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Email On November 1, 2017, the staff of the Division of Corporate Finance of the Securities and Exchange Commission published Staff Legal Bulletin No. 14I. SLB 14I provides additional guidance to companies and shareholders regarding circumstances in which the Staff will consider granting no-action relief for a company to exclude a shareholder proposal from its proxy statement pursuant to Rule 14a-8. https://www.cadwalader.com/resources/clients-friends-memos/ma-update-sec-issues-guidance-on-issuers-ability-to-exclude-shareholder-proposals-under-rule-14a-8