As they are led to an annual meeting, publicly available companies have discretion on whether to include all shareholder resolution proposals in their materials. However, they often seek advance guarantees from the Securities and Exchange Commission (SEC). Decisions that exclude certain proposals do not encourage enforcement action.
In January, the UnitedHealth Group told the SEC it was planning to rule out a report proposal denying access to care, as it was “unacceptably vague and indefinitely.”
“The company demands this with respect. [SEC] Staff agree with the view that the proposal may be excluded… because the proposal relates to the company’s normal business and is trying to micromanage the company unacceptably. I told the agent News from January 31st.
The proposal was submitted by the Durocher Fund in conjunction with a group called the Interfaith Center for Corporate Responsibility (ICCR). They asked the UnitedHealth Group to study “how often that prior approval requirements or denial of compensation leads to delayed or abandoned treatment for patients and serious adverse events.”
However, ICCR has announced Early this month Its supporters will pull submissions “to avoid risking the opportunity to refile the proposal next year.”
Meg Jones Monteiro, senior director of New York-based ICCR, said after the group’s resolution was submitted later last year, the SEC announced it would consider shareholder proposals in terms of “enterprise risk,” a standard the group had not considered.
