We support decreasing the deadline for responses to requests for proof of beneficial ownership from 21 days to 14 days. It streamlines the proxy process by using the same 14 day time periods for both issuer and proponent, and expedites the process of receiving a response. Question 6, Par. Proponent's Failure to Present Proposal at Meeting BAC supports the retention of the two year exclusion in these instances, as a means of impressing upon shareholder proponents the importance of honoring their implied commitment to conform to the rules of the proxy process. Question 5, Par.
Companies have numerous fax machines, electronic mail systems and voice mail capabilities.
A proponent should use only the means specified in the proxy statement, so that the company will know when a proposal has been submitted. This becomes more important in light of the proposed 40-day deadline for issuers to challenge proposals. Also, the proponent should be required to specify an electronic means for the issuer's use in verifying the identity of the submitter, such as a return fax number, phone number or e-mail address. Failure to comply with this requirement should be a separate grounds for exclusion. The staff has at times authorized exclusion of all future proposals from someone with a grievance who habitually submits proposals that are facially-neutral.