Post a comment
Print articleSEC Issues No-Action Letters Regarding Shareholder Proposals Contested on “Substantial Implementation” Grounds
March, 2016 - Bruce Newsome , Weston Love
On February 12, 2016, the Securities and Exchange Commission (the “SEC”) issued 18 no-action letters concerning requests to exclude proxy access shareholder proposals from proxy materials pursuant to Rule 14a-8(i)(10) of the Securities Exchange Act of 1934, as amended. Rule 14a-8(i)(10) permits a company to exclude shareholder proposals from its proxy materials if the company has already “substantially implemented” such proposals. The SEC granted no-action relief in 15 of the 18 requests thereby shedding light on the contours of the “substantially implemented” basis for shareholder proxy access proposal exclusion.
To read the full alert, click here.
