Shearman & Sterling LLP Advance Notice Bylaws | 47
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
the company's stock. As an example, approximately 68% 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.
Seven companies have included
a different advance notice
period for director nominations
for election of the directors at the
annual meeting.
Many companies provide for
adjustments to their standard
advance notice periods in the
event their annual meeting falls
outside a specified time period.
PROPOSAL MUST BE SENT/RECEIVED BETWEEN:
54
9
7
7
17
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
Number of Companies
ADVANCE NOTICE PERIOD
The notice period mandated by advance
notice bylaws 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:
