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SEC chair Clayton Chairman Jay Clayton during an open meeting of the U.S. Securities and Exchange Commission, on Wednesday, June 5, 2019. (Photo: Diego M. Radzinschi/ALM)

When Securities and Exchange Commission (SEC) chairman Jay Clayton handed a policy win to corporate executives in November [with the SEC proposal to revamp shareholder voting rules], he pointed to a surprising source of support: a mailbag full of encouragement from ordinary Americans.

To hear Clayton tell it, these folks are really focused on the intricacies of the corporate shareholder-voting process. “Some of the letters that struck me the most,” he said at a commission meeting in Washington, “came from long-term Main Street investors, including an Army veteran and a Marine veteran, a police officer, a retired teacher, a public servant, a single mom, a couple of retirees who saved for retirement.” Each bolstered Clayton’s case for limiting the power of dissenting shareholders.

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