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In the November 2011 edition of Fund Directions, Sutherland Partner Cynthia M. Krus breaks down newly implemented governance changes that will affect mutual fund boards this corporate proxy season.
Amendments to Rule 14a-8 of the Securities Exchange Act of 1934 recently became effective and will be applicable for the 2012 season, which runs January through April. These amendments permit proxy access proposals that seek to add procedures to companies' organizational documents, allowing shareholders to more easily nominate directors. Ms. Krus suspects this increased access could lead to a spike in proxy access proposals by shareholders this season.
In an October 17, 2011, Legal Alert, Sutherland’s Corporate Practice Group provided an overview on the topic, such as exclusions to the new rules and five ways for companies to prepare for potential proxy access proposals this year. To learn more about these details, which also were highlighted in this Fund Directions article, click here to read the full Legal Alert: "What Does Proxy Access Mean Today?"