Survey Results: Advance Notice Bylaws

Several recent court decisions in Delaware and New York have highlighted the importance of carefully-drafted advance notice bylaws.

1. Has your company revised its advanced notice bylaw provisions this year? (Total responses: n=84)

(select only one)
n=10 (11.90%) We reviewed them and decided no revisions were necessary.
n=56 (66.67%) We reviewed them and made revisions.
n=3 (3.57%) Our bylaws don't contain advance notice provisions.
n=13 (15.48%) We haven't reviewed our bylaws, but we plan to do so in the near term.
n=2 (2.38%) We haven't reviewed our bylaws and have no plans to do so at this time.

2. If your company revised its advance notice bylaw provisions, what changes did it make?(Total responses: n=59)
(select all that apply, may total more than 100%)
n=24 (40.68%) We changed the deadlines for receipt of shareholder proposals.
n=29 (49.15%) We created separate provisions for shareholder proposals for director nominations and shareholder proposals for other business.
n=25 (42.37%) We added specific advance notice provisions for special meetings.
n=48 (81.36%) We added disclosure requirements for shareholder proponents to address derivative securities.
n=30 (50.85%) We made other changes to the advance notice provisions.

3. Have (or will) your company submit the amended bylaws for shareholder approval? (Total responses: n=73)
(select only one)
n=5 (6.85%) Yes
n=68 (93.15%) No

4. How did (or will) your company disclose its amended bylaws?(Total responses: n=71)
(select only one)
n=63 (88.73%) Form 8-K
n=4 (5.63%) Form 10-Q
n=1 (1.41%) Form 10-K
n=2 (2.82%) Press Release
n=1 (1.41%) We don't intend to disclose the changes.