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An Important Company Victory in the Proxy Disclosure Litigation Wars
The Conference Board
Feb. 27, 2013
"A review of the [Superior Court of California] decision ... should give companies substantial comfort that customary CD&A disclosures, absent unusual or bad facts, contain enough information on the material issues relating to executive compensation ... so as not to require more specific and/or insignificant information of the type sought by [this] plaintiff.... The court's decision may not only spell relief for companies in other say-on-pay proxy disclosure lawsuits that are now pending in the courts, but, coupled with recent decisions of other courts refusing to enjoin say-on-pay-votes, the decision could discourage the shareholder-plaintiff's bar from filing additional say-on-pay disclosure suits except in unusual situations." [Gordon v. Symantec Corporation, et al., No. 1-12-CV-231541 (Calif. Sup. Ct., Feb. 22, 2013)]
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