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Securities and Exchange Commission (SEC) Shareholder Proposals Corp Fin

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Fifth Circuit dismisses NCPPR appeal of Corp Fin’s Rule 14a-8 no-action relief

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You might recall that, in 2023, the National Center for Public Policy Research submitted a shareholder proposal to The Kroger Co., which operates supermarkets, regarding the omission of consideration of “viewpoint” and...more

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Commissioner Uyeda addresses shareholder proposal overload—is “private ordering” the answer?

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On Wednesday, SEC Commissioner Mark Uyeda spoke to the Society for Corporate Governance 2023 National Conference on the topic of shareholder proposals under rule 14a-8, a topic on which, historically, the commissioners’...more

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Corp Fin speaks at “SEC Speaks”

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At last week’s PLI program, SEC Speaks, Corp Fin Director Renee Jones and crew discussed a number of topics, among them disclosure of emerging risks, recent rulemakings, staff focus on Part III disclosures, shareholder...more

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Corp Fin Director discusses changes to guidance on shareholder proposals

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In remarks earlier this month to the Council of Institutional Investors, Corp Fin director Renee Jones discussed Corp Fin’s reevaluation of the no-action process for shareholder proposals under Rule 14a-8. In particular, she...more

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Corp Fin urges redaction of personally identifiable information from Rule 14a-8 submissions

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At the end of last week, the Corp Fin staff made an announcement advising companies and shareholder proponents, effective immediately, to redact all personally identifiable and other sensitive information from Rule 14a-8...more

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Corp Fin Staff Issues Helpful Proxy Guidance Amid COVID-19 Concerns

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March 14, 2020, the staff (the “Staff”) of the Division of Corporation Finance of the Securities and Exchange Commission (“SEC” or the “Commission”) provided helpful guidance to issuers, shareholders and other market...more

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Corp Fin Updates Procedures for Rule 14a-8 No-Action Requests and Posts No-Action Responses Chart

On November 21, 2019, the Division of Corporation Finance (Corp Fin) of the Securities and Exchange Commission (SEC) provided additional detail regarding how it would process responses to Rule 14a-8 no-action requests to...more

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Blog: Corp Fin posts chart of 2019-2020 Shareholder Proposal No-Action Responses

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You may recall that, last month, Corp Fin announced that it had revisited its approach to responding to no-action requests to exclude shareholder proposals. In essence, under the new policy, the staff may respond to some...more

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Blog: Glass Lewis’s expectations in response to new Corp Fin approach to shareholder proposals

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You may recall that, last month, Corp Fin announced that it had revisited its approach to responding to no-action requests to exclude shareholder proposals. In essence, under the new policy, the staff may respond to some...more

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Blog: Corp Fin issues SLB 14K—it’s “ordinary business” again

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Just in time for proxy season, the Corp Fin staff has issued a new Staff Legal Bulletin 14K on—what else—shareholder proposals and the “ordinary business” exclusion. The SLB attempts, once again, to provide some...more

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Blog: Will Corp Fin’s new policy for addressing shareholder proposals lead to more litigation?

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You may recall that, earlier this month, Corp Fin announced that it had revisited its approach to responding to no-action requests to exclude shareholder proposals. In essence, under the new policy, the staff may respond to...more

Troutman Pepper Locke

SEC’s Corp. Fin. Modifies Approach to No-Action Requests to Exclude Shareholder Proposals

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On September 6, 2019, the SEC’s Division of Corporation Finance announced two notable revisions to its approach to handling no-action requests by companies seeking to exclude shareholder proposals under Rule 14a-8....more

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Blog: Corp Fin changes approach to responding to no-action requests to exclude shareholder proposals

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As foreshadowed by Corp Fin Director Bill Hinman at an event in July put on by the U.S. Chamber of Commerce, Corp Fin has announced that it is revisiting its approach to responding to no-action requests to exclude shareholder...more

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Corp Fin Issues New Staff Legal Bulletin on Excluding Shareholder Proposals

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On October 23, 2018, the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission issued Staff Legal Bulletin No. 14J (“SLB No. 14J”), which provides the Division’s latest views on the scope...more

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Blog: New SLB 14J on shareholder proposals revisits the economic relevance and ordinary business exclusions

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Corp Fin has just released a new staff legal bulletin on shareholder proposals—we’re up to 14J—that once again examines the exclusions under Rules 14a-8(i)(5), the “economic relevance” exception, and 14a-8(i)(7), the...more

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Blog: Corp Fin further refines Rule 14a-8(i)(9) exclusion

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In past few years, after Corp Fin issued Staff Legal Bulletin 14H redefining the meaning of “direct conflict” under the Rule 14a-8(i)(9) exclusion for “conflicting proposals,” the staff has continued to fill in the outline of...more

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Blog: Corp Fin Grants Relief Under “Economic Relevance” Exclusion Of Rule 14a-8(I)(5)

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You might recall that, in November last year, Corp Fin issued new Staff Legal Bulletin No. 14I, Shareholder Proposals, which, among other things, addressed the “economic relevance” exclusion of Rule 14a-8(i)(5). That rule...more

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Blog: Corp Fin’s New Twist On Rule 14a-8(I)(9), The Exclusion For Conflicting Proposals

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This proxy season, after the Corp Fin staff permitted AES Corporation to exclude a shareholder proposal on the basis of Rule 14a-8(i)(9)—the exclusion for a proposal that directly conflicts with a management proposal—the...more

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Blog: Will Corp Fin Revisit (Again) Rule 14a-8(I)(9), The Exclusion For Conflicting Proposals?

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The Council of Institutional Investors has sent a letter to William Hinman, director of Corp Fin, raising objections to the staff’s treatment of a recent shareholder proposal. The staff permitted the company, the AES...more

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Blog: ’Tis the season: Corp Fin issues new SLB regarding shareholder proposals

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Just in time for the beginning of proxy and shareholder proposal season, Corp Fin has posted Staff Legal Bulletin No. 14I, Shareholder Proposals. ...more

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Blog: Another Theory On Corp Fin’s Position On Proxy Access Fix-It Proposals

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Corp Fin has refined its position with regard to exclusion of proposals to amend existing proxy access bylaws. However, the basis for the staff’s determination to grant or refuse no-action relief in that context remains a...more

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Blog: Corp Fin Issues No-Action Relief For Exclusion Of A Proxy Access “Fix-It” Proposal (But Rejects Other Requests)

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In September, I blogged about several pending no-action requests seeking exclusion of proposals from the McRitchie/Chevedden group to revise existing proxy access bylaws on the basis that they had been “substantially...more

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Will Corp Fin “Evolve” On Exclusion Of Proxy Access Proposals Under Rule 14a-8(I)(10)?

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Until yesterday, there were five no-action requests regarding proxy access proposals from the McRitchie/Chevedden group awaiting responses from Corp Fin as to whether the proposals could be excluded on the basis that they had...more

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Blog: Corp Fin Refuses To Permit Exclusion Of Proposal To Amend Proxy Access Bylaws Under Rule 14a-8(I)(10). Who Is Gaming The...

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Just when we thought we had a handle on the new rules of the game for exclusion of proxy access shareholder proposals comes this new letter to H&R Block, issued on July 21. The proposal, from the prolific James McRitchie (one...more

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Blog: Corp Fin Allows Exclusion Of A Conflicting Shareholder Proposal Under Rule 14a-8(I)(9): Does It Represent A Strategy For The...

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Well, we finally have some insight into what the Corp Fin staff had in mind in Staff Legal Bulletin 14H – of course, that’s the SLB in which Corp Fin narrowed the application of Rule 14a-8(i)(9), the exclusion for conflicting...more

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