News & Events

Corporate Associate Yafit Cohn was quoted in a Law360 article discussing recent guidance by the SEC that allows shareholders to submit proposals relating to a company's day-to-day operations as long as they raise significant social policy issues, creating a split with the Third Circuit. The Third Circuit ruled earlier this year that a proposal by Trinity Wall Street (“Trinity”) involving the sale of certain products at Wal-Mart could be excluded under an SEC rule that allows companies to exclude shareholder proposals relating to their ordinary business operations; the court held that the significant social policy issue raised by the proposal did not transcend the company's day-to-day business matters. Trinity has filed a petition asking the U.S. Supreme Court to review the Third Circuit's ruling, but as Yafit notes, the Supreme Court is unlikely to address the dispute because it is not a prevalent issue. 

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