Core Viewpoint - The US Securities and Exchange Commission (SEC) is shifting its policy to allow corporations to require shareholders to resolve legal claims through arbitration, which is intended to reduce legal expenses for companies and potentially enhance the attractiveness of Initial Public Offerings (IPOs) [1][4]. Summary by Sections Corporate Benefits - The new policy enables companies to insert mandatory arbitration clauses in registration statements, which can help them avoid costly legal battles and negative publicity [2][4]. - This policy marks a reversal from the SEC's previous stance, which had deterred companies from including arbitration clauses in their registration statements since the early 2010s [4][5]. Shareholder Implications - Shareholders may face significant disadvantages as forced arbitration could prevent them from participating in class-action lawsuits, which are essential for holding companies accountable for securities fraud [3][4]. - The California Public Employees Retirement System (CalPERS) highlighted that class-action securities settlements totaled approximately $3.7 billion in 2024, contrasting sharply with only $345 million returned to investors through SEC enforcement during the same period [3]. Regulatory Context - The SEC's new position acknowledges current Supreme Court precedent, indicating that the agency will no longer consider arbitration clauses as a factor in approving stock sales to the public [6]. - The SEC's previous concerns regarding the compatibility of 1930s securities laws with the Federal Arbitration Act of 1925 have been resolved, allowing for this policy shift [5][6].

维权人士指出，此举可能降低市场透明度，打破权力平衡向企业倾斜，进而削弱历来吸引投资者参与全 球最大资本市场的优势。但政策变化不会立即导致强制仲裁的泛滥——多数美国上市公司注册地特拉华 州明确禁止对联邦证券索赔使用仲裁条款。不过该州正与得克萨斯、内华达等竞争对手展开管辖权争夺 战，近几年已有越来越多企业迁至这些州。 根据斯坦福法学院与基石研究公司的统计，2024年美国上市公司证券集体诉讼和解金额达37亿美元。过 去十年间和解案件数介于72至105起，股东获赔总额在19亿至74亿美元间浮动。 投反对票的民主党专员卡罗琳·克伦肖（Caroline Crenshaw）指出，去年，集体诉讼为股东追回的赔偿金 额远超SEC执法行动返还受害投资者的3.45亿美元。她直言部分企业倾向强制仲裁是因为更愿意保留非 法所得。这一新政策将"大开强制仲裁之门"，剥夺许多股东的权利，同时允许公司将其所谓的不当行为 隐藏在幕后。 国际金融报消息，当地时间9月17日，美国证券交易委员会（SEC）宣布，允许上市公司禁止股东发起 集体诉讼，上市公司可以通过仲裁解决股东争议，将纠纷从法庭系统的聚光灯下转移。 SEC主席保罗·阿特金斯（Paul A ...

Core Viewpoint - The SEC's recent ruling allows companies to resolve claims related to fraud or misrepresentation through arbitration instead of court, which is seen as a significant benefit for companies planning to go public [1][2]. Group 1: SEC Ruling Details - The SEC's decision was passed with a vote of 3 in favor and 1 against, overturning a long-standing informal policy [1]. - Previously, the SEC would block companies from prohibiting shareholder class action lawsuits in their bylaws, but this new ruling removes that barrier [1]. - The ruling is rooted in discussions from the Trump administration but was not implemented until now [1]. Group 2: Reactions to the Ruling - SEC Chairman Paul Atkins stated that the SEC is not a "value-judging regulatory agency" and does not have the authority to assess the merits of how companies resolve disputes with shareholders [1]. - Democratic SEC member Caroline Crenshaw strongly opposed the ruling, arguing it undermines shareholder rights and may conceal corporate misconduct [1][2]. - Supporters of the ruling, including business interest groups and Republicans, argue that class action lawsuits are often frivolous and that mandatory arbitration could reduce legal risks for companies [1]. Group 3: Concerns from Advocates - Consumer rights advocates and plaintiff attorneys emphasize that court litigation is a crucial tool for holding companies accountable for misconduct, allowing small investors to recover losses [2]. - Former class action attorney Ann Lipton criticized the policy change, stating it could harm public interest and weaken the law's role in exposing corporate wrongdoing [2]. - The discussion around this topic dates back to 2012 when the Carlyle Group sought to use arbitration for investor disputes during its IPO, which faced strong opposition from the SEC [2].

考虑到近年来创纪录的高通胀和生活成本上涨，谈判的焦点集中在薪酬、福利和工作条件上。工会要求 薪酬增长能够覆盖不断上升的生活成本，提供合理的福利待遇，并改善工作环境。此外，工会提出了要 求增加"登机薪酬"（boarding pay）的提案，认为这是补偿乘务员在登机前所做的必要工作。加拿大航 空则回应了一个四年期内总薪酬提高38%的方案，其中第一年时薪涨幅为12%至16%。方案同时包括了 工会要求的"登机薪酬"。 尽管双方在一些问题上有部分妥协，但在薪酬和工作条件的核心问题上依然分歧严峻。工会认为加拿大 航空的提案并不足以帮助乘务员应对当前的经济压力，特别是在通货膨胀严重的情况下，当前的薪酬增 长无法维持乘务员的生活水平。 加拿大政府随后介入，劳动政策部长帕蒂·海杜（Patty Hajdu）宣布实施强制仲裁，要求工会结束罢工并 复工。 然而，工会拒绝接受此命令，指责政府偏袒航司，并准备寻求司法裁决推翻政府决定，事件因此进入更 复杂的对抗局面。 劳资冲突引发罢工 据《华尔街日报》报道，由于现有的集体协议于今年到期，劳资双方已经开始重新磋商新的协议。在此 次罢工发生前，加拿大航空与其乘务员代表加拿大公共雇员工会（CU ...

据《多伦多城市新闻》报道，尽管牵头此次谈判的公共雇员工会（CUPE）已提前72小时发布通告，航 司方面也在14日起就开始逐渐缩减航运服务，但这场大罢工依然打乱了很多旅客的出行计划。报道称， 加航每日运营700架次航班，停运预计会影响到13万名旅客的正常出行，约2.5万名加拿大人可能因此滞 留在国外。 16日在安大略省，许多旅客虽然已经事先接到航班取消通知，却依然前往皮尔逊国际机场"碰运气"，希 望能找到替代出行方案。一位名叫塔尼娅的旅客称，他们一家被困在了多伦多，"航司工作人员不仅未 能提供任何改签方案，还一个劲地推诿搪塞"。 【环球时报综合报道】加拿大航空公司的空乘人员于当地时间16日凌晨展开有组织罢工。作为加拿大最 大航空公司，此次罢工导致加航数百架次航班被取消。 加拿大广播公司（CBC）17日报道称，在前不久的劳资谈判中，加航乘务人员主张薪酬上涨、特别是获 得对"无薪工作时段"的补偿。与多数北美航空公司一样，加航仅计算飞行过程中的劳动报酬，但乘务人 员在起飞前与落地后的工作时段未计入计薪时长。资方表示，愿意在4年内将空乘总薪酬提升38%，第 一年的涨幅达25%。但工会方面认为，这一方案"低于通胀水平与市 ...