WASHINGTON, Sept. 21 -- Securities And Exchange Commission has issued a proposed rule called: Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4.
The proposed rule was published in the Federal Register on Sept. 21 by Vanessa A. Countryman, Secretary.
Summary: The Securities and Exchange Commission ("Commission") is proposing to rescind Rule 14a-8 under the Securities Exchange Act of 1934 ("Exchange Act") and leave determinations about the role of shareholder proposals to State law and company governing documents. The Commission also is proposing to amend Rule 14a-4 under the Exchange Act to expand the circumstances under which a company may exercise, with respect to proxies it receives, dis...