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January 20, 2015, Bloomberg BNA
Covington's Keir Gumbs is quoted regarding how the SEC will review a rule that allows companies to omit from their proxy materials resolutions that directly conflict with a management proposal.
"According to Gumbs, companies face two risks in moving forward on the exclusion without staff no-action relief: an SEC enforcement action or shareholder litigation. However, the possibility of SEC enforcement is remote where companies act reasonably and in line with precedent, he said. He added that shareholder litigation, although more probable, has occurred even in circumstances where the staff has provided the company with no-action relief."