SEC Staff Narrows the “Ordinary Business” Exclusion for Shareholder Proposals

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On October 27, 2009, the staff of the Division of Corporation Finance of the Securities and Exchange Commission (the “Staff”) announced new guidance on the application of Rule 14a-8(i)(7) of the Securities Exchange Act of 1934 with regard to shareholder proposals relating to company risk assessments and CEO succession planning.[1]

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