Today is the first day that companies are permitted to send a Notice of Internet Availability of Proxy Materials to its shareholders. Earlier this year, the SEC amended the proxy rules to provide for a “notice and access” model, which permits publicly traded companies to send a notice to shareholders indicating the Internet website where the companies’ proxy materials are available in lieu of sending hard copies of the proxy materials to every shareholder. 

As we reported on June 23, 2007, the SEC has adopted mandatory e-proxy rules, which will soon require companies to make their proxy materials available to shareholders on an Internet website. Large accelerated filers (excluding registered investment companies) must comply with the amendments starting January 1, 2008 and registered investment companies, soliciting persons other than issuers, and issuers that are not large accelerated filers must comply with the amendments starting January 1, 2009.