By Lawrence Cunningham (February 28, 2022, 6:06 PM EST) – The 2022 proxy season is kicking off for historic levels of shareholder activism, and the U.S. Securities and Exchange Commission, traditionally a neutral arbiter in such contests, chose to get in the game.

Under Chairman Gary Gensler, the SEC backs the team that views corporations primarily as social institutions, while trying to defeat the team that views corporations as primarily economic institutions.

In a Feb. 25 proposal to expedite and broaden disclosure requirements for activist shareholders under Sections 13D and 13G of the Securities Exchange Act, Gensler’s SEC dealt a blow to activist economic investors who have long imposed financial discipline…

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