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SEC Updates Shareholder Proposal Rule

October 5, 2020, Covington Alert

On September 23, 2020, the Securities and Exchange Commission (SEC) adopted amendments to the shareholder proposal rule: Rule 14a-8 under the Securities Exchange Act of 1934. Rule 14a-8 requires companies that are subject to the federal proxy rules to include shareholder proposals in their shareholder meeting proxy statements, subject to certain procedural and substantive requirements. These amendments are part of an ongoing effort by the SEC to examine the proxy rules and focus rulemaking efforts on elements of the proxy voting and advice ecosystem.

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