SEC staff issues important guidance on shareholder proposals for the 2020 proxy season

On October 16 the SEC's Division of Corporation Finance issued Staff Legal Bulletin No. 14K (CF) (SLB 14K) to provide updated guidance on the application of the "ordinary business" exception to a company's obligation under Exchange Act Rule 14a-8 to include shareholder proposals in its annual proxy materials. The guidance will govern SEC staff action during the 2020 proxy season on company requests for no-action letters allowing exclusion of shareholder proposals based on the exception.

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