Статті в журналах з теми "Proxy advisory firms"

Proxy advisory firms and their influence on the proxy voting process have recently become the subject of great attention for the Securities and Exchange Commission (“SEC”) among other constituencies. A glance at recent proxy season recaps and reports, many of which devote space to discussing proxy advisory firm recommendations, reveal the significance of this influence on institutional voting. As Sagiv Edelman puts it, “proxy advisory firms exist at the nexus of some of the most high-profile corporate law discussions—most notably, the shareholder voting process, which has recently been the subject of much scholarly and legal debate.” The SEC has responded by announcing that it intends to reform the regulations, or lack thereof, surrounding proxy advisory firms. Recently, the SEC issued proposed amendments to Exchange Act Rule 14(a)-1 which would effectively codify their earlier interpretation of solicitation under this rule. The proposed amendment would “condition the availability of certain existing exemptions from the information and filing requirements . . . for proxy voting advice businesses upon compliance with additional disclosures and procedural requirements.” Furthermore, the amendments would clarify when a lack of disclosure of certain information in proxy voting advice compromises the accuracy of the advice and misleads within the meaning of the rule. The SEC believes that these extra requirements will “help ensure that investors who use proxy voting advice receive more accurate, transparent, and complete information on which to make their voting decisions.” Based on this proposal, it is apparent that the SEC is intent on rectifying some of the problems of transparency and conflicts of interest associated with proxy advisory firms. Given the increasing influence of proxy advisory firms, the misalignment of incentives between proxy firms and the institutional shareholders who use proxy firm services is troubling. This Note identifies inherent problems and concerns with proxy advisory firms and offers solutions to these issues with a focus on eliminating conflicts of interest. Using Henry Hansmann’s theory of ownership, this Note argues that nonprofit ownership of proxy advisory firms eliminates both information asymmetry and conflicts of interest inherent to the current ownership structure. Part I provides a brief overview of the problems and concerns associated with proxy advisory firms. Part II suggests two potential solutions: that Rule 206(4)-6 of the Investment Adviser Act of 1940 should be repealed or alternatively, that nonprofit ownership through investment company associations is a more effective way for investment management companies to comply with their fiduciary duties. Because profit incentive has created conflicts of interest that lead to proxy advice that may not always be in the best interest of investment manager clients, nonprofit ownership promotes transparency that allows parties who rely on the advice to make more independent decisions. Part III argues that nonprofit ownership is the most viable alternative to the status quo.

Proxy advisory firms play a significant role in shareholder voting and in the formulation of corporate governance policy. This paper analyses the status of budding proxy advisory industry in India using a case study method. The paper first traces the history of the global proxy advisory industry and also reviews the literature. Then we study the Indian Proxy Advisory Industry, which was born when the market regulator SEBI came out with a regulation in 2010 on “mutual funds” shareholding resolution voting policy. Quickly, three proxy advisory firms came to the market with differing ownership structure. Indian financial market offered great potential for investment through institutional investors. However the institutional investors in India are traditionally restrained them from taking activist role by voting on the shareholder meeting proposals. This poses a challenge to Indian proxy advisory firms along with other challenges typical of an emerging industry. The proxy advisory firms need to overcome the challenges to ensure their success. This pioneering work on Indian proxy advisory industry would open up new research ideas

Purpose This paper aims to explore the voting recommendations made by proxy advisory firms in India by descriptively analyzing the “Vote Against” recommendations made by two proxy advisory firms for shareholder resolutions for the listed Indian firms. It also empirically tests the relationship between proportion of “Vote Against” recommendations and the parameters which are proved to be influencing corporate governance practices of a firm. Design/methodology/approach Empirical analysis of proxy voting recommendations for a sample of 77 listed non-financial Indian firms across four financial years. Findings The paper finds that two categories of shareholders proposals, “reappointment of non-executive directors” and “remuneration of statutory auditors”, account for 83.5 per cent of “Vote Against” recommendations. Further, there are significant differences in the proportion of “Vote Against” recommendations based on the type of “controlling ownership” of the firms. The regression analysis indicates that the relationships between proportion of “Vote Against” recommendations and determinants of corporate governance practices are mostly in line with the a priori expectations, as far as ownership is concerned but requires further analysis for other parameters. Research limitations/implications Exploratory nature of this paper opens up new research issues in the upcoming Indian Proxy advisory industry. It suggests that the future research should consider the controlling ownership as an important parameter while analyzing the proxy firm recommendations. Practical implications Indian proxy advisory industry requires lots of nurturing from the regulators, and this exploratory study provides the basic insights in this regard. It also highlights potential corporate governance issues where the regulators need to tighten the corporate governance norms, like reappointment of independent directors and appointment of statutory auditors. Originality/value Pioneering Study in understanding the proxy advisory voting recommendations in an emerging market.

This article investigates whether the presence of advisory directors and monitoring directors varies across firm life cycle stages. We follow a parsimonious life cycle proxy based on the predicted behaviour of operating, investing and financing cash flows across the different life cycle stages that result from firm performance and the allocation of resources. Using an Australian sample, this study shows that compared to mature-stage firms, firms in the introduction, shake-out and decline stages have more advisory directors. With respect to the demand for monitoring directors, we find that compared to mature-stage firms, firms in the introduction, shake-out and decline stages have fewer monitoring directors on the board. We contribute to the literature on boards of directors by documenting that firms choose an optimal board structure based on their economic characteristics. JEL Classification: D22, G38, M14

The influence exerted by proxy advisors or proxy firms has become significantly more important over the last few years in pace with the increased activity of institutional investors. Recently, the adoption of a Swiss referendum has given fresh impetus to this development, concerning also international stockholders in the country. Spill-over effects to the regulations of neighbor countries are not unlikely. Given this context, it is essential that the role of proxy advisory services and the associated stakeholders be critically appraised. Substantial problems may arouse with regard to the methodology that proxy advisors apply, the conflicts of interest that they confront, the transparency of their services or the lack thereof, and the competition in their market.

Purpose – To provide an overview of the guidance for proxy firms and investment advisers included in the Staff Legal Bulletin released this year by the Securities and Exchange Commission (SEC) after its four-year comprehensive review of the proxy system. Design/methodology/approach – Discusses briefly the context in which the SEC’s review was conducted; the general themes of the guidance provided; the most notable aspects of the guidance; and the matters that were expected to be, but were not, addressed by the SEC. Findings – The guidance does not go as far in regulating proxy advisory firms as many had anticipated it would. The key obligations specified in the guidance are imposed on the investment advisers who engage the proxy firms. The responsibilities, policies and procedures mandated do not change the fundamental paradigm that has supported the influence of proxy firms – that is, investment advisers continue to be permitted to fulfill their duty to vote client shares in a “conflict-free manner” by voting based on the recommendations of independent third parties, and continue to be exempted from the rules that generally apply to persons who solicit votes or make proxy recommendations. Practical implications – The SEC staff states in the Bulletin that it expects that proxy firms and investment advisers will conform to the obligations imposed in the Bulletin “promptly, but in any event in advance of [the 2015] proxy season.” Originality/value – Practical guidance from experienced M&A lawyers.

This article outlines potential pros and cons of a future European regulation of proxy advisory firms, as set forth in the Commission’s Proposal for a Directive amending Directive 2007/36/EC. After summarizing criticisms concerning the proxy advisory industry, and findings regarding its de facto influence on investors’ voting conduct both in the US and in the European context, the article adverts to why the power of proxy advisors appears to be overestimated. Uncertainty on the status quo of the industry’s actual impact on key decisions in listed companies, as well as costs associated with a regulation, need to be considered for assessing the suitability of the rules drafted to ensure adequate levels of independence and quality of voting recommendations. While transparency rules may be preferred to stricter legal constraints or requirements in a first stage, possible shortcomings of the Draft Directive exist that may undermine its effectiveness. Analyzing the amendments to the Proposal adopted by the European Parliament, and the Council’s Presidency compromise text, may suggest a preferable approach as regards single rules still making their way through the European legislative process.

SYNOPSIS The auditor ratification vote provides shareholders with an opportunity to voice their opinions about the company's choice of auditor, but, historically, less than 2 percent of shareholders express dissent in their vote. Motivated by regulatory attention on the importance of shareholder involvement and the institutional power of proxy advisors on voting outcomes, I examine the proxy advisor's role in the auditor ratification vote. I find that proxy advisors have a statistically significant influence over shareholder voting outcomes when they recommend against auditor ratification, but the Against recommendation is rare, and the qualitative significance is less clear. Proxy advisor Against recommendations are based on concerns about auditor independence and poor audit quality, but there appears to be variation in the extent to which proxy advisors issue Against recommendations for each of these criteria. I discuss the implications of the findings, which should be of interest to regulators, investors, public companies, and audit firms.

Prior research in corporate governance has extensively investigated the mechanisms through which a variety of actors (financial analysts, investment managers, shareholder activists) monitor and discipline corporate executives. However, one recently emerged actor has received little attention so far: the proxy advisory firm. Mobilising Foucault’s concept of disciplinary power, this study uses historical analysis to examine the role of proxy advisors in corporate governance. This article shows that proxy advisors actively contributed to developing and implementing disciplinary mechanisms. This involves (1) hierarchical observations of corporations and their executives on a global scale. These observations are made available to institutional investors on proxy advisors’ voting platforms which have Panopticon-like features; (2) normalisation of judgements through the provision of generic voting policies, generic voting recommendations and corporate governance ratings prepared by proxy advisors and delivered to many institutional investors; (3) ritualised examination of the performance of corporations and of their executives during the annual general meeting, including record-keeping of all past voting results.

Proxy advisors are information intermediaries that enable shareholders to exercise their voting rights. While proxy advisors’ influence is documented in market-based corporate governance systems, we know little about the corporate governance role of proxy advice in relationship-based governance systems. Drawing on agency theory and the comparative corporate governance literature, we theorize that shareholders are sensitive to the costs and benefits of monitoring by considering internal monitoring capabilities. We also theorize that relative to market-based corporate governance systems, proxy advice is both less influential and has lower predictive quality in relationship-based governance systems. We test our multilevel model using 13,497 voting results from 613 firms in 16 Western European countries and generally find support for our predictions.

Where corporate ownership is concentrated, the incentives for institutional shareholders to engage with firms in their portfolio are not clear a priori. Making use of a unique dataset of Say-on-Pay (SOP) votes in Italian listed firms, we provide evidence that specific classes of institutional investors do actively monitor investee firms under concentrated ownership, and that Proxy Advisors (PAs) perform an informational role: i) while general shareholder dissent on SOP is low, dissent by mutual and pension funds holding small equity positions (nonblockholders) is high; ii) nonblockholders’ dissent is negatively correlated with ownership concentration, suggesting that they tend to trust control shareholders to act as delegated monitors on managerial remuneration; iii) voting by institutional investors is strongly correlated with PA recommendations; iv) institutional investors do not follow PA recommendations blindly but look at specific reasons of concern expressed in PA reports. Our results may have relevant policy implications.

Abstract We document that firms whose compensation peers experience weak say on pay votes reduce CEO compensation following those votes. Reductions reflect proxy adviser concerns about peers’ compensation contracts and are stronger when CEOs receive excess compensation, when they compete more closely with their weak-vote peers in the executive labor market, and when those peers perform well. Reductions occur following peers’ disclosures of revised pay and are proportional to those needed to retain firms’ relative positions in their peer groups. We conclude that the spillover effects of shareholder voting occur through both learning and compensation targeting channels. (JEL G34, G38, J38, M12, M52) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

This study investigates whether and how audit quality is associated with the provision of non-audit services by the statutory auditor. Using a sample of 1,008 firm observations of major German listed companies for the sample period 2004-2011, our study is one of the first to thoroughly analyze this issue empirically for the German audit market. Consistent with prior studies we choose discretionary working capital accruals as our proxy for audit quality. Our empirical results demonstrate that total non-audit fees in general and audit related fees in particular are negatively associated with audit quality, while provided tax and other advisory services have an insignificant impact on audit quality. Our results imply that non-audit fees are a significant factor with regard to auditor independence and economic auditor-client bonding while we are not able to detect compensating high knowledge spillover effects from these services. The empirical results are robust to alternative accrual measures and estimation model specifications, while our empirical evidence is not robust with regard to alternative fee measures.

Research Question: What is the role of Proxy Advisory Firms in protecting the interests of the non-promoter shareholders? Links to theory: This case study demonstrates how agency cost type 2 may lead to a conflict of interest between the promoters and the financial institutions. It also takes into consideration how the information asymmetry can be alleviated using proxy advisory services. Phenomenon studied: The case study explores the role of proxy advisory firms in influencing the votes of non-promoter shareholders at a general body meeting and its impact on the passage of resolution. Case Context: The case explores the role of shareholder activism in general and proxy firms in particular to protect the interests of minority shareholders at STFC where financial institutions have substantial stake vis-a-vis the promoters. Findings: The case study findings suggest that proxy advisory firms have now earned the confidence of the financial institutions and non-promoter investors. This adds vital fire power to the shareholder activism movement in India. However, the company’s stance that the report was based on quantitative factors and Puneet Bhatia’s contribution has been ignored calls for a more robust method of arriving at recommendations. The role of TPG in directing Puneet not to join should also be commended. Discussion: The case study examines in detail the growing influence of proxy advisory firms on voting by financial institutions in annual general body meetings. It raises the issue of whether quantitative metrics such as number of meetings attended can overshadow the qualitative inputs and contributions made by a director. The need for financial institutions to think beyond their interests and consider actively recommendations by proxy advisory firms is also highlighted. Are minority shareholders’ concerns now being better addressed in annual general body meetings is another development the case throws light on. Corporate governance norms in the context of roles and duties of directors is also touched upon.

Abstract We study an information sale problem in which a monopolist proxy advisor sells recommendations to a firm’s shareholders for corporate voting. We find that even an unconflicted proxy advisor skews its recommendations based on its clients’ beliefs or preferences. A novel bias-quantity relationship affects firm value. Under some parameters, shareholders’ biased beliefs or preferences can lead shareholders to make more information purchases, which enhances their collective decision-making. Thus, firm value may increase despite the negative effects of biased proxy voting recommendations. JEL D82, G34, L15 Received: April 16, 2019; editorial decision March 25, 2020 by Editor Uday Rajan.

The last two decades offer a pantheon of business failures, which drove modern corporate governance reforms, is demanding a strong assurance function, particularly from Auditors. This paper examines both qualitatively and quantitatively the ramifications of interfaces among the corporate triad members-Audit committee, External auditors and Internal Auditors. Focused on the backstage of corporate governance fiascos such as Carrilion, IL&FS and others, an attempt is made to understand through the Meta study their encumbrance. It is observed from this study is that ,while the plethora of reforms are premised on Blue Ribbon Committee’s recommendation, Shareholder activism has brought in paradigm changes in the CG landscape, particularly the activities of the committees and the Auditors. The notable one is what we term it as “Carrilion effect”. Aftermath of Carrilion’s Corporate Governance fiasco, investors are fueling calls for the breakup of the Big 4 audit firms. Another critical observation is that globally, revenue from consulting and advisory services have risen dramatically vis-a vis the marginal increases in audit revenues. It is drawing flak from the investors and regulators. From the flip side perspective, qualitatively in the Indian context, the results of regressions shows that independent audit committees are perceived to be adding value over a short periods of time, as reflected by Tobin’s Q, a proxy measure of financial performance .

Introduction A snapshot, not unlike countless photographs likely to be found in any number of family albums, shows two figures sitting on a park bench: an elderly and amiable looking man grins beneath the rim of a golf cap; a young boy of twelve smiles wide for the camera — a rather banal scene, captured on film. And yet, this seemingly innocent and unexceptional photograph was the site of a remarkable and wide ranging discourse — encompassing American conservatism, celebrity politics, and the end of the Cold War — as the image circulated around the globe during the weeklong state funeral of Ronald Wilson Reagan, 40th president of the United States. Taken in 1997 by the young boy’s grandfather, Ukrainian immigrant Yakov Ravin, during a chance encounter with the former president, the snapshot is believed to be the last public photograph of Ronald Reagan. Published on the occasion of the president’s death, the photograph made “instant celebrities” of the boy, now a twenty-year-old college student, Rostik Denenburg and his grand dad. Throughout the week of Reagan’s funeral, the two joined a chorus of dignitaries, politicians, pundits, and “ordinary” Americans praising Ronald Reagan: “The Great Communicator,” the man who defeated Communism, the popular president who restored America’s confidence, strength, and prosperity. Yes, it was mourning in America again. And the whole world was watching. Not since Princess Diana’s sudden (and unexpected) death, have we witnessed an electronic hagiography of such global proportions. Unlike Diana’s funeral, however, Reagan’s farewell played out in distinctly partisan terms. As James Ridgeway (2004) noted, the Reagan state funeral was “not only face-saving for the current administration, but also perhaps a mask for the American military debacle in Iraq. Not to mention a gesture of America’s might in the ‘war on terror.’” With non-stop media coverage, the weeklong ceremonies provided a sorely needed shot in the arm to the Bush re-election campaign. Still, whilst the funeral proceedings and the attendant media coverage were undeniably excessive in their deification of the former president, the historical white wash was not nearly so vulgar as the antiseptic send off Richard Nixon received back in 1994. That is to say, the piety of the Nixon funeral was at once startling and galling to many who reviled the man (Lapham). By contrast, given Ronald Reagan’s disarming public persona, his uniquely cordial relationship with the national press corps, and most notably, his handler’s mastery of media management techniques, the Reagan idolatry was neither surprising nor unexpected. In this brief essay, I want to consider Reagan’s funeral, and his legacy, in relation to what cultural critics, referring to the production of celebrity, have described as “fame games” (Turner, Bonner & Marshall). Specifically, I draw on the concept of “flashpoints” — moments of media excess surrounding a particular personage — in consideration of the Reagan funeral. Throughout, I demonstrate how Reagan’s death and the attendant media coverage epitomize this distinctive feature of contemporary culture. Furthermore, I observe Reagan’s innovative approaches to electoral politics in the age of television. Here, I suggest that Reagan’s appropriation of the strategies and techniques associated with advertising, marketing and public relations were decisive, not merely in terms of his electoral success, but also in securing his lasting fame. I conclude with some thoughts on the implications of Reagan’s legacy on historical memory, contemporary politics, and what neoconservatives, the heirs of the Reagan Revolution, gleefully describe as the New American Century. The Magic Hour On the morning of 12 June 2004, the last day of the state funeral, world leaders eulogized Reagan, the statesmen, at the National Cathedral in Washington, D.C. Among the A-List political stars invited to speak were Margaret Thatcher, former president George H. W. Bush and, to borrow Arundhati Roi’s useful phrase, “Bush the Lesser.” Reagan’s one-time Cold War adversary, Mikhail Gorbachev, as well as former Democratic presidents, Jimmy Carter and Bill Clinton were also on hand, but did not have speaking parts. Former Reagan administration officials, Supreme Court justices, and congressional representatives from both sides of the aisle rounded out a guest list that read like a who’s who of the American political class. All told, Reagan’s weeklong sendoff was a state funeral at its most elaborate. It had it all—the flag draped coffin, the grieving widow, the riderless horse, and the procession of mourners winding their way through the Rotunda of the US Capitol. In this last regard, Reagan joined an elite group of seven presidents, including four who died by assassination — Abraham Lincoln, James Garfield, William McKinley and John F. Kennedy — to be honored by having his remains lie in state in the Rotunda. But just as the deceased president was product of the studio system, so too, the script for the Gipper’s swan song come straight out of Hollywood. Later that day, the Reagan entourage made one last transcontinental flight back to the presidential library in Simi Valley, California for a private funeral service at sunset. In Hollywood parlance, the “magic hour” refers to the quality of light at dusk. It is an ideal, but ephemeral time favored by cinematographers, when the sunlight takes on a golden glow lending grandeur, nostalgia, and oftentimes, a sense of closure to a scene. This was Ronald Reagan’s final moment in the sun: a fitting end for an actor of the silver screen, as well as for the president who mastered televisual politics. In a culture so thoroughly saturated with the image, even the death of a minor celebrity is an occasion to replay film clips, interviews, paparazzi photos and the like. Moreover, these “flashpoints” grow in intensity and frequency as promotional culture, technological innovation, and the proliferation of new media outlets shape contemporary media culture. They are both cause and consequence of these moments of media excess. And, as Turner, Bonner and Marshall observe, “That is their point. It is their disproportionate nature that makes them so important: the scale of their visibility, their overwhelmingly excessive demonstration of the power of the relationship between mass-mediated celebrities and the consumers of popular culture” (3-4). B-Movie actor, corporate spokesman, state governor and, finally, US president, Ronald Reagan left an extraordinary photographic record. Small wonder, then, that Reagan’s death was a “flashpoint” of the highest order: an orgy of images, a media spectacle waiting to happen. After all, Reagan appeared in over 50 films during his career in Hollywood. Publicity stills and clips from Reagan’s film career, including Knute Rockne, All American, the biopic that earned Reagan his nickname “the Gipper”, King’s Row, and Bedtime for Bonzo provided a surreal, yet welcome respite from television’s obsessive (some might say morbidly so) live coverage of Reagan’s remains making their way across country. Likewise, archival footage of Reagan’s political career — most notably, images of the 1981 assassination attempt; his quip “not to make age an issue” during the 1984 presidential debate; and his 1987 speech at the Brandenburg Gate demanding that Soviet President Gorbachev, “tear down this wall” — provided the raw materials for press coverage that thoroughly dominated the global mediascape. None of which is to suggest, however, that the sheer volume of Reagan’s photographic record is sufficient to account for the endless replay and reinterpretation of Reagan’s life story. If we are to fully comprehend Reagan’s fame, we must acknowledge his seminal engagement with promotional culture, “a professional articulation between the news and entertainment media and the sources of publicity and promotion” (Turner, Bonner & Marshall 5) in advancing an extraordinary political career. Hitting His Mark In a televised address supporting Barry Goldwater’s nomination for the presidency delivered at the 1964 Republican Convention, Ronald Reagan firmly established his conservative credentials and, in so doing, launched one of the most remarkable and influential careers in American politics. Political scientist Gerard J. De Groot makes a compelling case that the strategy Reagan and his handlers developed in the 1966 California gubernatorial campaign would eventually win him the presidency. The centerpiece of this strategy was to depict the former actor as a political outsider. Crafting a persona he described as “citizen politician,” Reagan’s great appeal and enormous success lie in his uncanny ability to project an image founded on traditional American values of hard work, common sense and self-determination. Over the course of his political career, Reagan’s studied optimism and “no-nonsense” approach to public policy would resonate with an electorate weary of career politicians. Charming, persuasive, and seemingly “authentic,” Reagan ran gubernatorial and subsequent presidential campaigns that were distinctive in that they employed sophisticated public relations and marketing techniques heretofore unknown in the realm of electoral politics. The 1966 Reagan gubernatorial campaign took the then unprecedented step of employing an advertising firm, Los Angeles-based Spencer-Roberts, in shaping the candidate’s image. Leveraging their candidate’s ease before the camera, the Reagan team crafted a campaign founded upon a sophisticated grasp of the television industry, TV news routines, and the medium’s growing importance to electoral politics. For instance, in the days before the 1966 Republican primary, the Reagan team produced a five-minute film using images culled from his campaign appearances. Unlike his opponent, whose television spots were long-winded, amateurish and poorly scheduled pieces that interrupted popular programs, like Johnny Carson’s Tonight Show, Reagan’s short film aired in the early evening, between program segments (De Groot). Thus, while his opponent’s television spot alienated viewers, the Reagan team demonstrated a formidable appreciation not only for televisual style, but also, crucially, a sophisticated understanding of the nuances of television scheduling, audience preferences and viewing habits. Over the course of his political career, Reagan refined his media driven, media directed campaign strategy. An analysis of his 1980 presidential campaign reveals three dimensions of Reagan’s increasingly sophisticated media management strategy (Covington et al.). First, the Reagan campaign carefully controlled their candidate’s accessibility to the press. Reagan’s penchant for potentially damaging off-the-cuff remarks and factual errors led his advisors to limit journalists’ interactions with the candidate. Second, the character of Reagan’s public appearances, including photo opportunities and especially press conferences, grew more formal. Reagan’s interactions with the press corps were highly structured affairs designed to control which reporters were permitted to ask questions and to help the candidate anticipate questions and prepare responses in advance. Finally, the Reagan campaign sought to keep the candidate “on message.” That is to say, press releases, photo opportunities and campaign appearances focused on a single, consistent message. This approach, known as the Issue of the Day (IOD) media management strategy proved indispensable to advancing the administration’s goals and achieving its objectives. Not only was the IOD strategy remarkably effective in influencing press coverage of the Reagan White House, this coverage promoted an overwhelmingly positive image of the president. As the weeklong funeral amply demonstrated, Reagan was, and remains, one of the most popular presidents in modern American history. Reagan’s popular (and populist) appeal is instructive inasmuch as it illuminates the crucial distinction between “celebrity and its premodern antecedent, fame” observed by historian Charles L. Ponce de Leone (13). Whereas fame was traditionally bestowed upon those whose heroism and extraordinary achievements distinguished them from common people, celebrity is a defining feature of modernity, inasmuch as celebrity is “a direct outgrowth of developments that most of us regard as progressive: the spread of the market economy and the rise of democratic, individualistic values” (Ponce de Leone 14). On one hand, then, Reagan’s celebrity reflects his individualism, his resolute faith in the primacy of the market, and his defense of “traditional” (i.e. democratic) American values. On the other hand, by emphasizing his heroic, almost supernatural achievements, most notably his vanquishing of the “Evil Empire,” the Reagan mythology serves to lift him “far above the common rung of humanity” raising him to “the realm of the divine” (Ponce de Leone 14). Indeed, prior to his death, the Reagan faithful successfully lobbied Congress to create secular shrines to the standard bearer of American conservatism. For instance, in 1998, President Clinton signed a bill that officially rechristened one of the US capitol’s airports to Ronald Reagan Washington National Airport. More recently, conservatives working under the aegis of the Ronald Reagan Legacy Project have called for the creation of even more visible totems to the Reagan Revolution, including replacing Franklin D. Roosevelt’s profile on the dime with Reagan’s image and, more dramatically, inscribing Reagan in stone, alongside Washington, Jefferson, Lincoln and Teddy Roosevelt at Mount Rushmore (Gordon). Therefore, Reagan’s enduring fame rests not only on the considerable symbolic capital associated with his visual record, but also, increasingly, upon material manifestations of American political culture. The High Stakes of Media Politics What are we to make of Reagan’s fame and its implications for America? To begin with, we must acknowledge Reagan’s enduring influence on modern electoral politics. Clearly, Reagan’s “citizen politician” was a media construct — the masterful orchestration of ideological content across the institutional structures of news, public relations and marketing. While some may suggest that Reagan’s success was an anomaly, a historical aberration, a host of politicians, and not a few celebrities — Bill Clinton, George W. Bush, and Arnold Schwarzenegger among them — emulate Reagan’s style and employ the media management strategies he pioneered. Furthermore, we need to recognize that the Reagan mythology that is so thoroughly bound up in his approach to media/politics does more to obscure, rather than illuminate the historical record. For instance, in her (video taped) remarks at the funeral service, Margaret Thatcher made the extraordinary claim — a central tenet of the Reagan Revolution — that Ronnie won the cold war “without firing a shot.” Such claims went unchallenged, at least in the establishment press, despite Reagan’s well-documented penchant for waging costly and protracted proxy wars in Afghanistan, Africa, and Central America. Similarly, the Reagan hagiography failed to acknowledge the decisive role Gorbachev and his policies of “reform” and “openness” — Perestroika and Glasnost — played in the ending of the Cold War. Indeed, Reagan’s media managed populism flies in the face of what radical historian Howard Zinn might describe as a “people’s history” of the 1980s. That is to say, a broad cross-section of America — labor, racial and ethnic minorities, environmentalists and anti-nuclear activists among them — rallied in vehement opposition to Reagan’s foreign and domestic policies. And yet, throughout the weeklong funeral, the divisiveness of the Reagan era went largely unnoted. In the Reagan mythology, then, popular demonstrations against an unprecedented military build up, the administration’s failure to acknowledge, let alone intervene in the AIDS epidemic, and the growing disparity between rich and poor that marked his tenure in office were, to borrow a phrase, relegated to the dustbin of history. In light of the upcoming US presidential election, we ought to weigh how Reagan’s celebrity squares with the historical record; and, equally important, how his legacy both shapes and reflects the realities we confront today. Whether we consider economic and tax policy, social services, electoral politics, international relations or the domestic culture wars, Reagan’s policies and practices continue to determine the state of the union and inform the content and character of American political discourse. Increasingly, American electoral politics turns on the pithy soundbite, the carefully orchestrated pseudo-event, and a campaign team’s unwavering ability to stay on message. Nowhere is this more evident than in Ronald Reagan’s unmistakable influence upon the current (and illegitimate) occupant of the White House. References Covington, Cary R., Kroeger, K., Richardson, G., and J. David Woodward. “Shaping a Candidate’s Image in the Press: Ronald Reagan and the 1980 Presidential Election.” Political Research Quarterly 46.4 (1993): 783-98. De Groot, Gerard J. “‘A Goddamed Electable Person’: The 1966 California Gubernatorial Campaign of Ronald Reagan.” History 82.267 (1997): 429-48. Gordon, Colin. “Replace FDR on the Dime with Reagan?” History News Network 15 December, 2003. http://hnn.us/articles/1853.html>. Lapham, Lewis H. “Morte de Nixon – Death of Richard Nixon – Editorial.” Harper’s Magazine (July 1994). http://www.harpers.org/MorteDeNixon.html>. Ponce de Leon, Charles L. Self-Exposure: Human-Interest Journalism and the Emergence of Celebrity in America, 1890-1940. Chapel Hill: U of North Carolina P, 2002. Ridgeway, James. “Bush Takes a Ride in Reagan’s Wake.” Village Voice (10 June 2004). http://www.villagevoice.com/issues/0423/mondo5.php>. Turner, Graeme, Frances Bonner, and P. David Marshall. Fame Games: The Production of Celebrity in Australia. Cambridge: Cambridge UP, 2000. Zinn, Howard. The Peoples’ History of the United States: 1492-Present. New York: Harper Perennial, 1995. Citation reference for this article MLA Style Howley, Kevin. "Always Famous: Or, The Electoral Half-Life of Ronald Reagan." M/C Journal 7.5 (2004). echo date('d M. Y'); ?> <http://journal.media-culture.org.au/0411/17-howley.php>. APA Style Howley, K. (Nov. 2004) "Always Famous: Or, The Electoral Half-Life of Ronald Reagan," M/C Journal, 7(5). Retrieved echo date('d M. Y'); ?> from <http://journal.media-culture.org.au/0411/17-howley.php>.

IntroductionWithin Australia, the approach taken to the ways in which disabled people access television is heavily influenced by legislation and activism from abroad. This is increasingly the case as television moves to online modes of distribution where physical and legislative boundaries are more fluid. While early investigations of the intersections between television and the concept of abroad focused on the impacts of representation and national reputation (Boddy), the introduction of new media technologies saw a shifting focus towards the impact and introduction of new media technologies. Drawing on Chan’s definition of media internationalisation as “the process by which the ownership, structure, production, distribution, or content of a country’s media is influenced by foreign media interests, culture and markets” (Chan 71), this article considers the impacts of legislative and advocacy efforts abroad on Australian television audiences with disabilities accessing subscription Video on Demand (VOD).Subscription (VOD) services have caused a major shift in the way television is used and consumed in Australia. Prior to 2015, there was a small subscription VOD industry operating out of this country. Providers such as Quickflix had limited content and the bulk of VOD services used by Australians related to catch-up television, user-generated videos on YouTube or Vimeo, or accessing Netflix US illegally through virtual private networks (VPNs) and proxy services (Ryall; Lombato and Meese). VOD is distinct in that it is generally streamed over Internet-based online services and is not linear, giving viewers the opportunity to watch the video at any time once the programme is available. Unlike broadcast television, there is no particular government or corporate entity controlling the creation of VOD. These services take advantage of the time-shifted convenience of the medium. In addition, VOD is typically not terrestrial, traversing national boundaries and challenging audience expectations and legislative boundaries. This research is concerned with the subscriber model of VOD in Australia where subscribers pay a fee to gain access to large collections of content.This internationalising of television has also offered the opportunity for people with disabilities that previously excluded them from the practice of television consumption, to participate in this national pastime. On an international level, audio description is becoming more available on VOD than it is on broadcast television, thus allowing disabled people access to television. This article situates the Australian approach to VOD accessibility within a broader international framework to question whether the internationalisation of television has affected the ways in which of content is viewed, both at legislative and public levels. While providers are still governed by national regulations, these regulations are influenced by international legislation. Further, the presence and success of advocacy groups to agitate for change has exacerbated the way accessibility is viewed and defined in Australia. The role of the Accessible Netflix Project, in conjunction with changes in the 21st Century Communications and Video Accessibility Act (CVAA) in the USA, has not only reframed accessibility discourse in the US, but also, as companies such as Netflix move abroad, has potentially stimulated a shift in media accessibility standards in Australia.We focus in particular on the impact of three new services – Netflix Australia, Stan, and Presto Entertainment—which entered the Australian market in 2015. At the time, Australia was described as having entered the “streaming wars” and consumers were predicted to be the beneficiaries (Tucker). Despite international moves to improve the accessibility of VOD for disabled consumers, via legislation and advocacy, none of these providers launched with an accessibility policy in place. Even closed captions, whose provision on Australian broadcast television had been mandated via the broadcasting services act since the early 1990s, were conspicuously absent. The absence of audio description was less surprising. With the exception of a 12-week trial on the Australian Broadcasting Commission (ABC) in 2012 and a follow up trial on iView in 2015, audio description has never been available to Australian people who are vision impaired.The findings and methodology of this article are based on research into disability and streaming television in Australia, conducted in 2015 and 2016. Funded by the Australian Communications and Consumer Action Network (ACCAN), the 12-month project reviewed national and international policy; surveyed 145 people with disability; and conducted interviews with media professionals, policy advisors, accessibility advocates, and disabled Australian VOD consumers.Accessibility Abroad Impacting on Local Accessibility: The Netflix ModelDespite the lack of a clear accessibility policy, Netflix is in front in terms of accessibility, with captions available for most content. Audio description for some content became available in April 2015 shortly after its Australian launch. The introduction of this accessibility feature has been directly attributed to the advocacy efforts of the Accessible Netflix Project, an international online movement operating out of the US and advocating for improved accessibility of VOD in the US and abroad (Ellis & Kent). Similarly, Chris Mikul, author of Access on Demand, was interviewed as part of this research. He told us that Netflix’s provision of captions was due to the impacts of legislation in the USA, namely the CVAA. The CVAA, which we discuss later in the paper, while having no jurisdiction in Australia, has improved the availability of captions by mandating accessibility abroad. As a result, accessible content is imported into the Australian market. When Netflix introduced audio description on its original programming, the VOD provider described the access feature as an option customers could choose, “just like choosing the soundtrack in a different language” (Wright). However, despite successful trials, other VOD providers have not introduced audio description as a way to compete with Netflix, and there is no legislation in place regarding the provision of audio description in Australia. People with disability, including people with vision impairments, do use VOD and continue to have particular unmet access needs. As the Netflix example illustrates, both legislation and recognition of people with a disability as a key audience demographic will result in a more accessible television environment.Impact of International LegislationThe accessibility of VOD in Australia has been impacted upon by international legislation in three key ways: through comparative bench-marks, or industry expectations; via user-led expectations and awareness of differing policies and products; and also through the introduction of international providers onto the Australian VOD market, and the presence of parallel-import VOD services. While international VOD providers such as Netflix and iTunes have officially launched in Australia, Australian consumers, both prior to and after the official availability, often access the parallel USA versions of such services. Lombato and Meese theorise that the delays in content launches between the US and Australia, and the limitations caused by licensing agreements (reducing the content availability) have prompted the continued use of Netflix US and a “kind of transnational shop-front hopping” (126). This is significant for VOD content accessibility as it emphasises the effect of, and disparities in national legislation, whereby the same company provides accessible content only in locations in which it is subject to legal requirements. Our analysis of international policy regarding the accessibility of VOD has found a varied approach—from a complete absence of accessibility regulations (New Zealand), to a layering of policy through disability discrimination acts alongside new media laws (USA). Additionally, this need to address convergence and new media in media accessibility regulation is currently a subject being discussed at government levels in some countries, primarily in the UK (ATVOD). However, outside of the USA, there remains either a lack of accessibility policies for media, new or old—as is the case in Singapore—or a lack of policies that facilitate accessibility for the VOD market—such as in Australia where a level of accessibility is required for broadcasters and subscription television but not VOD.While these changes and advancements in accessibility are taking place abroad, the space that online businesses occupy is fluid. The accessibility requirements of physical spaces cross national boundaries, and operate across multiple media and technologies, and thus, multiple media laws. For example, Australian television broadcasters are subject to some captioning requirements, yet VOD is not. Furthermore, catch-up VOD services provided by mainstream Australian television broadcasters are not subject to these laws. While legislation that accommodates convergence and the new digital media landscape is logical (ACMA) there remain few examples globally that have made changes to reflect accessibility requirements in this context. The CVAA in the US is perhaps the most effective to date, specifically addressing the issue of access to modern communications for people with disability.The CVAA and CaptioningThe CVAA seeks to ensure that “accessibility laws enacted in the 1980s and 1990s are brought up to date with 21st century technologies, including new digital, broadband, and mobile innovations” (FCC). The CVAA is designed to be forward-thinking and evolve with changing technologies (Varley). As such, the Act has been distinctive in its approach to accessibility for Internet protocol delivered video programming, including VOD. While full accessibility requirements, such as the inclusion of audio description are not addressed, the Act is considered to be the most accessible globally in its requirements for captioning of all content—specifically, English and Spanish—across cable, broadcast, satellite, and VOD content. VOD apps, plug-ins and devices are also required to implement the complete captioning capabilities, with specific requirements for personalised presentation, colour, size, and fonts. This requirement is applied to video programming distributors and to video programming owners. Indeed, programmers are expected to provide captioning compliance certificates, and distributors are required to report a failure to do so. Quality standards have also been established, with an emphasis not simply on the presence of captioning, but also on accuracy, synchronicity, completeness, and appropriate placement of captions. Despite an absence of similar legislation locally, the impacts of these foreign interests will penetrate the Australian market.In Australia, the example set by the CVAA has warranted recommendations by the ACMA and Media Access Australia. In a recent interview, Chris Mikul reinforced the position that, in order for the accessibility of VOD to improve in Australia, a similar Act is needed to the one established in the US. According to Mikul, “The CVAA in the US bridges the gap to some extent with captioning, although it doesn’t venture into online audio description. […] We need something like the CVAA here” (Mikul).Beyond the impact of the CVAA on US VOD programming, the Americans with Disabilities Act (ADA) (1990) has been significant in the developing captioning requirements of the CVAA. In 2010, disability advocates seeking more accessible VOD services attempted to prosecute Netflix under the ADA. The National Association for the Deaf (NAD) argued that Netflix discriminated against those with a hearing impairment by not providing closed captions for all content. At this time, the CVAA did not include captioning requirements for VOD providers. Instead, it was argued that online businesses should be considered as a “place” of publication accommodation, and thus subject to the same standards and anti-discrimination laws. Netflix settled out of court in 2012, agreeing to caption 100% of its content by 2014 (Mullin; Wolford). However, a Federal Appeals Court later ruled that Netflix was not a place of public accommodation and therefore did not have to comply with the ruling (Hattem). Notably, during the case Netflix also argued that it should not be required to provide captions, as it was abiding by CVAA requirements at that time.Accessibility Activism and AdvocacyAdvocates for accessibility, such as the NAD, have impacted not only on the legislative framework for VOD in the USA, but also on the international public perception and expectation of accessibility. It is important to note that many of the help forums generated by international VOD providers mix customers from multiple countries, establishing a global space in which requirements, expectations and perceptions are shared. These spaces generate a transnational accessibility, providing an awareness of what provisions are being made in other countries, and where they are not. Orrego-Carmona conducted a study on subtitling for the purpose of language translation and found the globalisation of audio-visual content and international media flows have impacted on the public view of subtitling. Indeed, this finding can be extended to subtitling for people with disability. In the help forums for VOD providers, users identified an awareness of other more accessible media environments (such as whether companies provided closed captions in other countries), the impact of legislation in other countries on accessibility, and how or if international media companies were replicating accessibility standards transnationally. Social media campaigns, instigated in both the UK and the US are significant examples of consumer and public-led activism for accessibility. “LOVEFiLM hates deaf people”, #subtitleit, launched by the Action on Hearing Loss group in the UK, and #withcaptions, were all effective online campaigns launched by individuals and disability activist groups. In early 2014, comedian Mark Thomas, as part of his show 100 Acts of Minor Dissent, placed two large posters at the entrance to the offices of Amazon UK stating "LOVEFiLM hates deaf people." A subsequent petition through change.com attracted 15154 signatures, asking for rental DVDs that were subtitled to be listed, and all streamed content to be subtitled (https://www.change.org/p/lovefilm-amazon-prime-video-amazon-uk-please-list-your-subtitled-rental-dvds-and-subtitle-your-streamed-content). A year later, Amazon increased the subtitling of its content to 40 percent. As of June 2015 the company was working towards 100% subtitling. The petition turned its attention to Sky On Demand, initiated by Jamie Danjoux, a 17-year-old boy with hearing loss (https://www.change.org/p/sky-enable-subtitles-for-ondemand), has attracted 6556 signatures. The social media campaigns #subtitleit and #withcaptions similarly aimed to target both VOD providers and the government, with the aim for both consistent and compulsory captioning across all VOD content. While UK legislation is yet to specifically address VOD captioning, the subject of accessibility and VOD is currently being debated at policy level. It was also successful in gaining commitments from Sky and BT TV to improve subtitles for their VOD and catch-up VOD programming.In the USA, The Accessible Netflix Project and founder Robert Kingett have been significant advocates for the inclusion of audio description on Netflix and other US VOD providers. Further, while the Accessible Netflix Project has a focus on the United States, its prominence and effectiveness has facilitated awareness of the accessibility of VOD transnationally, and the group internally monitors and comments on international examples. This group was integral in persuading Netflix to provide audio descriptions, a move that has impacted on the level of accessibility worldwide.These advocacy efforts abroad have not only included Australian audiences via their invitations to participate in transnational online spaces, but their success also has direct impact on the availability of captions and audio description imported to Australian video on demand consumers. ConclusionThe national borders of television have always been permeable—with content from abroad influencing programming and culture. However, within Australia, borders have been erected around the television culture with long wait times between shows airing abroad and locally. In addition, licencing deals between overseas distributors and pay television have delayed the introduction of VOD until 2015. That year saw the introduction of three VOD providers to the Australian television landscape: Stan, Presto Entertainment, and Netflix Australia. With the introduction of VOD, it is not only international content that has altered television consumption. Overseas providers have established a firm place in the Australia television marketplace. Even before the formal launch of overseas VOD providers, disabled users were accessing content from providers such as Netflix USA via VPNs and tunnelling services, illustrating both the clear demand for VOD content, and demonstrating the multiple ways in which international legislation and provider approaches to accessibility have permeated the Australian television industry.The rapid increase of ways in which we watch television has increased its accessibility. The nature of video on demand—streamed online and nonlinear—means that the content accessed is no longer as restricted by space, time and television. Audiences are able to personalise and modify access, and can use multiple devices, with multiple assistive technologies and aids. This increasingly accessible environment is the result of legislative and advocacy efforts originating in other countries. Efforts to improve captions and introduce audio description, while not originating in Australia, have seen improvements to the availability of accessibility features for disabled Australian television audiences. To return to Chan’s definition of media internationalisation with which we began this article, a concern with television accessibility while not originating in Australia, has taken place due to the influence of “foreign media interests, culture and markets” (Chan 71).However, despite the increased potential for full accessibility, there remains deficits. Captions and audio description, the two main features that support the playback of online video content in an accessible way, are not consistently provided. There are no clear, applicable legislative requirements for VOD accessibility in Australia. This must change. Based on our research, change at government, industry and advocacy levels are required in order for VOD in Australia to become fully accessible. Legislation needs to be introduced that requires a minimum level of accessibility, including audio description accessibility, on broadcast television and VOD. Further, governments should work to ensure that PWD are aware of the accessibility features that are provided across all media. For VOD providers, it should be recognised that a significant portion of the consumer base could be PWD, or their families and friends may wish to share in the activity of VOD. Establishing an understanding of the different accessibility requirements may come from hiring specialised accessibility consultants to make platforms accessible and useable for PWD. 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