Apache Corp. v. New York City Employees' Retirement System
United States District Court for the Southern District of Texas
621 F. Supp. 2d 444 (2008)
Relevant factsFree
NYC's pension fund (defendant) submitted a shareholder proposal to Apache (plaintiff) seeking equal-employment-opportunity policies covering sexual orientation and gender identity, extending beyond employee benefits to company advertising, sales of goods and services, and charitable contributions; Apache excluded the proposal and sought a declaratory judgment that exclusion was proper.
IssueFree
Whether a company can exclude a shareholder proposal from a proxy statement if the proposal relates to the company's ordinary business operations.