The landscape of shareholder proposals continued to evolve during the 2018 proxy season. Public companies and their boards made renewed attempts with mixed results to exclude shareholder proposals using the “ordinary business” and “relevance” grounds for exclusion, relying on the SEC’s guidance in Staff Legal Bulletin 14I. The overall number of proposals decreased, but certain issues received strong support and institutional investor focus. And regulatory reform may be on the horizon for the rules governing shareholder proposals. Our panel discussed recent developments in shareholder proposals from the 2018 proxy season, trending shareholder proposals for the 2019 proxy season, and the mechanics and strategies for addressing them.
Cam Hoang, Gary Tygesson, & Nicole Strydom, Dorsey & Whitney LLP
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