Companies that have adopted proxy access and those that are considering whether, and on what terms, to adopt proxy access now have greater clarity on when they may exclude proxy access proposals submitted by shareholders. The Staff of the SEC Division of Corporation Finance has granted no-action relief to 15 companies under SEC Rule 14a-8(i)(10) on the basis that the companies had already “substantially implemented” the shareholder proposal.
Heads Up for the 2016 Proxy Season: Companies See Victory on Excluding “Substantially Implemented” Proxy Access Proposals
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