Posted by Arthur H. Kohn and Katy Yang, Cleary Gottlieb Steen & Hamilton LLP, on Sunday, July 8, 2018 Editor's Note: Arthur H. Kohn is a partner and Katy Yang is an associate at Cleary Gottlieb Steen & Hamilton LLP. This post is based on a Cleary Gottlieb memorandum by Mr. Kohn and Ms. Yang. Related research from the Program on Corporate Governance includes The Case for Shareholder Access to the Ballot by (discussed on the Forum here), and Private Ordering and the Proxy Access Debate by Lucian Bebchuk and Scott Hirst (discussed on the Forum here). When the staff (the “Staff”) of the Division of Corporation Finance of the Securities and Exchange Commission (“SEC”) released Staff Legal Bulletin No. 14I (“SLB 14I”) last fall, it seemed that the Staff was potentially signaling that it would be taking a more issuer-friendly approach in its review of no-action letter requests (“NALs”). In particular, the language…
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