14a-8 No-Action Letters

Most Recent Letters

December 2006

New York Times 12.18.06

Merck 12.15.06

Bank of America 12.14.06

Bank of America 12.13.06

DPL 12.12.06

Hewlett-Packard 12.12.06

Merck (MN State Board) 12.11.06

Merck (Owens) 12.11.06

IBM (Foster) 12.05.06

IBM (Krueger) 12.05.06

Wm Wrigley 12.05.06

E W Scripps 12.04.06

November 2006

Walt Disney 11.22.06

WGL Holdings 11.17.06

AltiGen Communications 11.16.06

IBM 11.16.06

Becton Dickinson 11.14.06

First Hartford 11.14.06

Pilgrim's Pride 11.06.06

Torotel 11.01.06

October 2006

Anheuser-Busch 10.27.06

Enzo Biochem 10.27.06

Walgreen 10.20.06

Alliance World 10.19.06

Avaya 10.18.06

Walgreen 10.13.06

Monsanto 10.05.06

September 2006

Celebrate Express 9.29.06

Farmer Bros 9.29.06

Microsoft 9.29..06

Barr Pharma 9.25.06

Donaldson 9.13.06

Sun Microsystems 9.12.06

Sara Lee 9.11.06

Rule 14a-8(b) Letters Re: eligibility

No-action letters

New York Times 12.18.06

Proposal from Morgan Stanley Investment Management
Re: corporate governance
But dual class voting only provides limited voting rights,
hence proponent isn't eligible
SEC concurs

Merck (Owens) 12.11.06

Annual review of advertising agencies
Failed to prove required ownership
SEC concurs

IBM (Foster) 12.05.06

Remove CEO
Failed to prove required ownership
SEC concurs

E W Scripps 12.04.06

Proposal from Communications Workers of America
Limits on executive compensation
But dual class voting only provides limited voting rights,
hence proponent isn't eligible
SEC concurs

IBM 11.16.06

Proposal from Communications Workers of America
Re: executive compensation disclosures
Failed to prove required ownership
SEC concurs

Anheuser-Busch 10.27.06

Annual review of advertising agencies
Failed to prove required ownership
Proposal withdrawn

Rule 14a-8(c) Letters Limit on number of proposals

No-action letters

Torotel 11.01.06

Re: corporate governance changes
Proponent bundled several proposals into one
SEC concurs

Rule 14a-8(d) Letters Length of Proposal

No-action letters

_____

Rule 14a-8(e) Letters Submission deadline

No-action letters

IBM (Krueger) 12.05.06 14a-8(e)(2)

Re: full disclosure of executive compensation
Although letter was postmarked before,
received after the deadline
SEC concurs

First Hartford 11.14.06 14a-8(e)(2)

Proposed by-law requiring director independence
Received 71 days after deadline
SEC concurs

Rule 14a-8(f) Letters Re: failure to comply 8(b)- (e)

No-action letters

Merck (Owens) 12.11.06

Annual review of advertising agencies
SEC concurs (risks and benefits)

Rule 14a-8(g) Letters Re: burden of persuasion

No-action letters

____

Rule 14a-8(h) Letters Re: attendance at shareholders' meeting

No-action letters

Wm Wrigley 12.05.06 Rule 14a-8(h)(3)

Limits on executive compensation
Proponent made proposal in 2005,
failed to attend 2005 meeting
SEC concurs

Rule 14a-8(i)(1) Letters Improper under state law

No-action letters

DPL 12.12.06

Proposal re: executive compensation
Mandatory, rather than precatory
SEC concurs, unless proponent recasts proposal

Becton Dickinson 11.14.06

Re: preventing investment in cigarette companies
Mandatory, rather than precatory
SEC concurs, unless proponent recasts proposal

Enzo Biochem 10.27.06

Proposal from Kinder Investments
Re: limits on director terms
Mandatory, rather than precatory
SEC concurs, unless proponent recasts proposal

Monsanto 10.05.06

Proposal from Harrington Investments
Re: mandatory bylaw re: director liability
for environmental and human rights violations
Proposal withdrawn

Rule 14a-8(i)(2) Letters Violation of law

No-action letters

Becton Dickinson 11.14.06

Re: preventing investment in cigarette companies
Argued that proposal would violate ERISA
SEC fails to concur

Rule 14a-8(i)(3) Letters Violation of proxy rules

No-action letters

DPL 12.12.06

Proposal re: executive compensation
Vague, hence materially false or misleading
SEC fails to concur

Enzo Biochem 10.27.06

Proposal from Kinder Investments
Re: limits on director terms
Vague, hence materially false or misleading
SEC fails to concur

Avaya 10.18.06

Proposal re: executive compensation
Vague, hence materially false or misleading
SEC fails to concur

Rule 14a-8(i)(4) Letters Personal grievance; special interest

No-action letters

_____

Rule 14a-8(i)(5) Letters Relevance

No-action letters

_____

Rule 14a-8(i)(6) Letters Absence of power/authority

No-action letters

_____

Rule 14a-8(i)(7) Letters Management functions

No-action letters

Bank of America (Inman) 12.14.06

Scheduling of annual meetings
SEC concurs

Bank of America (Murphy) 12.13.06

Dividend reinvestment plan fees
SEC concurs

Hewlett-Packard 12.12.06

Greenhouse gas emissions
Distinguishes GE (1.17.06)
SEC concurs (risks and benefits)

Merck (MN State Board) 12.11.06

Sales of drugs to Canadian wholesalers and pharmacies
SEC concurs (risks and benefits)

Walt Disney 11.22.06

Avoid using negative stereotypes in Disney products
SEC concurs

AltiGen Communications 11.16.06

Sell company to the highest bidder
SEC concurs

Walgreen 10.20.06

Proposal from Kinder Investments
Contributions to charity (Gay Games)
SEC concurs

Avaya 10.18.06

Proposal re: executive compensation
Vague, hence materially false or misleading
SEC fails to concur

Walgreen 10.13.06

Re: report on health effects of products
SEC fails to concur

Rule 14a-8(i)(8) Letters Relates to election

No-action letters

____
See AFSCME v AIG

Rule 14a-8(i)(9) Letters Conflicts with company's proposal

No-action letters

Alliance World 10.19.06

Re: merger of affiliated funds
SEC concurs

Rule 14a-8(i)(10) Letters Substantially implemented

No-action letters

DPL 12.12.06

Proposal re: executive compensation
Company already ties bonuses to targets
SEC fails to concur

Avaya 10.18.06

Proposal re: executive compensation
Vague, hence materially false or misleading
SEC fails to concur

Rule 14a-8(i)(11) Letters Duplication

No-action letters

_____

Rule 14a-8(i)(12) Letters Resubmissions

No-action letters

Merck 12.15.06 14a-8(i)(12)(ii)

Pilgrim's Pride 11.06.06 14a-8(i)(12)(i)

Ethical treatment of animals (PETA)
SEC concurs

Rule 14a-8(i)(13) Letters Specific amount of dividends

No-action letters

_____

Related Topics

Rule 14a-8

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