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Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements

2014-12-17 02:22:59| Grocery - Topix.net

A recent court decision and no-action letter have brought to light new issues surrounding issuer requests for Securities and Exchange Commission no-action relief with respect to the ability to exclude shareholder proposals from the issuer's proxy statement. On November 26, the US District Court for the District of Delaware ruled that Wal-Mart Stores, Inc. improperly excluded a shareholder proposal from its 2014 proxy statement even though Wal-Mart had previously been granted no-action relief by the Office of Chief Counsel of the SEC's Division of Corporation Finance .

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