In the ongoing series of posts commenting on the Securities and Exchange Commission proposal to rescind Securities Exchange Act Rule 14a-8 (the so-called shareholder proposal rule), this post is number five. In it, I assume familiarity with the prior posts.
In the proposing release, the SEC set out 13 questions it wished commenters to address. Number 2 asks:
Do companies and proponents have reliance interests in Rule 14a-8 that should be considered? If so, what are those interests and how can we balance the need to address the Commission’s authority concerns with the potential effects on affected parties?
I take up that question in this post.
