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Trade Groups Tell SEC: Reverse Course on No-Action Policy

Joe Mont | March 5, 2015

A coalition of 17 business groups is calling upon the Securities and Exchange Commission to reinstate its policy on providing guidance for shareholder proposals that conflict with those submitted by a company’s management and arguing that a failure to do so could violate the Administrative Procedures Act.

In January, SEC Chairman Mary Jo White instructed the Division of Corporation Finance to hold off on issuing no-action letters on the application of Rule 14a-8, which allows companies to exclude shareholder proposals that conflict with a management...

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