Since our last update, the following public companies have submitted no-action letters to exclude shareholder proposals submitted by the New York City Pension Funds because the proposal will “directly conflict” with the issuer’s own proxy access proposal:

• Exelon Corporation – 5% for 5 years
• Apache Corporation – 5% for 3 years
• Chipotle Mexican Grill, Inc. – 8% for 5 years
• Noble Energy, Inc. – 5% for 5 years
• SBA Communications, Inc. – 5% for 5 years
• Peabody Energy Corporation – 7% for 5 years
• Arch Coal, Inc. – 5% for 5 years

Domino’s Pizza, Inc. also filed to exclude a shareholder proposal for proxy access submitted by the Marco Consulting Group Trust I using the Whole Foods precedent.

AES Corporation also submitted a no-action letter claiming the Pension Funds’ proposal was deficient for technical reasons.