With David Kaufman, Laurence Lese
The U.S. Securities and Exchange Commission's ("SEC") Division of Corporation Finance ("Division") recently noted that, in reviewing shareholder proposals relating to environmental, financial or health risks, it will focus on the subject matter to which the risk relates or that gives rise to the risk, rather than on whether a proposal and supporting statement relate to the company's engaging in a risk evaluation, which historically had been viewed as relating to a company's ordinary