Widely known as counsel to activist investors, Olshan Frome Wolosky’s client alert: “Universal Proxy Rules: Roadmap for Annual Meetings after August 31, 2022” serves as an outline of considerations for shareholders considering the use of universal proxy to nominate their own director candidates. While the focus is largely procedural rather than tactical, it is beneficial for companies to understand the process from, and tips imparted to, “the other side.” For example, shareholders are advised to place a recommended 1,000 shares in record name and are cautioned that the company may be alerted if monitoring the record holder list (which companies should and regularly do – see above report: “Activism Preparedness: Here’s How!”).
Access additional resources on our Shareholder Activism and Universal Proxy pages.
This post first appeared in the weekly Society Alert!