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  • NJ A2973
  • Allows certain materials to be included in corporation's proxy solicitation materials.
Introduced
(2/16/2016)
In Committee
(11/30/2017)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill allows a corporation to establish, in its bylaws, procedures or conditions under which materials with respect to shareholder-nominated individuals will be included in a corporation's proxy solicitation materials. As an example, the bill provides the following six procedures or conditions that a corporation may establish: (1) A condition requiring a minimum level of beneficial ownership of shares of the corporation's voting stock by the nominating shareholder or a minimum duration of ownership of those shares; (2) Conditions limiting nominations of directors who have been previously nominated to the board; (3) A provision limiting the number of shareholder-nominated directors for each shareholder meeting at which directors are to be elected; (4) Procedures requiring the nominating shareholder to submit specified information concerning the shareholder and the shareholder's nominees, including information concerning ownership by those persons of shares of the corporation's capital stock; (5) A provision limiting nominations to shareholders who have not, and whose nominee, or any affiliate of those shareholders has not, within a specified time period, publicly proposed to acquire shares constituting a specified percentage of the voting power of the corporation's outstanding voting stock; and (6) A provision requiring that the nominating shareholder undertake to indemnify the corporation in respect of any loss arising as a result of any false or misleading information or statement submitted by the nominating shareholder in connection with a nomination.
2nd Reading in the Assembly, Commerce and Economic Development
Reported out of Assembly Committee, 2nd Reading  (on 11/30/2017)
 
 
Date Chamber Action Description
11/30/2017 A Reported out of Assembly Committee, 2nd Reading
11/30/2017 Assembly Commerce and Economic Development Hearing (19:00 11/30/2017 )
2/16/2016 A Introduced, Referred to Assembly Commerce and Economic Development Committee
Date Motion Yea Nay Other
Detail 11/30/2017 Assembly Commerce and Economic Development Committee: Reported Favorably 9 0 3