News Digest for September 25, 2006

There are 6 items today… US SEC sets announcement on filings system upgrade | NYSE Postpones Ruling on Broker Votes | Investors Discuss Board Election Reforms | Support Grows for Social Proposals | Islamic finance prospers, backed by non-Muslims | Faith finds growing place in mutual-fund industry | Hedge Funds Withdraw SEC Registrations After Ruling

US SEC sets announcement on filings system upgrade
The U.S. Securities and Exchange Commission said it will make an announcement on Monday about modernizing its corporate financial disclosure system, a pet project of tech-savvy SEC Chairman Christopher Cox.

NYSE Postpones Ruling on Broker Votes
A final rule on broker voting could be dramatically altered, or even killed, depending on the findings of the subcommittees. “We are very disappointed the NYSE delayed the effectiveness of a simple rule change that could readily be implemented for the 2007 proxy season,” said Ann Yerger, executive director of the Council of Institutional Investors a membership organization for 140 pension funds in Washington.

Investors Discuss Board Election Reforms
“The SEC didn’t act quickly and call a meeting within 24 hours to say ‘good job’” on the decision, Grant said, implying the agency may seek to limit its effects in some way.

Support Grows for Social Proposals
Investors are looking with increasing favor on shareholder proposals asking companies to disclose and monitor their political contributions, to report on their fair employment policies, and to issue broad-based reports on sustainability. Investors also gave greater support to selected proposals on labor rights and environmental issues in the 2006 proxy season.

Islamic finance prospers, backed by non-Muslims
The Islamic finance sector, compatible with Sharia law based on the Koran, is now worth between 300 and 500 billion dollars (237 and 394 billion euros), economists estimate, compared with 200 billion dollars two years ago.

Faith finds growing place in mutual-fund industry
While faith-based funds represent only a sliver of the industry, the value of assets in religious-based funds has jumped from $2.37 billion in 2000 to $16.03 billion at the end of July, according to estimates by Morningstar.

Hedge Funds Withdraw SEC Registrations After Ruling
70 hedge fund managers opted out because registration is no longer required. The other 36 may have withdrawn for any number of reasons, such as closing down their funds. 34 new fund managers have registered since the court ruling.

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