Since our last update, the following public companies have submitted no-action letters to exclude shareholder proposals submitted by the New York City Pension Funds because the proposal will “directly conflict” with the issuer’s own proxy access proposal:
- Exelon Corporation – 5% for 5 years
- Apache Corporation – 5% for 3 years
- Chipotle Mexican Grill, Inc. – 8% for 5 years
- Noble Energy, Inc. – 5% for 5 years
- SBA Communications, Inc. – 5% for 5 years
- Peabody Energy Corporation – 7% for 5 years
- Arch Coal, Inc. – 5% for 5 years
Domino’s Pizza, Inc. also filed to exclude a shareholder proposal for proxy access submitted by the Marco Consulting Group Trust I using the Whole Foods precedent.
AES Corporation also submitted a no-action letter claiming the Pension Funds’ proposal was deficient for technical reasons.