The SEC today approved revisions on the rules governing shareholder resolutions, said John Heine, a spokesman for the agency. The new rules include few of the revisions originally proposed by the SEC, because of widespread criticism from institutional investors and corporate governance proponents.
However, the controversial Cracker Barrel no-action letter rule has been overturned so resolutions concerning employment-related proposals raising social policy issues no longer can be excluded from proxy statements because they are considered ``ordinary business.''
