Bass, Berry & Sims attorney Sehrish Siddiqui authored an article for TheCorporateCounsel.net discussing what public companies should know for the upcoming proxy season given the Securities and Exchange Commission’s (SEC) proposed recission of Rule 14a-8.
Sehrish shared insight on how the SEC staff has stepped away from the no-action process, clarification about when Rule 14a-8(j) still applies, background on the SEC’s proposed recension of Rule 14a-8 entirely, how Rule 14a-4 changes could become more important, and guidance on what public companies should do now.
“The shareholder proposal landscape has moved quickly: the SEC staff has gone from sharply limiting its Rule 14a-8 no-action review to exiting that process altogether, and the Commission has now proposed eliminating Rule 14a-8 itself,” said Sehrish. “For now, however, the distinction is critical: Rule 14a-8 is currently the law—but its future is now formally on the table.”
The full article, “SEC Proposes Rescission of Rule 14a-8: What Public Companies Should Know for the Upcoming Proxy Season,” was published in September on TheCorporateCounsel.net website and is available online (subscription required).