CII Applauds SEC Decision to Reconsider Proxy Rule
Late on January 16, the SEC’s Division of Corporation Finance issued a statement indicating that during the 2015 proxy season it will not express any views on the proxy rule allowing companies to omit from their proxy statements shareholder proposals that “directly conflict” with management proposals. SEC Chair Mary Jo White directed the SEC staff to review the rule and report back to the commission. The statement follows a request for reconsideration of an earlier SEC ruling that permitted Whole Foods Market to omit a shareholder proposal on proxy access after the company said it planned to submit to a vote a management proposal on access with much different parameters. CII weighed in on this ruling, sending a letter to the SEC staff asking it to change its approach for analyzing situations similar to the one at Whole Foods as well as letters to the companies seeking no-action relief from proxy access proposals based on the Whole Foods decision.
News & Highlights
- Jan. 5, 2015 - Op-Ed: Halt the Mad Rush by Corporate Boards to Adopt Fee-Shifting Rules - Reprinted with permission from the Jan. 5 issue of The National Law Journal (c) 2015 ALM Media Properties, LLC.
- Jan. 3, 2015 - Whole Foods’ High Hurdle for Investors - The New York Times
- Dec. 5, 2014 - CII issues letter to Prime Minister of Japan on proposed corporate governance code
- Dec. 4, 2014 - CII And Pension Funds Make Their Voices Loud And Clear Over Fee-Shifting Bylaws - J. D. Supra Business Advisor
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