SEC to Consider Proxy Advisor & Shareholder Proposal Reforms

By Randi Morrison posted 10-30-2019 04:56 PM

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The SEC announced an open meeting for November 5th to consider amendments to the proxy solicitation rules (re: proxy advisors) and shareholder proposal submission/resubmission thresholds and procedural requirements, specifically:

- Amendments to Exemptions from the Proxy Rules for Proxy Voting Advice -The Commission will consider whether to propose amendments to the proxy solicitation rules that would provide for disclosure of material conflicts of interest and set forth procedures to facilitate issuer and shareholder engagement, to provide clarity to market participants, and to improve the information provided to investors.

- Procedural Requirements and Resubmission Thresholds under Exchange Act Rule 14a-8 - The Commission will consider whether to propose amendments to the shareholder proposal rules to modernize the submission and resubmission requirements and to update procedural requirements.

Based on the SEC's Spring 2019 Reg-Flex Agenda, rulemaking activities on both topics have been anticipated (see our prior report here).

See these articles from Reuters and the Financial Times and these letters from CII here and here. Stay tuned for further information!

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