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SEC Sides With Whole Foods in Proxy Access Battle

Joe Mont | December 4, 2014

The Securities and Exchange Commission has sided with Whole Foods in a closely watched effort to submit its own proxy access proposal at annual meeting, superseding one sought by an activist shareholder. The Commission's recent no-action letter has likely made it far more difficult for other campaigns to give shareholders greater influence over director nominations.

A proposal by influential activist investor Jim McRitchie sought to give proxy access to any group of shareholders that collectively owns at least 3 percent of the company’s shares continuously for at least three years, allowing them to place nominees on the ballot for up to 20 percent of the board. Whole Foods ...

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