Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE

Since our last update, the following public companies have submitted no-action letters to exclude shareholder proposals submitted by the New York City Pension Funds because the proposal will “directly conflict” with the issuer’s own proxy access proposal:

  • Exelon Corporation – 5% for 5 years
  • Apache Corporation – 5% for 3 years
  • Chipotle Mexican Grill, Inc. – 8% for 5 years
  • Noble Energy, Inc. – 5% for 5 years
  • SBA Communications, Inc. – 5% for 5 years
  • Peabody Energy Corporation – 7% for 5 years
  • Arch Coal, Inc. – 5% for 5 years

Domino’s Pizza, Inc. also filed to exclude a shareholder proposal for proxy access submitted by the Marco Consulting Group Trust I using the Whole Foods precedent.

AES Corporation also submitted a no-action letter claiming the Pension Funds’ proposal was deficient for technical reasons.


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