Companies Amend Bylaws to Prepare for Universal Proxy in 2023

by | Dec 12, 2022

For our full primer on the universal proxy card and its impact, you can read here.

The SEC’s new universal proxy rules (started in September 2022) require the use of proxy cards listing the names of all director candidates in a contested election, regardless of whether the candidates were nominated by the board or shareholders. This was a significant change to the previous rules which saw different proxy cards used by the company and by dissidents, with each card only listing their respective slate of nominees.

Now, shareholders will be able to more easily pick and choose individual directors across all nominated directors. In response many companies have amended their bylaws to account for these changes. In some case the changes have been nominal, but in others they have been more material and more aggresive — to the point that Sidley has even warned they boards are “flying too close to the sun.”

A listing of some of the companies that have already amended their bylaws since September in preparation for the universal proxy card’s impact on 2023 shareholder meetings is below.

CompanyFiling
ABBVIE INC  (ABBV)8-K
ABERCROMBIE & FITCH CO  (ANF)8-K
ACCO BRANDS CORP  (ACCO)8-K
AFFIRM HOLDINGS INC  (AFRM)8-K
AGCO CORP  (AGCO)8-K
AIR TRANSPORT SERVICES GROUP INC  (ATSG)8-K
ALLY FINANCIAL INC  (ALLY)8-K
AMERICAN ELECTRIC POWER CO INC  (AEP)8-K
AMERICAN EQUITY INVESTMENT LIFE HOLDING CO  (AEL)8-K
AMERICAN WATER WORKS COMPANY INC  (AWK)8-K
AMYRIS INC  (AMRS)8-K
ANALOG DEVICES INC  (ADI)8-K
ANEBULO PHARMACEUTICALS INC  (ANEB)8-K
ANNALY CAPITAL MANAGEMENT INC  (NLY)8-K
ARCBEST CORP  (ARCB)8-K
ARCONIC CORP  (ARNC)8-K
ARISTA NETWORKS INC  (ANET)8-K
ARTHUR J GALLAGHER & CO  (AJG)8-K
ASSERTIO HOLDINGS INC  (ASRT)8-K
ASSERTIO HOLDINGS INC  (ASRT)8-K
AVIDXCHANGE HOLDINGS INC  (AVDX)8-K
B&G FOODS INC  (BGS)8-K
BASSETT FURNITURE INDUSTRIES INC  (BSET)8-K
BLOCK INC  (SQ)8-K
BLUEPRINT MEDICINES CORP  (BPMC)8-K
BRT APARTMENTS CORP  (BRT)8-K
BRUNSWICK CORP  (BC)8-K
C H ROBINSON WORLDWIDE INC  (CHRW)8-K
CENTURY COMMUNITIES INC  (CCS)8-K
CHAMPIONX CORP  (CHX)8-K
CHEESECAKE FACTORY INC  (CAKE)8-K
CHIMERIX INC  (CMRX)8-K
CHIPOTLE MEXICAN GRILL INC  (CMG)8-K
CHURCHILL DOWNS INC  (CHDN)8-K
CIGNA CORP  (CI)8-K
CIRCOR INTERNATIONAL INC  (CIR)8-K
CME GROUP INC  (CME)8-K
COMPUTER PROGRAMS & SYSTEMS INC  (CPSI)8-K
CONSTELLATION BRANDS INC  (STZ)8-K
CTS CORP  (CTS)8-K
CUE HEALTH INC  (HLTH)8-K
DANAHER CORP  (DHR)8-K
DAVITA INC  (DVA)8-K
DIAMONDBACK ENERGY INC  (FANG)8-K
DICE THERAPEUTICS INC  (DICE)8-K
DOMINOS PIZZA INC  (DPZ)8-K
EASTMAN CHEMICAL CO  (EMN)8-K
EMCOR GROUP INC  (EME)8-K
ENPRO INDUSTRIES INC  (NPO)8-K
ENTEGRIS INC  (ENTG)8-K
ENVIVA INC  (EVA)8-K
ESCO TECHNOLOGIES INC  (ESE)8-K
ESS TECH INC  (GWH)8-K
EXPEDITORS INTERNATIONAL OF WASHINGTON INC  (EXPD)8-K
FINWARD BANCORP  (FNWD)8-K
FORTIVE CORP  (FTV)8-K
FORTUNE BRANDS HOME & SECURITY INC  (FBHS)8-K
GATX CORP  (GATX)8-K
GENWORTH FINANCIAL INC  (GNW)8-K
GIBRALTAR INDUSTRIES INC  (ROCK)8-K
GLOBAL SELF STORAGE INC  (SELF)8-K
GREEN PLAINS INC  (GPRE)8-K
HANESBRANDS INC  (HBI)8-K
HARSCO CORP  (HSC)8-K
HUMANA INC  (HUM)8-K
HUNTINGTON INGALLS INDUSTRIES INC  (HII)8-K
HURON CONSULTING GROUP INC  (HURN)8-K
HYATT HOTELS CORP  (H)8-K
I3 VERTICALS INC  (IIIV)8-K
IAA INC  (IAA)8-K
INFINERA CORP  (INFN)8-K
INNOVATIVE INDUSTRIAL PROPERTIES INC  (IIPR)8-K
IPG PHOTONICS CORP  (IPGP)8-K
KAMAN CORP  (KAMN)8-K
KARYOPHARM THERAPEUTICS INC  (KPTI)8-K
KEMPER CORP  (KMPR)8-K
KIMBALL ELECTRONICS INC  (KE)8-K
KNOWLES CORP  (KN)8-K
LENNAR CORP  (LEN)8-K
LOEWS CORP  (L)8-K
LOUISIANA-PACIFIC CORP  (LPX)8-K
LYFT INC  (LYFT)8-K
MAINSTREET BANCSHARES INC  (MNSB)8-K
MARTIN MARIETTA MATERIALS INC  (MLM)8-K
MATTEL INC  (MAT)8-K
MAXAR TECHNOLOGIES INC  (MAXR)8-K
NEOLEUKIN THERAPEUTICS INC  (NLTX)8-K
NEXTDOOR HOLDINGS INC  (KIND)8-K
NMI HOLDINGS INC  (NMIH)8-K
NORTHERN TECHNOLOGIES INTERNATIONAL CORP  (NTIC)8-K
NRG ENERGY INC  (NRG)8-K
NUSCALE POWER CORP  (SMR)8-K
NUTANIX INC  (NTNX)8-K
OMEGA HEALTHCARE INVESTORS INC  (OHI)8-K
OMNICELL INC  (OMCL)8-K
ONE LIBERTY PROPERTIES INC  (OLP)8-K
OPORTUN FINANCIAL CORP  (OPRT)8-K/A
OPORTUN FINANCIAL CORP  (OPRT)8-K
OPTION CARE HEALTH INC  (OPCH)8-K
ORGANON & CO  (OGN)8-K
OUTFRONT MEDIA INC  (OUT)8-K
PASSAGE BIO INC  (PASG)8-K
PEOPLES FINANCIAL CORP  (PFBX)8-K
PERSONALIS INC  (PSNL)8-K
PHILIP MORRIS INTERNATIONAL INC  (PM)8-K
PHILLIPS 66  (PSX)8-K
PINNACLE FINANCIAL PARTNERS INC  (PNFP)8-K
PINTEREST INC  (PINS)8-K
PPG INDUSTRIES INC  (PPG)8-K
PRIVIA HEALTH GROUP INC  (PRVA)8-K
PTC THERAPEUTICS INC  (PTCT)8-K
QUALYS INC  (QLYS)8-K
QUANTUMSCAPE CORP  (QS)8-K
RADIAN GROUP INC  (RDN)8-K
RAYONIER ADVANCED MATERIALS INC  (RYAM)8-K
RETAIL OPPORTUNITY INVESTMENTS CORP  (ROIC)8-K
REVOLVE GROUP INC  (RVLV)8-K
ROVER GROUP INC  (ROVR)8-K
SABRE CORP  (SABR)8-K
SARCOS TECHNOLOGY & ROBOTICS CORP  (STRC)8-K
SEAGEN INC  (SGEN)8-K
SENSEI BIOTHERAPEUTICS INC  (SNSE)8-K
SKYLINE CHAMPION CORP  (SKY)8-K
SOLAREDGE TECHNOLOGIES INC  (SEDG)8-K
SOLID POWER INC  (SLDP)8-K
SONDER HOLDINGS INC  (SOND)8-K
SPOK HOLDINGS INC  (SPOK)8-K
SPROUT SOCIAL INC  (SPT)8-K
STEM INC  (STEM)8-K
STRYKER CORP  (SYK)8-K
SUMMIT MATERIALS INC  (SUM)8-K
SVB FINANCIAL GROUP  (SIVB)8-K
TELEPHONE & DATA SYSTEMS INC  (TDS)8-K
TRANSMEDICS GROUP INC  (TMDX)8-K
TRANSUNION  (TRU)8-K
TWIST BIOSCIENCE CORP  (TWST)8-K
UNITED AIRLINES HOLDINGS INC  (UAL)8-K
UNITED STATES CELLULAR CORP  (USM)8-K
UPWORK INC  (UPWK)8-K
VERITIV CORP  (VRTV)8-K
VOYA FINANCIAL INC  (VOYA)8-K
WALMART INC  (WMT)8-K
WASTE MANAGEMENT INC  (WM)8-K
WOLVERINE WORLD WIDE INC  (WWW)8-K
YUM CHINA HOLDINGS INC  (YUMC)8-K
ZEBRA TECHNOLOGIES CORP  (ZBRA)8-K
ZEROFOX HOLDINGS INC  (ZFOX)8-K
ZOETIS INC  (ZTS)8-K
<a href="https://www.boardroomalpha.com/author/draps/" target="_self">David Drapkin</a>

David Drapkin

Spent his formative years at Goldman Sachs and now embraces the start-up life in NYC. A long suffering Oakland (Las Vegas) Raiders fan and graduate of the Wharton School at the University of Pennsylvania. Semi-professional go-kart racer waiting for his shot.

More from Boardroom Alpha

Boardroom Alpha Digest: Wed, Feb 1

Fedex Corp. (FDX) announced it would be laying off ~10% of its corporate workforce and Ryan McInerney officially takes over at Visa (V).

Get it In Your Inbox

Subscribe to Boardroom Alpha's research to receive the latest on governance, SPACs, and people.


Know Who Drives Return

Objective, data-driven assessments for every public company director and officer.

SPAC Analytics & Database

Comprehensive research and analytics on every SPAC, sponsor, and deal. Real-time alerts, yields, red flags, filings, investors, and much more. API access to institutional grade SPAC database.

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.  

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.