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White Paper: SEC and Ye Shall Find

The SEC’s recent policy pivots on shareholder proposal rules are refocusing corporate governance on quality over quantity – and fiduciaries need to take note. In February 2025, the SEC’s staff issued Staff Legal Bulletin (SLB) 14M, tightening the rules so companies can more readily dismiss low-relevance or “nuisance” proposals from their proxy statements.

By Derek Kreifels & Jerry Bowyer

The World’s Biggest Banks Just Fired the Proxy Voting Industry

Two of America’s largest banks—Wells Fargo and JPMorgan Chase—are quietly making one of the biggest governance pivots in years: bringing proxy voting back in‑house. Wells Fargo has cut ties with ISS and built an internal proxy‑voting service, and JPMorgan is centralizing voting decisions under custom, internally controlled frameworks instead of relying on advisory templates. For […]

Commentary by Jerry Bowyer

State Fiduciaries, How did you vote on Oklahoma’s Proposal at Visa about Abusive Deepfake Child Content? Did Your Fund Side with Visa’s 92%? 

State Fiduciaries, Check Your Proxy Votes:  Did your state’s pension fund or endowment vote with Visa’s management — alongside 92% of shareholders — on a recent controversial proposal? If you’re not sure, it’s time to find out. This past proxy season, Oklahoma’s Tobacco Settlement Endowment Trust (TSET), led by State Treasurer Todd Russ, filed a shareholder resolution at Visa. […]

Commentary by Jerry Bowyer

Trump Ends ESG and DEI Privilege. Here’s what comes next.

On December 11th, President Trump signed an executive order that could mark one of the most significant shifts in corporate governance in decades. For years, proxy advisory firms—Institutional Shareholder Services (ISS), Glass Lewis, and the smaller Egan-Jones—have played a central role in shaping how shareholders vote. Historically, these firms leaned heavily toward supporting environmental, social, […]

Commentary by Jerry Bowyer

Getting Aligned on Musk’s Trillion Dollar Payout

Forget the Activists, One Trillion Dollars for Elon and Seven Trillion for Shareholders is a Good Deal  At Tesla’s 2025 Annual Meeting this week, shareholders will decide whether to approve a performance-based compensation plan for Elon Musk. The plan is simple: Musk earns nothing unless Tesla achieves extraordinary results, including increasing its market capitalization from […]

Commentary by Jerry Bowyer

Oklahoma Treasurer Todd Russ: Courage in Action, Stewardship in Practice

In a political climate where many conservative leaders admirably speak out against corporate activism, Oklahoma State Treasurer Todd Russ is going beyond communications about the companies in the portfolios he has responsibility for—he is using direct actions. As chairman of the Tobacco Settlement Endowment Trust (TSET), Russ has become the first red-state financial officer to use the shareholder […]

Commentary by Jerry Bowyer

A Warning to Agricultural States from a Former Treasurer and Head of a State Retirement Agency about ESG’s War on Food

In Episode 107 of the Meeting of Minds podcast, former Nebraska State Treasurer John Murante delivers a clear and urgent warning: ESG investing is no longer just about energy—it’s about food. And unless agricultural states take action, they may find their own public funds being used to undermine the industries that sustain them. 🎧 Listen to the full episode here: […]

Commentary by Jerry Bowyer

President Trump’s Executive Order on Debanking: Will Red States Follow Through?

Recently, President Donald J. Trump signed a sweeping executive order titled Guaranteeing Fair Banking for All Americans—a direct response to the growing crisis of politicized financial discrimination. The order prohibits federal regulators from promoting policies that allow banks to deny services based on political or religious beliefs, and it instructs agencies like the Small Business Administration […]