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Purpose
The purpose of this paper is to explain the guidance on interpretive issues under Exchange Act Rule 14a‐8 published in SEC Staff Legal Bulletin No. 14F (SLB 14F).
Design/methodology/approach
The paper summarizes the guidance to companies provided by SLB 14F on how to verify a proponent's eligibility to submit a proposal, how to address submissions of revised proposals, and how to withdraw no‐action requests for proposals with multiple proponents.
Findings
SLB 14F is the staff's seventh legal bulletin on Rule 14a‐8, which highlights the procedural and substantive complexities associated with shareholder proposals.
Originality/value
The paper provides expert guidance from experienced financial services lawyers.
© Emerald Group Publishing Limited
2012
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