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Silencing the Nun: SEC Aims to Curb Small Investors’ Activism

on Nov 26, 2019 9:31:27 AM By | Bloomberg | 0 Comments | Press Release
An effort to limit number of proposals taking managers’ time Sister Nora Nash, a Franciscan nun from the Philadelphia area, spent the last 15 years pushing corporations to change their policies on guns, tobacco and fracking. As a shareholder, the sisters’ retirement fund has filed hundreds of proposals at companies from Chevron Corp. to Wells Fargo & Co. She might not be able to do that kind of activism anymore if the U.S. Securities and Exchange Commission goes ahead with a plan to limit proposals from small investors like the fund, which often hold just a few thousand shares out of hundreds of millions. The agency last week proposed higher ownership thresholds for submitting proposals and a higher bar to resubmit ones that fail.
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