SEC Issues New SLaB11.15.17
Recently, the SEC’s Division of Corporate Finance issued Staff Legal Bulletin No. 14I. The purpose of the bulletin is to provide additional guidance regarding the ability of issuers to exclude Rule 14a-8 shareholder proposals from their proxy statements. Among other clarifications, the guidance provided gives considerable deference to the analysis provided by issuers’ boards of directors when submitting exclusion requests to the SEC under the “ordinary business” exception and the “economic relevance” exception.
The entire text of the bulletin can be found here.