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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS) -- Ignore unavailable to you. Want to Upgrade?

To: Angel D who wrote (45371)	4/12/1998 10:37:00 PM
From: Ditchdigger	Read Replies (2) \| Respond to of 55532

FOR IMMEDIATE RELEASE 97-75 RULE PROPOSALS ON THE RULES GOVERNING THE PLACEMENT OF SHAREHOLDER PROPOSALS IN COMPANIES' PROXY MATERIALS Washington, D.C., September 18, 1997 -- The Commission is considering rule proposals to amend Rule 14a-8, the shareholder proposal rule, and related rules. The proposals represent a package of reforms to address a range of concerns raised by both shareholder and corporate participants in the proposal process. If adopted, we expect the proposed rules will make it easier for shareholders to include a broader range of proposals in companies' proxy materials. We also expect they will provide companies with clearer ground rules and more flexibility to exclude proposals that failed to attract significant shareholder support in prior years. There would be six principal proposals: * rewrite the shareholder proposal rule so that it is more understandable to individual shareholders. As proposed, the rule would be in a Question & Answer format. * reverse the Cracker Barrel position on employment- related shareholder proposals that raise significant social policy matters. Those types of proposals would no longer be automatically excludable from companies' proxy materials under the "ordinary business" exclusion; * introduce a new way for a shareholder able put a proposal on a company's proxy materials. A shareholder able to muster 3% of the company's share ownership could override the "ordinary business" and "relevance" exclusions; * modify the "relevance" exclusion to include a more objective test for excluding proposals that are economically insignificant to a company's business; * make it more difficult for shareholders to repeat proposals that failed to receive certain levels of support from fellow shareholders in previous years. This would involve raising the resubmission thresholds in the rule ; and * establish a clearer, more predictable, framework for management's ability to exercise discretionary voting authority when a shareholder notifies the company that it intends to present a proposal without invoking Rule 14a-8's mechanisms. Finally, the Commission is considering the issuance of a report on shareholder proposals as required by Section 510(b) of the National Securities Markets Improvement Act. sec.gov