On October 16 the SEC's Division of Corporation Finance issued Staff Legal Bulletin No. 14K (CF) (SLB 14K) to provide updated guidance on the application of the "ordinary business" exception to a company's obligation under Exchange Act Rule 14a-8 to include shareholder proposals in its annual proxy materials. The guidance will govern SEC staff action during the 2020 proxy season on company requests for no-action letters allowing exclusion of shareholder proposals based on the exception.
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