SEC Adopts New Rules Facilitating Director Nominations by Shareholders

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On August 25, 2010, the SEC adopted changes to the federal proxy rules to better enable shareholders to nominate directors to the boards of public companies. New rule 14a-11 of the Securities Exchange Act of 1934 (Exchange Act) will require companies to include the shareholder nominations in their proxy statements alongside company nominations, subject to certain state and foreign law prohibitions and certain eligibility criteria of both the nominating shareholder and the director nominee.

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