SEC Asks Registrants to Describe Shareholder Proposals "Clearly" on Proxy Cards

The SEC emphasized that registrants must report Rule 14a-8 shareholder proposals "clearly" on their respective proxy cards by describing the specific actions on which shareholders will be asked to vote. The guidance is in the form of "Questions and Answers of General Applicability." The SEC reminded registrants that the same level of clarity is expected of both management and shareholder proposals.