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LeAnne Redick Wilson
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​lwilson@brt.org

    

What is Business Roundtable

Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies working to promote sound public policy and a thriving U.S. economy.

More Than Leaders. Leadership.

Business Roundtable is an association of chief executive officers of leading U.S. companies working to promote a thriving economy and expanded opportunity for all Americans through sound public policy.

About BRT

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Policymakers should maintain the materiality standard for determining what information public companies must disclose to investors. The time-tested standard is proven effective in protecting investors and helping them make informed investment and voting decisions.

Business Roundtable President John Engler submitted a Statement for the Record for a House Ways and Means Committee Oversight Subcommittee hearing on “The Department of Labor’s Proposed Fiduciary Rule” on September 30, 2015. The testimony outlines the Business Roundtable’s concerns that the Labor Department’s proposed definitional changes are too broad and subjective, and its proposed exemptions are too narrow and will raise the costs of saving for retirement.

Strong leadership is needed now to find common ground to address the fiscal and budget challenges that lie ahead.

We are seriously concerned about the potential negative consequences to the economy should Congress and the Administration fail to reach an agreement on funding the government for the fiscal year beginning October 1 or fail to address the debt ceiling in a timely manner later this fall.

Survey Reveals Dampened Expectations for Sales, Capital Spending and Hiring

Business Roundtable objects to SEC’s proposed “compensation clawback” proposal because it unnecessarily exceeds the scope of the mandate set forth in the Dodd-Frank Act and because it is inflexible and unreasonably broad.

U.S. companies – both large and small – are losing out to foreign competitors that continue to receive export financing from one or more of the 85 foreign export credit agencies (ECAs) around the world. In the face of fierce foreign competition, it is critical for Congress to restore a level playing field for U.S. companies and workers by reauthorizing Ex-Im Bank.

The expired provisions should be renewed as soon as possible this year. We urge all members of Congress to work together to extend seamlessly on a multiyear basis, and where possible enhance or make permanent, these important tax provisions.

Business Roundtable recommends that the SEC not engage in rulemaking that would mandate additional audit committee disclosures. BRT raises concern that the contemplated mandated disclosure is too prescriptive, would have a counterproductive chilling effect on audit committee-auditor communications and fails to recognize the steps companies are voluntarily undertaking to enhance disclosure concerning the audit committee-auditor relationship.

Business Roundtable expresses its continuing concern over ISS’s one-size-fits-all corporate governance policies. In this letter BRT focuses on adjustments to compensation metrics, standards for determining whether a company has adopted a proxy access proposal responsive to investor concerns and several other policies ISS is considering changing for the 2016 proxy season. BRT also took the opportunity to reiterate its long-standing position that all companies should be granted at least five business days to review ISS’s reports before they are provided to ISS clients.

[We] wanted to share these top-level concerns with you directly in anticipation of our next opportunity to discuss them and other regulations of concern. Building on our recent TPA victory, we look forward to working together to find even more solutions that keep America moving forward.

BRT remains very concerned about the negative impact many of the Proposed Rule's policies would have on employers and employees alike. We urge the Department to rescind the current NPRM and immediately reevaluate the methodology used to determine the proposed salary threshold.

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