SEC staff issues important guidance on shareholder proposals for the 2018 proxy season

On November 1, the staff of the SEC's Division of Corporation Finance issued Staff Legal Bulletin No. 14I (CF) (SLB 14I) to provide guidance on substantive exclusions and other aspects of Exchange Act Rule 14a-8, which sets forth the requirements applicable to proposals submitted by shareholders for inclusion in their company’s proxy materials for annual or special meetings. The new guidance will govern staff action during the 2018 proxy season on company requests for the exclusion of shareholder proposals under two of the 13 substantive bases for exclusion contained in the rule.

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