Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

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 ...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.