Posts from November 2021.

In another victory for ESG proponents with the Securities and Exchange Commission, on November 3, 2021, the Securities and Exchange Commission’s Division of Corporation Finance issued Staff Legal Bulletin 14L which rescinds previously issued interpretive guidance related to a company’s ability to exclude ESG-related shareholder proposals from its proxy statement. Bulletin 14L effectively realigns the staff’s approach for determining whether a shareholder proposal relates to “ordinary business” which, under Rule 14a-8(i)(7) can serve as the basis for a company’s exclusion of a shareholder proposal.

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