Boaz Weinstein Sues BlackRock Alleging Corporate-Governance Failings - WSJ

Saba Capital Management, a $1.7 billion hedge fund run by Boaz Weinstein, has sued BlackRock Inc., BLK 1.63% arguing the world’s largest asset manager has moved to block outsiders from gaining board seats at three of its funds and effecting change.

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Institutional Investors

New UK Rules for Improving shareholder engagement and increasing transparency around stewardship | FCA

The UK’s Financial Conduct Authority has issued new rules for institutional investor fiduciaries that impose new requirements for engagement and disclosure:

We have introduced new requirements to improve shareholder engagement and increase transparency around stewardship.

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International Corporate Governance

Index Funds May be Able to Vote 41% of S&P 500 Shares in the Future | Corporate & Securities Law Blog - JDSupra

Research by Lucian A. Bebchuk, Harvard Law School, and Scott Hirst, Boston University School of Law, indicates three key index fund advisors could cast 34% of votes in the next decade at S&P 500 companies, and about 41% of votes at S&P 500 companies in two decades.

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Institutional Investors

We Three Kings: Democratizing Voting at the Index Fund Giants | Oxford Law Faculty

Law professor Caleb Griffin writes in the Oxford Business Law Blog offers three options for addressing the problem he sees in concentration of proxy voting rights in just a small handful of players, primarily index funds: 427 more words

Institutional Investors

Five Questions with Stanford’s Ashby Monk on fee transparency

Stanford University Prof. Ashby Monk advises pensions on innovative approaches to PE. He spoke with Buyouts about the dangers of pension fund complacency toward high PE fees. 119 more words

Professional

Financial Advisor IQ - Broker-Dealers Rebuked for “Web of Toxic Incentives” in Congressional Hearing on Reg BI

The broker-dealer business model is broken and won’t be fixed by the SEC’s proposed Regulation Best Interest. That was the picture painted by all but one of five witnesses called to testify on the effectiveness of the proposed rule at a Congressional hearing Thursday.

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Institutional Investors