Law360, New York ( October 30, 2015, 11:51 AM EDT) -- The staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission recently issued a legal bulletin publishing the outcome of its review of Rule 14a-8(i)(9), which allows the exclusion of a shareholder proposal that "directly conflicts" with a management proposal. Going forward, the staff will grant no-action relief on the basis of a direct conflict "only if a reasonable shareholder could not logically vote in favor of both proposals," a "higher burden" for companies to meet than had been the case previously. As a result, the instances of competing company and shareholder proposals being contained in the same proxy statement are likely to increase....
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