May 27, 2008
SEC Reverses Position on Shareholders' Proposals on Universal Health Care
The SEC, in a reversal of its position, told several companies, including United Health and Boeing, that they cannot exclude from the management proxy statement shareholders' resolutions urging universal health insurance coverage under Rule 14a-8's exclusion for ordinary business decisions, but instead must treat it as an issue of social policy. Religious groups and labor unions have submitted the same health care proposal to three dozen corporations. At some companies, the proposing shareholders agreed to withdraw the proposal in exchange for a dialogue with the corporation on the issue. NYTimes, S.E.C. Backs Health Care Balloting .
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