Disclosure Under Siege: How Activist Pressure Is Redrawing the Boundaries of Proxy Transparency
Activist investor campaigns are compelling boards to expand proxy disclosures well beyond what the SEC mandates, creating a precarious legal environment where both over-disclosure and under-disclosure carry significant litigation risk. General counsels must now navigate an increasingly demanding materiality standard while simultaneously managing shareholder expectations and regulatory scrutiny. This analysis examines the strategic and legal frameworks that define defensible disclosure practice i