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Legal Update

US SEC Staff Offers Guidance On Exclusion of Shareholder Proposals from Company Proxy Statements

30 October 2009
Mayer Brown Legal Update
Rule 14a-8(i) of the Securities Exchange Act of 1934 provides a list of the permitted, non-procedural reasons for an issuer to exclude a shareholder proposal from its proxy statement. Rule 14a-8(i)(7) allows an issuer to exclude a proposal that “deals with a matter relating to the company’s ordinary business operations.”


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