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Sidley publishes overview of proposed proxy rule changes
Sidley said it published a capital markets update on the SEC’s September 16 proposal to rescind Rule 14a-8 and modernise the proxy process. The firm said the proposal would leave shareholder proposals to state law and company charters, expand companies’ discretionary voting authority with a shareholder opt-out, end annual report delivery with proxy statements, shorten broker searches to five business days and rescind exempt-solicitation notices, with comments due November 20.
Key points
- Sidley’s update examined proposed rescission of Rule 14a-8.Sidley Austin
- The publication addressed discretionary voting authority and shareholder opt-outs.Sidley Austin
- Sidley discussed annual report delivery and incorporation-by-reference waiting periods.Sidley Austin
- The update also covered broker searches and notices of exempt solicitation.Sidley Austin