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SEC rule permitting "proxy access" shareholder proposals now effective

06 October 2011

SEC Update

An amendment to the SEC's proxy rules permitting public company shareholders to submit "proxy access" proposals became effective on September 20. The amendment to Rule 14a-8(i)(8) under the Exchange Act requires companies, under certain circumstances, to include in their proxy materials shareholder proposals to establish procedures in the company's governing documents for the inclusion of shareholder director nominees in the company's proxy materials.The SEC had stayed the amendment pending review of its related mandatory proxy access rule by the U.S. Court of Appeals for the District of Columbia Circuit. The SEC's stay expired after the court invalidated the mandatory rule earlier this year.

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