Policy and Legal July 22, 2020

Manufacturers Score “Major Win” on Final SEC Proxy Advisory Firm Regulations

Joe Murphy
The Siemens Charlotte Energy Hub - the company’s worldwide hub for 60Hz fossil power generation equipment manufacturing and service, with additional capabilities for the 50Hz market. Opened in 1969, the facility has manufactured and serviced generators and steam turbines for the power generation market for decades. In November 2011 the facility was expanded, adding gas turbine production and service capabilities. The new gas turbine facility was designed based on LEAN manufacturing principles and U.S. LEED Gold building standards, making it the most advanced gas turbine production plant in the world. The addition of the gas turbine facility, as well as other improvements and expansions on the site, represent a $350 million total investment and nearly 1,000 additional jobs. With its current workforce of 1,500 and approximately 1.2 million square feet of space under roof, Siemens is the largest manufacturer in the city and the second largest in terms of employment among the 250+ energy companies based in Charlotte, NC. Advanced gas turbines Our advanced gas turbine operation has the following core competencies: Combustion Components Compressor Components Rotor Manufacturing Engine Assembly The operation features cellular manufac- turing design with full machining capa- bilities from forged component to fully assembled products. Components up to 275 MW are machined to tolerances of less than a thousandth of an inch in some cases. Advanced technologies include diffusion bonding and effusion laser drilling. Nearly all machines, including those used in the manufacture of generators and steam turbines, have Siemens 840D controls on our large lathe and horizontals. Steam turbines Our steam turbine operation has the following core competencies: Turbine Rotors Turbine Stationaries Valve Components Valves The steam operation has the capability to address the needs for new unit, modernization and service of high- pressure, intermediate-pressure and low-pressure turbines fo

Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released this statement after the Securities and Exchange Commission issued final regulations on proxy advisory firms and supplemental guidance on asset managers’ use of these firms:

“The SEC has listened to manufacturers, and this announcement is a long-sought, major win for the industry and millions of manufacturing workers,” said Timmons. “These changes will protect the retirement savings of manufacturing workers and millions more American families from proxy firms’ errors and conflicts of interests. The SEC’s actions today will reduce proxy firms’ influence on important business decisions and instead empower manufacturers to prioritize investors’ long-term best interests, allowing us to better lead our country’s recovery and renewal at this critical time.”

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 11.7 million men and women, contributes $2.37 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

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