Open Letter to President-Elect Obama to Restore Shareholder Resolutions on Risk


More than 60 institutional investors were signatories to this letter encouraging President-Elect Obama to improve financial risk disclosures by U.S. corporations.

The letter encourages President-Elect Obama to Work in First 100 Days to Reverse Recent SEC Roadblocks to Shareholder Proxy Resolutions Inquiring About Risks.

The letter specifically calls for a reversal of Staff Legal Bulletin No. 14C (June 28, 2005). In that Bulletin, the staff indicated that companies could exclude proposals to the extent they called for some type of internal assessment of risks or liabilities faced by the company as a result of the practices. They were, however, permitted to include the proposals if they were limited to calls to minimize or eliminate operates that could adversely affect the environment or the public's health.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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