Stay current on changes and developments in corporate law with a wide variety of resources and tools.
Jan. 5 — Prudential Financial Inc.'s shareholders will not be voting on a proposal this year asking the board to grant them the right to act by written-consent voting in lieu of a meeting, thanks to a determination by staff at the Securities and Exchange Commission.
The resolution was submitted to the company in November by activist investor John Chevedden. However, the necessary evidence of requisite stock ownership was not submitted to the company within the time allotted under SEC Rule 14a-8(b), Prudential Financial said in a letter to the SEC.
In its “no action” response, the SEC's Division of Corporation Finance agreed with Prudential, adding that the financial services company appeared to have grounds to exclude the item from its proxy materials.
According to the Manhattan Institute's Proxy Monitor, Chevedden was the most frequent filer of shareholder proposals in 2015.
A number of the resolutions called for written-consent voting, but shareholders at Advance Auto Parts Inc., United Continent Holdings Inc., Priceline Grp. Inc., Verisign Inc., Con-way Inc., Quest Diagnostics Inc. and CF Industries Holdings Inc. voted down those measures last year.
Last month, the Division of Corporation Finance granted no-action relief to technology firm AECOM, when it sought to exclude a Chevedden resolution calling for an end to supermajority shareholder voting requirements.
To contact the reporter on this story: Che Odom in Washington at email@example.com
To contact the editor responsible for this story: Yin Wilczek at firstname.lastname@example.org
The no-action letter is available at http://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2015/
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)