As summarized in the Nov. 14, 2016, edition of GT Insights, on Nov. 10, 2016, a shareholder proponent filed the first ever Schedule 14N announcing that it used a company’s proxy access bylaw to nominate a director for election at the company’s 2017 annual meeting. The company subsequently rejected the nominee stating that the shareholder could not properly make the representation required under the bylaw that it did not possess intent to change or influence control of the company when it acquired its shares. The company pointed to prior statements made by the shareholder that the company should spin off one or more of its businesses and a proposal submitted by the shareholder to the company to do so. On Nov. 28, 2016, the shareholder filed an amended Schedule 13D with the SEC stating that it was withdrawing its nominee and would not pursue proxy access.

https://www.sec.gov/Archives/edgar/data/70145/000119312516776709/d296488dex99.htm

https://www.sec.gov/Archives/edgar/data/70145/000080724916000490/nfg_10.htm