Sep. 08, 2022
September 8, 2022 Our experience supports the Substantial duplication proposed in the new standard for Rule 14a-8. We co-filed with Johnson Johnson and were informed by the SEC that a group, National Center, had already filed. Duplicate resolutions are not allowed. We were considering withdrawing our resolution while the SEC deliberated. However, the SEC allowed both resolutions. The reason was that National Center wanted a racial audit to determine the effect of company policy/practices on employees who are white. Whereas our resolution was a racial audit to determine the effect of company policy/practices on employees of color. The two proposals do not: addresses the same subject matter and seeks the same objective by the same means. By allowing both proposals the SEC presumably believes it is allowing for focus on what each proponent wants the company to do and how the company should go about accomplishing it.