In Pfizer Inc. 2018 BL 030118 (March 1, 2018), Pfizer Inc. ("Pfizer") asked the staff of the Securities and Exchange Commission (“SEC”) to permit the omission of a shareholder proposal submitted by Trinity Health (“Proponents”) requesting Pfizer disclose the risks from rising pressure to contain U.S. prescription drug prices and explain how Pfizer plans to mitigate those risks. The SEC issued the requested no action letter allowing for the exclusion of the proposal under Rule 14a-8(i)(10).
Read MoreIn General Electric Co., 2018 BL 71731 (Mar. 1, 2018), General Electric Company (“GE”) asked the staff of the Securities and Exchange Commission (“SEC”) to permit omission of a proposal submitted by Martin Harangozo (“Shareholder”) requesting that GE’s board of directors provide cumulative voting in the election of directors. In addition, Shareholder submitted images he wished to be displayed in support of his proposal, three unattributed quotes, and the following statement: “The increase in shareholder voice as represented in cumulative voting may serve to better align shareholder performance to CEO performance (see image).” The SEC declined to issue the requested no action letter in its entirety under Rule 14a-8(i)(4) but found grounds to exclude the attached images under Rule 14a-8(i)(3).
Read MoreIn Ford Motor Company., 2018 BL 424 (Jan. 2, 2018), Ford Motor Company (“Ford”) asked the staff of the Securities and Exchange Commission (“SEC”) for permission to exclude a shareholder proposal submitted by Martin Harangozo (“Shareholder”) requesting that Ford issue a report outlining the costs and benefits of feeding its employees, specifically regarding the effects on employee health, productivity, and company profitability. The SEC issued the requested no action letter allowing for the exclusion of the proposal under Rule 14a-8(i)(7).
Read MoreIn QUALCOMM, Incorporated, 2017 BL 441240 (Dec. 8, 2017), QUALCOMM, Inc. (“QUALCOMM”) asked the staff of the Securities and Exchange Commission (“SEC”) to permit the omission of a proposal submitted by James McRitchie (“Shareholder”) to remove each voting requirement in QUALCOMM’s charter and bylaws that called for a greater than simple majority vote. The SEC issued the requested no action letter allowing for the exclusion of the proposal from QUALCOMM’s proxy statement under Rule 14a-8(i)(10).
Read MoreIn Eli Lilly & Co., 2018 BL 7440 (Jan. 8, 2018), Eli Lilly & Company (“Eli Lilly”) asked the staff of the Securities and Exchange Commission (“SEC”) to permit the omission of a proposal submitted by William Steiner (“Shareholder”) requesting the board to replace the company’s supermajority voting requirement with a simple majority requirement. The SEC issued the requested no-action letter allowing for the exclusion of the proposal from the 2018 proxy materials under Rule 14a-8(i)(10).
Read MoreIn Starbucks Corp., 2018 BL 2480 (January 4, 2018), Starbucks Corp. (“Starbucks” or “Company”) asked the staff of the Securities and Exchange Commission (“SEC”) to permit the omission of a proposal submitted by Thomas Strobhar (“Proponent”) requesting the board issue a report disclosing Starbucks’ standards and process for making charitable contributions. The SEC issued the requested no action letter allowing for the exclusion of the proposal under Rule 14a-8(i)(7).
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