On Nov. 28, the U.S. Securities and Exchange Commission adopted an amendment to Rule 14a-8(i)(8) that effectively denies shareholders access to the director-nomination process. This amendment allows a company to omit from its proxy material any proposal that relates to a nomination or an election for membership on a company’s board of directors or a procedure for such nominations or elections.
According to Chairman Christopher Cox, the SEC’s action, taken by a vote of 3-1, maintains the status quo of the past decade and is necessary to provide clear guidelines to companies before the upcoming proxy season.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]