SEC Reconsiders No-Action Relief Granted to Whole Foods, Declines to Take Position on Conflicting Proposals
On January 16, 2015, Securities and Exchange Commission (“SEC”) Chair Mary Jo White announced that “[d]ue to questions that have arisen regarding the proper scope and application of Rule 14a-8(i)(9),” which permits the exclusion of a shareholder proposal that “directly conflicts” with a management proposal, she has directed her staff to review the rule and report to the SEC on its review.