TheThe SEC allowed an increased number of companies to exclude shareholder proposals during the 2017 annual meeting season, according to a report by law firm Gibson Dunn & Crutcher LLP.
The increased rate comes as the agency is under pressure from business groups and lawmakers to revise its shareholder proposal regulations, amid allegations that compliance is costly and unnecessary.
Companies submitted 288 "no-action" requests to the SEC this year, and the agency granted 78% of them for exclusions.
Comparatively, 245 company requests were submitted in 2016, of which 68% were given SEC approval.
The requests seek the SEC's permission to omit a shareholder proposal from a proxy vote without inciting enforcement action from the regulator.
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The biggest deal-maker around strikes again: Berkshire Hathaway Energy, a division of Warren Buffett's Berkshire Hathaway Inc., (BRK.A) - Get Report (BRK.B) - Get Report, confirmed Friday that it will purchase Oncor Electric Delivery Co. LLC in a deal that values the bankrupt unit's equity at $11.25 billion. "Oncor is an excellent fit for Berkshire Hathaway, and we are pleased to make another long-term investment in Texas - when we invest in Texas, we invest big!", Buffett said in a statement. "Oncor is a great company with similar values and outstanding assets."
Clearly, Buffett is still bullish on America's future. TheStreet takes a look at the billionaire's biggest bets on America.
Who cares, Elon: Tesla (TSLA) - Get Reportagreed to build the world's largest lithium-ion battery park in South Australia on Friday, signing off on a deal to finish the installation within 100 days or give it away for free. Failure to deliver the project on time would cost his company about $50 million, said CEO Elon Musk, though neither the state government nor Tesla released details of the contract.
Qualcomm battle with Apple gets even nastier: Qualcomm (QCOM) - Get Report added a couple of unexpected wrinkles into its legal salvo with Apple (AAPL) - Get Report , TheStreet's tech columnit Eric Jhonsa says. One of these wrinkles aims to neutralize some of the legal arguments Apple, as well as certain regulators, have been making against Qualcomm. The other, says Jhonsa, aims to both lower the odds of a political intervention in Apple's favor, as well as boost Qualcomm's near-term chip sales at Intel Corp.'s (INTC) - Get Report expense.
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