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SEC Revises its Position on Exclusion of Certain Shareholder Proposals
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November 11, 2009
Previously published on October 30, 2009
The SEC's Division of Corporation Finance issued a Staff Legal Bulletin on October 27, 2009, to provide guidance on a public company's ability to exclude from its proxy statement certain shareholder proposals under the "ordinary business" exclusion in Rule 14a-8(i)(7) under the Securities Exchange Act of 1934. The Division's staff has taken new positions on two types of proposals, in each case removing significant obstacles that shareholders previously faced with respect to these proposals.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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