SEC No-Action Letter to Visteon, March 7, 2003
March 7, 2003
Response of the Office of Chief Counsel
Division of Corporation Finance
Re: Visteon Corporation
Incoming letter dated January 8, 2003
The proposal requests that the board of directors study and report on the feasibility of enabling shareholders to "conveniently imitate" an institutional investor's voting decision.
There appears to be some basis for your view that Visteon may exclude the proposal under rule 14a-8(i)(8), as relating to an election for membership on its board of directors. Accordingly, we will not recommend enforcement action to the Commission if Visteon omits the proposal from its proxy materials in reliance on rule 14a-8(i)(8). In reaching this position, we have not found it necessary to address the alternative bases for omission upon which Visteon relies.
Katherine W. Hsu