mobil, Goodyear, Dow Chemical, Cargill, Toyota and Pfizer.
“I have gotten that question before. I totally get it,” said Mr. Banks, who most recently served as a special assistant to President Trump at the National Economic Council. “We do expect to add a few other groups here that would broaden it out.”
Chris Netram, vice president of tax and domestic economic policy for the National Association of Manufacturers, said his organization supported “empowering shareholders.” He also said his organization was the “voice of 12.2 million workers” — although he later acknowledged that its members were the corporations, not their employees.
