Comment Letter on Rule 14a-8(I)(10), Securities & Exchange Commission, June 18, 2015

This letter focuses on SEC interpretations of Rule 14a-8(i)(10). The provision allows issuers to exclude shareholder proposals that have been “substantially implemented.” This has traditionally been used to allow for the exclusion of proposals rendered “moot” by the company’s actions. Companies, however, need not implement the shareholder proposal “exactly.” As a result, the staff is often asked to determine whether changes made by the company are substantial. The comment letter discusses positions taken by the staff where the company adopts a proposal asking that shareholders with a specified percentage of shares have the right to call a special meeting but limits eligible shares to those held for a specified period of time.

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.

Le nouvel article 14a-8(i)(8) du Securities Exchange Act de 1934 ou l’angoisse contemporaine de la démocratie actionnariale dans les entreprises nord-américaines

La Securities and Exchange Commission vient d’étendre la possibilité pour les sociétés américaines cotées de refuser d’inclure dans les sollicitations de procuration les propositions des actionnaires concernant l’élection des administrateurs. Alors que ce thème fait débat et que l’autorité américaine ne s’était que peu prononcée, celle-ci propose une rédaction nouvelle de l’article 14a-8(i)(8) applicable depuis le 10 janvier 2008. Cette prise de position de la Securities and Exchange Commission offre l’opportunité d’analyser l’état de la gouvernance des entreprises américaines en matière d’élection de la direction et de constater que le pouvoir des actionnaires, bien que restreint par cette modification règlementaire, est revigoré en parallèle par le développement du « majority vote system ». La confrontation de ces deux orientations fait apparaître leur complémentarité sous-jacente et le fait que les actionnaires sont, au final, loin d’être dépourvus de moyens efficaces pour mettre en œuvre un activisme. C’est autour des mutations profondes que subit le paysage juridique entourant le pouvoir des actionnaires au moment de l’élection du conseil d’administration que cet écrit est orienté.

How to achieve maximum charge carrier loading on heteroatom-substituted graphene nanoribbon edges: density functional theory study

The practical number of charge carriers loaded is crucial to the evaluation of the capacity performance of carbon-based electrodes in service, and cannot be easily addressed experimentally. In this paper, we report a density functional theory study of charge carrier adsorption onto zigzag edge-shaped graphene nanoribbons (ZGNRs), both pristine and incorporating edge substitution with boron, nitrogen or oxygen atoms. All edge substitutions are found to be energetically favorable, especially in oxidized environments. The maximal loading of protons onto the substituted ZGNR edges obeys a rule of [8-n-1], where n is the number of valence electrons of the edge-site atom constituting the adsorption site. Hence, a maximum charge loading is achieved with boron substitution. This result correlates in a transparent manner with the electronic structure characteristics of the edge atom. The boron edge atom, characterized by the most empty p band, facilitates more than the other substitutional cases the accommodation of valence electrons transferred from the ribbon, induced by adsorption of protons. This result not only further confirms the possibility of enhancing charge storage performance of carbon-based electrochemical devices through chemical functionalization but also, more importantly, provides the physical rationale for further design strategies.

Rule of selection of delinquents, 1801 April 8

Four-page handwritten draft of a public statement to the students from the Harvard Faculty related to the amendment of College Law XVIII, Chapter IV concerning the suppression of concealed disorders. The document appears to be in the hand of President Joseph Willard.