Current Perspectives on Shareholder Proposals: Lessons from the 1997 Proxy Season

Cynthia J. Campbell, Stuart L. Gillan and Cathy M. Niden

Financial Management, 1999, vol. 28, issue 1

Abstract: Rule 14a-8 of the Securities Exchange Act of 1934, commonly referred to as the shareholder-proposal rule, allows shareholders to submit proposals for inclusion in a company's proxy materials. If the rule's procedures are followed, the company's shareholders will be asked to vote on the proposal at the company's next annual general meeting. By studying how shareholders voted on proposals during the 1997 proxy season, we provide a current perspective on shareholders' use of the proxy process to promote issues of corporate governance and social policy. Our focus on the 1997 proxy season permits an assessment of the potential impact of both the proposed rule changes and those that were actually adopted.

Date: 1999
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