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Public Chatter

Public Chatter provides practical guidance—and the latest developments—to those grappling with public company securities law and corporate governance issues, through content developed from an in-house perspective.

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July 28, 2021

The Art of Responding to Corp Fin Comments: What Not to Do

It's important to know what to do when dealing with SEC Staff comments on your filings. But it's just as important to know what not to do! Here are some pro tips to consider:

Don't Rush the Process - The comment letter will typically state that you have you 10 business days to respond to the comments.

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July 27, 2021

Why You Might Not Want to Join Your Friend’s Non-Profit Board

When your friends and family learn that you have some background in corporate governance, you might get that request to help them out by joining their non-profit board. Since it is your area of expertise, your understandable kneejerk reaction may be just what mine so often is, "of course, I'm happy to help." But should you temper your enthusiasm?

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July 26, 2021

What’s the Value of a Comment Letter on a SEC Rulemaking? 6 Things to Know

With over 6000 comment letters being submitted on the SEC's request for comment on a possible climate disclosure rulemaking, it might be a good time to examine whether it's worth the hassle of submitting a comment letter. Let's start with a little primer about the comment letter process.

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July 22, 2021

10 Nuggets from BlackRock’s 2021 Stewardship Report

We've now got our hot little hands – well, my hands aren't little – on BlackRock's 2021 Investment Stewardship report and it's weighing in at 76 pages. Yes, there is an Executive Summary – but it's 15 pages long - so I'm going to spoon-feed you with these 10 nuggets:

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July 21, 2021

4 Things to Consider When a Director Mulls Leaving the Board

Following up on my blog about directors departing when the going gets tough, let me back up a little and comb through what might go through a director's mind before deciding to leave a board. The director is close to the edge. The crisis is unrelenting.

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July 20, 2021

The Loneliness of Making the Materiality Decision

You're sitting in your office staring at your fern when it dawns on you. It's all you, dude. The buck stops here. You remember the law school lessons. TSC Industries v. Northway in 1976. That case has its own Wikipedia page, for heaven's sake.

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July 19, 2021

“We’ve Got a New Line of Business.” The Real-World Disclosure Ramifications

Following up on my blog about dabbling with a new business line, perhaps your company is trying its hand at something new. Is it a big deal?

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July 15, 2021

No Summer Slump at the SEC: ESG Board Duties, Exams, Rulemaking & Skepticism

In this entry on our firm's "Asset Management ADVocate" blog penned by Gwen Williamson, you can catch up by learning about a bunch of ESG-related musings by those at the SEC. Here's an excerpt from that blog:

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July 14, 2021

Taking Action as the "Materiality" Debate in the Sustainability Context Continues

Yesterday, my partner Kevin Feldis and I pushed out this client update as part of Perkins Coie's "Summer Sustainability Series" talking about materiality of ESG disc

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July 13, 2021

The Proxy Advisors Receive Their First Annual Report Card!

As we await the SEC's decision whether they will revisit the proxy advisor rules adopted last summer – which would require proxy advisors to meet new conditions near the end of this year – the

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July 12, 2021

The Tragic Story of the Form 4 Error That Required an Amendment

Okay, so it's not so tragic if you need to amend a Section 16 filing. On the whole, you want to avoid an amendment if you can. But it's not typically that big a deal if you need to. And if you need to, you need to. Sometimes there's a judgment call here. Some circumstances clearly require an amendment. Missed transaction? Gulp.

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July 9, 2021

The SEC’s Asset Management Advisory Committee’s ESG Disclosure Recommendations: 5 Things to Know

A few days ago, the SEC's Asset Management Advisory Committee adopted a set of five recommendations about ESG disclosures.

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July 8, 2021

Director Departures: Getting Out While the Going is Not Good

"I can't sleep at night. I don't agree with much of what is being said and done. I want to be responsible, but I am just not comfortable." Over the years, I've heard this story from a lot of my director clients. I get asked: "What is my moral obligation to stay on the board?" It's a good question - and good directors should be asking that.

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July 7, 2021

Are You Conducting Cyber Breach Fire Drills Yet?

When I was a kid growing up in Chicago, our school would have periodic "atomic bomb" drills – which really was just another fire drill under another name. We would line up and dutifully head outside into the snow.

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July 6, 2021

The Art of Responding to Corp Fin Comments: What to Do

Following up on my recent blog about the basics of the Corp Fin comment process, you should know that effectively responding to SEC comments is part art and part science.