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US SEC Staff Offers Guidance on Exclusion of Shareholder Proposals from Company Proxy Statements
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November 4, 2009
Rule 14a-8(i) of the Securities Exchange Act of 1934 provides a list of the permitted, non-procedural reasons for an issuer to exclude a shareholder proposal from its proxy statement. Rule 14a-8(i)(7) allows an issuer to exclude a proposal that "deals with a matter relating to the company's ordinary business operations."
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