As proxy season approaches for a number of public companies, the Securities and Exchange Commission (SEC) and certain state authorities have taken steps to revise their current corporation laws or provide guidance for companies regarding the conduct of annual shareholder meetings in light of the COVID-19 outbreak. The SEC has provided relief for companies seeking to comply with the proxy rules promulgated under the Securities Exchange Act of 1934. always, the goals of the recent guidance from the SEC is to keep investors and shareholders informed. A number of states have made some of their requirements for conducting shareholder meetings or virtual shareholder less burdensome than under normal conditions.
In a recent client alert, we discussed recent guidance from the SEC and states and explain how companies should assess compliance measures.