At the end of last year, the SEC issued a new staff legal bulletin (SLB 141) on shareholder proposals under R​​ule 14a-8 of the Securities Exchange Act or 1934.

SLB 141 addresses several issues which have been in the spotlight in recent years, including the scope of the "ordinary business" exception, the ability for proponents to act by proxy and the use of graphics and images in shareholder supporting statements. SLB 141 is effective immediately and it will be informative to keep abreast of related no-action requests as the 2018 proxy season kicks off.

Check out all of the important details in our recent Georgeson Report on the bulletin.