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'Tis the season, for activist investors to plot and scheme at crappy, poorly-performing portfolio companies and the entrenched BoD and executives.
If the plan includes director nominations, bylaw amendments, or resolutions, then much lies between now and the annual shareholder meeting in 2016. In particular, many intricate rules apply to the process of nominating directors or proposing bylaw amendments and resolutions.
You can't just show up at the annual meeting and move to consider the item from the floor. You need to notify the company within a strict schedule, supply exactly the required data and documents, and update the notice at precisely the right time.
We put together a guide to these advance notice bylaw provisions. We explain some of the underlying law, and identify the principal features of advance notice. We highlight some recent abuse of these provisions in a current blog post.
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