Treasurer Magaziner Calls on Congress to Protect Shareholder Rights

June 12, 2017: Rhode Island General Treasurer Seth Magaziner joined a group of treasurers and investors in sending a joint statement to Congress opposing the "Financial CHOICE Act" which drastically reduces corporate accountability and denies all but the wealthiest shareholders the ability to influence company policies.

"This legislation would remove a critical tool that we use to keep corporations accountable to their shareholders and prevent the kind of mismanagement that led to the global financial crisis in 2008," said Treasurer Magaziner. "Too many Rhode Islanders have suffered due to irresponsible financial practices and a lack of corporate oversight. We cannot allow big corporations to repeat the mistakes of the past."

The Act makes it impossible for all but the wealthiest shareholders to submit proposals at a company's annual meetings. Shareholder engagement strengthens oversight of companies, allowing every day investors, like the public employees served by the Rhode Island pension system, to have a voice at the table and hold management and boards accountable.

You can read the entire press release here.