The SEC Division of Investment Management declined a request to take a no-action position from a registered investment company that sought to exclude proxy materials on a shareholder proposal to "declassify" the Fund's Board.
News & Insights
The SEC updated its Proxy Rules and Schedule 14A Manual of Publicly Available Telephone Interpretations and the 1999 Supplement. The SEC said that it is continuing a process of updating broader "Compliance and Disclosure Interpretations" relating to the proxy rules.
The SEC Division of Corporation Finance changed its intake procedures for issuers requesting "informal, non-binding staff views regarding companies' intentions to exclude shareholder proposals from their proxy statements."
The House Financial Services Committee considered testimony on the impact of ESG proxy proposals and recommendations to reform the shareholder proposal process.
The House Financial Services Committee considered testimony on the "growing influence” of proxy advisory firms and current efforts to reform the proxy advisory system.