Sec. 844. Shareholder Proposals
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The Securities and Exchange Commission shall revise section 240.14a–8(i)(12) of title 17, Code of Federal Regulations to— in paragraph (i), adjust the 3 percent threshold to 6 percent; in paragraph (ii), adjust the 6 percent threshold to 15 percent; and in paragraph (iii), adjust the 10 percent threshold to 30 percent. The Securities and Exchange Commission shall revise the holding requirement for a shareholder to be eligible to submit a shareholder proposal to an issuer in section 240.14a–8(b)(1) of title 17, Code of Federal Regulations, to— eliminate the option to satisfy the holding requirement by holding a certain dollar amount; require the shareholder to hold 1 percent of the issuer's securities entitled to be voted on the proposal, or such greater percentage as determined by the Commission; and adjust the 1 year holding period to 3 years.
Section 14 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78n ) is amended by adding at the end the following: An issuer may not include in its proxy materials a shareholder proposal submitted by a person in such person’s capacity as a proxy, representative, agent, or person otherwise acting on behalf of a shareholder. .
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Sec. 844
Shareholder Proposals
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