Comment on Rule 14a-8(i)(9), Securities and Exchange Commission, June 30, 2015

The Securities and Exchange Commission has been analyzing its interpretation under Subsection (i)(9) of Rule 14a-8. This provision allows for the exclusion of shareholder proposals that conflict with those submitted by management. The staff has been examining its interpretation since instructed to do so by the chair of the SEC following a no action appeal in a case involving Whole Foods. A number of letters and memos submitted in connection with the review have analyzed the issue. At least one asserted that any change in interpretation required the Commission to go through the process of notice and comment. This letter asserts that notice and comment is not required, relying extensively on Perez v. Mortgage Bankers Association.

Fish Consumption and Prenatal Mercury Exposure

Methyl mercury levels in fish tissues have recently become a health issue. Does this toxin adversely affect humans to the point that fish consumption should be severely limited? Health effects of high levels of mercury exposure to human adults are fairly well known, however the effects of lower levels of exposure on human fetal development are less understood. Recent guidelines issued by the United States Food and Drug Agency and the Environmental Protection Agency recommended that pregnant women should refrain from consuming some types of fish, and limit consumption to certain levels, but results of health studies used to develop recommendations were inconclusive when low levels of in-utero methyl mercury exposure were compared. Other studies demonstrated health benefits of fish consumption to developing fetuses. These health benefits may be an over-riding factor, and my interpretation of various studies concludes that restricted consumption of some fish species may be premature at this time due to a need to balance potential health benefits against mercury toxicity hazard.