Shearman & Sterling LLP Advance notice | 41
advance notice period
The notice period mandated by advance notice
provisions is defined as a certain minimum and/or
maximum number of days prior to the applicable
reference date used. for the 94 Top 100 Companies
that have adopted advance notice bylaws, the most
frequently used advance notice periods are as follows:
52
8
7
7
20
120 Days and 90 Days prior
150 Days and 120 Days prior
90 Days and 60 Days prior
no later than 120 Days prior
other
A majority of the Top 100 Companies have expanded the scope of
information that must be included in a proposing shareholder's notice
in order to better gauge the extent of the proposing shareholder's interest
in their stock. As an example, approximately 60% of the Top 100
Companies have adopted advance notice bylaws that require proposing
shareholders to disclose various indirect ownership interests in the
company's stock, such as through derivatives.
Many companies provide for
adjustments to their standard
advance notice periods in the
event their annual meeting falls
outside a specified time period.
Fifteen companies have included
a separate advance notice period
for director nominations.
proposaL mUst be sent/reCeived between:
number of companies
