1. NEW SEC NO-ACTION GUIDANCE ON PROXY ACCESS BYLAW AMENDMENT PROPOSALS

    The SEC’s Division of Corporation Finance recently granted no-action relief to a company seeking to exclude shareholder-proposed amendments to the company’s proxy access bylaw provisions on the basis of substantial implementation under Rule 14a-8(i)(10) after the company adopted some but not all of the shareholder’s proposed amendments. Although the SEC staff’s response does not make the basis for its decision clear and there remains some lack of clarity about the circumstances in which the staff is likely to agree that a company may exclude a shareholder proposal to amend existing proxy access bylaws, this ...

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