0001214659-20-000241.txt : 20200109 0001214659-20-000241.hdr.sgml : 20200109 20200109142127 ACCESSION NUMBER: 0001214659-20-000241 CONFORMED SUBMISSION TYPE: PX14A6G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200109 DATE AS OF CHANGE: 20200109 EFFECTIVENESS DATE: 20200109 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: INTUIT INC CENTRAL INDEX KEY: 0000896878 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 770034661 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: PX14A6G SEC ACT: 1934 Act SEC FILE NUMBER: 000-21180 FILM NUMBER: 20517888 BUSINESS ADDRESS: STREET 1: 2700 COAST AVENUE CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 BUSINESS PHONE: 650-944-6000 MAIL ADDRESS: STREET 1: P.O. BOX 7850 CITY: MOUNTAIN VIEW STATE: CA ZIP: 94039-7850 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: NEW YORK STATE COMMON RETIREMENT FUND CENTRAL INDEX KEY: 0000810265 IRS NUMBER: 146103815 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: PX14A6G BUSINESS ADDRESS: STREET 1: OFFICE OF THE STATE COMPTROLLER STREET 2: 14TH FLOOR, 110 STATE STREET CITY: ALBANY STATE: NY ZIP: 12236 BUSINESS PHONE: 518-486-6998 MAIL ADDRESS: STREET 1: OFFICE OF THE STATE COMPTROLLER STREET 2: 14TH FLOOR, 110 STATE STREET CITY: ALBANY STATE: NY ZIP: 12236 PX14A6G 1 p19200px14a6g.htm

 

NOTICE OF EXEMPT SOLICITATION

 

 

 

 

Name of the registrant:

Intuit, Inc.

 

 

Name of person relying on exemption:

New York State Comptroller Thomas P. DiNapoli, Trustee of the New York State Common Retirement Fund

 

 

Address of person relying on exemption:

Office of the New York State Comptroller

Division of Legal Services

110 State Street, 14th Floor

Albany, NY 12236

 

 

Written material:

Text of January 9, 2019 email communication from Kyle Seeley, Investment Officer, Corporate Governance, New York State Common Retirement Fund

 

   
  

 

Intuit Inc.

VOTE AGAINST PROPOSAL No. 4

Stockholder Proposal to Adopt Mandatory Arbitration Bylaw

Annual Meeting: January 23, 2020

 

The New York State Common Retirement Fund urges Intuit Inc. stockholders to vote AGAINST Proposal No. 4 on the proxy, the Stockholder Proposal to Adopt Mandatory Arbitration Bylaw, at Intuit’s Annual Meeting on January 23, 2020.

 

The proposal requests that the company “take all practicable steps to adopt a mandatory arbitration bylaw” for, among other provisions, disputes between a stockholder and the company and/or its directors and officers. It would also prohibit arbitration cases from being joined or consolidated into a class.

 

Mandatory arbitration, especially when coupled with class waiver provisions, would all but eliminate meaningful remedies for investors who are harmed by securities fraud.

We encourage Intuit stockholders to oppose this proposal because forced arbitration would eliminate investors’ access to our judicial system. Forced arbitration would effectively deny or greatly diminish the ability of investors to seek meaningful recourse for losses incurred as a result of corporate wrongdoing. It would also reduce the deterrent effect created by the vigorous private enforcement of the securities laws. Substituting private arbitration in the place of access to the judicial system will not afford investors an opportunity for reasonable adjudication of disputes, particularly if investors cannot share the costs of arbitration through joinder, consolidation, or class action.

 

Proposal No. 4 would adversely impact stockholder rights and is contrary to sound principles of corporate governance. Intuit stockholders are encouraged to vote AGAINST Proposal No 4. on the proxy, as management has recommended.

 

For questions, please contact Kyle Seeley, Corporate Governance Officer, New York State Common Retirement Fund, kseeley@osc.ny.gov.

 

This is not a solicitation of authority to vote your proxy.

Please DO NOT send us your proxy card as it will not be accepted.