By Arthur Kohn, Sandra Flow, Mary Alcock and Elizabeth Bieber ( January 8, 2018, 12:52 PM EST) -- On Nov. 1, 2017, the U. S. Securities and Exchange Commission released guidance (Staff Legal Bulletin No. 14I) clarifying the scope and application of the ordinary business and economic relevance grounds for excluding a shareholder proposal under Rule 14a-8 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") from a company's proxy statement. [1] On Nov. 20, Apple Inc. became the first corporation to attempt to use this guidance in a request for no-action relief from the staff of the SEC's Division of Corporation Finance, in response to governance activist Jing Zhou's proposal that Apple create a board committee focused on human rights. On Dec. 21, 2017, the SEC staff responded, denying Apple's request to exclude the proposal from its proxy materials. . . .
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