Since President Donald Trump took office, the Securities and Exchange Commission has made it harder for small and activist investors to raise concerns through the government filing system known as EDGAR. Now they’re pushing back with their own alternative platform, which they call the Proxy Open Exchange — or POE.
Literary puns aside, the initiative is aimed at bringing greater transparency to an increasingly restricted space. In January, the SEC said it would no longer allow investors with less than $5 million in shares to use EDGAR to send communiqués called exempt solicitations to fellow shareholders. Such documents are often used to lay out an investor’s stance on a given issue, including climate action, board accountability, and diversity, equity, and inclusion.
“We believe a free market requires communication,” said Andrew Behar, CEO of the shareholder advocacy group As You Sow, which spearheaded the new site. “If they’re going to take away EDGAR, we’re going to give them POE.”
The response has been swift... Read more
