Reforming the shareholder proposal process

Article Abstract:

SEC rule 14a-8 explains the procedural requirements for stockholder proposals being included in proxy solicitation materials and is subject to revision. Congress, in passing the National Securities Markets Improvements Act of 1996, required the SEC to review stockholder proposal regulations. This was in response to the SEC's 1992 decision in Cracker Barrel allowing the exclusion from proxy statements all employment-related issues. The SEC appeared willing to amend the rule to change the Cracker Barrel decision.

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The new shareholder proposal rules

Article Abstract:

The SEC revised its rule 14a-8 in 1997 regarding the requirements for shareholder proposals. Documents for shareholders under the revisions are to be in plain English. Ownership of shares and proof of compliance are required to satisfy eligibility. Procedural requirement changes for both shareholders and companies are also discussed.

United States

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Developments under section 16

Article Abstract:

The SEC adopted final revisions to rules and forms propogated under section 16 of the Securities Exchange Act in May 1996. Revisions effected areas involving statutory insiders, beneficial ownership, reporting system, derivative securities, and issuer transactions. Changes in each area effected are surveyed.

Disclosure (Securities law)

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