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SEC rejects NY fund’s request for bank disclosures

ALBANY, N.Y.  — The Securities and Exchange Commission has rejected a request from New York’s comptroller to advance shareholder resolutions that would ask two major banks to disclose which employees are capable of exposing them to major losses because of their portfolios and bonus incentives.

The SEC staff tells Wells Fargo and Bank of America “there appears to be some basis” for their view the disclosures would apply to ordinary business operations and can be excluded from shareholder voting.

Both banks sought SEC permission to keep New York Comptroller Thomas DiNapoli’s proposed resolutions out of their proxy statements.

DiNapoli, trustee of New York’s $173 billion pension fund, has asked commission staff to reconsider, saying Monday their characterization of his proposal “is simply mistaken” and that it applies more narrowly to bank staff getting incentive bonuses.

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