Prudential Financial, Inc.; Rule 14a-8 no-action letterThis letter is to inform you that our client,...

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Elizabeth Ising Direct: 202.955.8287 Fax: 202.530.9631 [email protected] February 27, 2020 VIA E-MAIL Office of Chief Counsel Division of Corporation Finance Securities and Exchange Commission 100 F Street, NE Washington, DC 20549 Re: Prudential Financial, Inc. Shareholder Proposal of Bethann Richter Securities Exchange Act of 1934—Rule 14a-8 Ladies and Gentlemen: In a letter dated February 19, 2020 we requested that the staff of the Division of Corporation Finance concur that our client, Prudential Financial, Inc. (the “Company”), could exclude from its proxy statement and form of proxy for its 2020 Annual Meeting of Shareholders a shareholder proposal and statements in support thereof (the “Proposal”) received from George Fox on behalf of Bethann Richter (the “Proponent”). Enclosed as Exhibit A is a letter signed by the Proponent withdrawing the Proposal. In reliance on this communication, we hereby withdraw the February 19, 2020 no-action request. Please do not hesitate to call me at (202) 955-8287, or Margaret Foran, the Company’s Chief Governance Officer, Vice President and Corporate Secretary, at (973) 802-7770. Sincerely, Elizabeth A. Ising Enclosures cc: Margaret Foran, Prudential Financial, Inc. George Fox, RDS Services, LLC Bethann Richter

Transcript of Prudential Financial, Inc.; Rule 14a-8 no-action letterThis letter is to inform you that our client,...

Page 1: Prudential Financial, Inc.; Rule 14a-8 no-action letterThis letter is to inform you that our client, Prudential Financial, Inc. (the “Company”), intends to omit from its proxy

Elizabeth Ising Direct: 202.955.8287 Fax: 202.530.9631

[email protected]

February 27, 2020

VIA E-MAIL

Office of Chief Counsel Division of Corporation Finance Securities and Exchange Commission 100 F Street, NE Washington, DC 20549

Re: Prudential Financial, Inc. Shareholder Proposal of Bethann Richter Securities Exchange Act of 1934—Rule 14a-8

Ladies and Gentlemen:

In a letter dated February 19, 2020 we requested that the staff of the Division of Corporation Finance concur that our client, Prudential Financial, Inc. (the “Company”), could exclude from its proxy statement and form of proxy for its 2020 Annual Meeting of Shareholders a shareholder proposal and statements in support thereof (the “Proposal”) received from George Fox on behalf of Bethann Richter (the “Proponent”).

Enclosed as Exhibit A is a letter signed by the Proponent withdrawing the Proposal. In reliance on this communication, we hereby withdraw the February 19, 2020 no-action request.

Please do not hesitate to call me at (202) 955-8287, or Margaret Foran, the Company’s Chief Governance Officer, Vice President and Corporate Secretary, at (973) 802-7770.

Sincerely,

Elizabeth A. Ising

Enclosures

cc: Margaret Foran, Prudential Financial, Inc. George Fox, RDS Services, LLC Bethann Richter

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EXHIBIT A

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IRDS SERVICES LLC Page1

ffiJIIIJ. Subsidy Recovery Specialists

Thursday, february 20, 2020

Prudential Insurance Company of America, Inc.

751 Broad Street,

Newark, NJ 07102

Attn: Mr. Andrew Gregg, Vice President Employee Benefits

Mr. Scott Ramsey, Vice President Employee Benefits

Ms. Margaret M. Foran, Senior Vice President and Corporate Secretary

Regarding: Retiree Drug Subsidy Recovery Shareholder Proposal Withdrawal

Personal and Confidential

Dear Mr. Gregg,

Greetings and best of wishes. I hope my letter finds you well and in the best of spirits.

As per our telephone conversation today, February 18, 2020 at 12.46 pm, please

accept this letter as the formal withdrawal of the shareholder proposal for the 2020

annual shareholder meeting, that was submitted on January 5, 2020 on behalf of Ms.

Bethann Richter, and was dated January 5, 2020.

I appreciate your time and consideration on the shareholder proposal and look forward

to furthering our discussions concerning the recovery of the forecasted Federal

subsidies that were discussed during our call.

In relation to a proposed meeting date to discuss the potential Retiree Drug Subsidy

recovery, I and the President of RDS Services, LLC, Mr. Mark Manquen, CPA will be

in the Newark, New Jersey area on Wednesday, March 18, 2020, Wednesday April

21, 2020 or Thursday April 30, 2020. We would be pleased to meet with you at the

Corporate offices of Prudential Insurance Company of America, Inc. at 751 Broad

Street, Newark, NJ 07102 at a time you select on the days indicated.

50 West Big Beaver, Suite 220 Troy Michigan 48084

457 West 57th Street, Suite 111, New York NY 10019

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RDS SERVICES ‘j Page 2Subsidy Recovery Specialists

I look forward to hearing from you on the date and time that works for a meeting and

please call me with any questions.

1e5ully,

George Fox, LUTCF

RDS Services, LLC

(516) 361-9404

gfoxrdsservices.us

50 West Big Beaver, Suite 220 Troy Michigan 48084

457 West 57th Street, Suite 111, New York NY 10019

Page 5: Prudential Financial, Inc.; Rule 14a-8 no-action letterThis letter is to inform you that our client, Prudential Financial, Inc. (the “Company”), intends to omit from its proxy

Elizabeth A. Ising Direct: +1 202.955.8287 Fax: +1 202.530.9631 [email protected]

February 19, 2020

VIA E-MAIL

Office of Chief Counsel Division of Corporation Finance Securities and Exchange Commission 100 F Street, NE Washington, DC 20549

Re: Prudential Financial, Inc. Shareholder Proposal of Bethann Richter Securities Exchange Act of 1934—Rule 14a-8

Ladies and Gentlemen:

This letter is to inform you that our client, Prudential Financial, Inc. (the “Company”), intends to omit from its proxy statement and form of proxy for its 2020 Annual Meeting of Shareholders (collectively, the “2020 Proxy Materials”) a shareholder proposal and statements in support thereof (the “Proposal”) received from George Fox on behalf of Bethann Richter (the “Proponent”). A copy of the Proposal is attached to this letter as Exhibit A. Pursuant to Rule 14a-8(j), we have concurrently sent copies of this correspondence to the Proponent.

Rule 14a-8(k) and Staff Legal Bulletin No. 14D (Nov. 7, 2008) (“SLB 14D”) provide that shareholder proponents are required to send companies a copy of any correspondence that the proponents elect to submit to the Commission or the staff of the Division of Corporation Finance (the “Staff”). Accordingly, we are taking this opportunity to inform the Proponent that if the Proponent elects to submit additional correspondence to the Commission or the Staff with respect to this Proposal, a copy of that correspondence should be furnished concurrently to the undersigned on behalf of the Company pursuant to Rule 14a-8(k) and SLB 14D.

BASIS FOR EXCLUSION

We hereby respectfully request that the Staff concur in our view that the Proposal may be excluded from the 2020 Proxy Materials pursuant to Rule 14a-8(e)(2) because the Proposal was received by the Company at its principal executive offices after the deadline for submitting shareholder proposals for inclusion in the Company’s 2020 Proxy Materials. In addition, the Company requests that the Staff waive the 80-day deadline in Rule 14a-8(j)(1) for good cause.

*** FISMA & OMB Memorandum M-07-16

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Office of Chief Counsel February 19, 2020 Page 2

BACKGROUND

On March 28, 2019, the Company filed with the Commission, and commenced distribution of a proxy statement and form of proxy for its 2019 Annual Meeting of Shareholders (“2019 Proxy Statement”) to its shareholders. As required by Rule 14a-5(e), the Company included in its 2019 Proxy Statement the deadline for receiving shareholder proposals submitted for inclusion in the Company’s proxy statement and form of proxy for the Company’s next annual meeting, calculated in the manner prescribed in Rule 14a-8(e). Specifically, the following disclosure appeared on page 96 of the Company’s 2019 Proxy Statement:

In order to submit shareholder proposals for the 2020 Annual Meeting of Shareholders for inclusion in our Proxy Statement pursuant to SEC Rule 14a-8, materials must be received by the Chief Governance Officer and Corporate Secretary at the Company’s principal office in Newark, NJ (see below), no later than the close of business on November 29, 2019 (emphasis added).

A copy of page 96 of the Company’s 2019 Proxy Statement is attached to this letter as Exhibit B. As described below, the Company calculated the November 29, 2019 deadline in the manner prescribed in Rule 14a-8(e) and Staff Legal Bulletin No. 14 (July 13, 2001) (“SLB 14”). On January 13, 2020, 45 days after the Company’s deadline for shareholder proposals, the Company received the Proposal. The Proposal, postmarked January 6, 2020, was sent via certified mail and was addressed and delivered to the Company’s principal executive offices at 751 Broad Street, Newark, New Jersey, 07102. A copy of the envelope, with tracking number, is included in Exhibit A.

The Proposal and accompanying cover letter from the Proponent did not reference Rule 14a-8 or otherwise indicate that the shareholder proposal was intended to be submitted for inclusion in the Company’s 2020 Proxy Statement. See Exhibit A. Instead, although the Proposal was submitted after the deadline set forth in the Company’s 2019 proxy statement for Rule 14a-8 proposals, it was submitted prior to the deadline prescribed under the Company’s Bylaws for non-Rule 14a-8 proposals. Following receipt of the Proposal, the Company communicated with the Proponent regarding what appeared to be a shareholder proposal under the Bylaws.

Subsequently, the Proponent sent the Company a letter dated February 3, 2020 (the “Letter”). The Letter, postmarked February 3, 2020, was sent via certified mail and was received by the Company on February 10, 2020 and is included in Exhibit A. The Letter suggests that the Proponent may have intended to submit the Proposal pursuant to Rule 14a-8. In this regard, the Letter references Rule 14a-8 and alludes to the share ownership

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Office of Chief Counsel February 19, 2020 Page 3

requirements set forth in Rule 14a-8(b).1 Accordingly, to the extent the Proposal is a shareholder proposal submitted pursuant to Rule 14a-8, we hereby request that the Staff concur with the Company’s request to exclude the Proposal under Rule 14a-8(e)(2).

ANALYSIS

I. The Proposal May Be Excluded From The Company’s 2020 Proxy Materials Pursuant To Rule 14a-8(e)(2) Because The Proposal Was Received By The Company At Its Principal Executive Offices After The Deadline For Submitting Shareholder Proposals For Inclusion In The Company’s 2020 Proxy Materials

Under Rule 14a-8(f)(1) a company may exclude a shareholder proposal if the proponent fails to follow one of the eligibility or procedural requirements contained in Rule 14a-8. Ordinarily, a company may exclude a proposal on this basis only after it has timely notified the proponent of an eligibility or procedural problem and the proponent has timely failed to adequately correct the problem. However, as per Rule 14a-8(f)(1), a company “need not provide [the proponent] such notice of a deficiency if the deficiency cannot be remedied, such as if [the proponent] fail[s] to submit a proposal by the company’s properly determined deadline” (emphasis added).

Rule 14a-8 requires that a proposal be received by the applicable deadline. If a proponent is submitting a proposal “for the company’s annual meeting, [the proponent] can in most cases find the deadline in [the prior] year’s proxy statement.” See Rule 14a-8(e)(1). Under Rule 14a-8(e)(2):

The deadline is calculated in the following manner if the proposal is submitted for a regularly scheduled annual meeting. The proposal must be received at the company’s principal executive offices not less than 120 calendar days before the date of the company’s proxy statement released to shareholders in connection with the previous year’s annual meeting.2

1 For example, the Letter indicates that “[i]f required, Ms. Richter will provide a written statement from the

‘record’ holder of your securities (usually a broker or bank) verifying that, at the time you submitted your proposal, you (Ms. Richter) continuously held securities for at least one year. You (Ms. Richter) must also include your own written statement that you intend to continue to hold the securities though the date of the meeting of shareholders.” The Letter further states that “in relation to the shares held by the beneficial owner, which you indicate are a requirement of the companies’ by-laws, the shareholder ownership of shares is consistent with the rules that ‘the Commission has maintained the long-standing $2,000 minimum ownership threshold.’”

2 Also under Rule 14a-8(e)(2), “if the company did not hold an annual meeting the previous year, or if the date of this year’s annual meeting has been changed by more than 30 days from the date of the previous year’s meeting, then the deadline is a reasonable time before the company begins to print and send its proxy materials.” This portion of Rule 14a-8(e)(2) is not applicable in the instant case because the Company’s 2019 Annual Meeting of Shareholders was held on May 14, 2019, and it currently plans to hold the 2020 Annual Meeting of Shareholders within 30 days of May 14, 2020.

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Office of Chief Counsel February 19, 2020 Page 4

SLB 14, Section C.3.b indicates that, to calculate the deadline, a company should “[i] start with the release date disclosed in the previous year’s proxy statement; [ii] increase the year by one; and [iii] count back 120 calendar days.” Consistent with this guidance, to calculate the deadline for receiving shareholder proposals submitted for the Company’s 2020 Annual Meeting of Shareholders, the Company (i) started with the release date of its 2019 Proxy Statement (i.e., March 28, 2019),3 (ii) increased the year by one (i.e., March 28, 2020), and (iii) counted back 120 calendar days. As per SLB 14, Section C.3.b, “day one” for purposes of this calculation was March 27, 2020, resulting in a deadline for receiving shareholder proposals submitted for inclusion in the Company’s 2020 Proxy Materials of November 29, 2019, as disclosed on page 96 of the Company’s 2019 Proxy Statement. See Exhibit B. As noted above and in Exhibit A to this letter, the Company received the Proposal 45 days after this deadline, on January 13, 2020.

The Staff strictly construes the deadline for shareholder proposals under Rule 14a-8, permitting companies to exclude from proxy materials those proposals received at companies’ principal executive offices after the deadline. See, e.g., DTE Energy Co. (Sarah Moore) (avail. Dec. 18, 2018) (proposal received two days after company’s deadline); salesforce.com, inc. (avail. Mar. 24, 2017) (waiving the 80-day requirement pursuant to Rule 14a-8(j)(1) where proposal was received 70 days after company’s deadline); Wal-Mart Stores, Inc. (avail. Feb. 13, 2017) (proposal received six days after company’s deadline); Whole Foods Market, Inc. (avail. Oct. 30, 2014) (proposal received two weeks after company’s deadline); BioMarin Pharmaceutical Inc. (avail. Mar. 14, 2014) (proposal received five days after company’s deadline); Dean Foods Company (avail. Jan. 27, 2014) (proposal received three days after company’s deadline); and PepsiCo, Inc. (avail. Jan. 3, 2014) (proposal received three days after company’s deadline).

Here, the Proposal was received at the Company’s principal executive offices on January 13, 2020, 45 days after the Company’s properly calculated and noticed deadline for shareholder proposals submitted for inclusion in the Company’s 2020 Proxy Materials, November 29, 2019. Accordingly, the Proposal is properly excludable from the Company’s 2020 Proxy Materials because it was not received at the Company’s principal executive offices within the time frame required under Rule 14a-8(e)(2).

II. Waiver Of The 80-Day Requirement in Rule 14a-8(j)(1) Is Appropriate

The Company further requests that the Staff waive the 80-day filing requirement set forth in Rule 14a-8(j) for good cause. Rule 14a-8(j)(1) requires that, if a company “intends to exclude a proposal from its proxy materials, it must file its reasons with the Commission no later than 80 calendar days before it files its definitive proxy statement and form of proxy

3 The Notice of the 2019 Annual Meeting of Shareholders included in the Company’s 2019 Proxy Statement

indicated that the “[p]roxy materials or a Notice of Internet Availability were first sent to shareholders on or about March 28, 2019.” See http://www3.prudential.com/annualreport/report2019/proxy/images/Prudential-Proxy2019.pdf.

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Office of Chief Counsel February 19, 2020 Page 5

with the Commission.” However, Rule 14a-8(j)(1) allows the Staff to waive the deadline if a company can show “good cause.” The Company did not receive the Proposal until January 13, 2020, which is less than 80 days before the Company intends to file its 2020 Proxy Materials. Accordingly, we believe that the Company has “good cause” for its inability to meet the 80-day requirement, and we respectfully request that the Staff waive the 80-day requirement with respect to this letter.

CONCLUSION

Based upon the foregoing analysis, we respectfully request that the Staff concur that it will take no action if the Company excludes the Proposal from its 2020 Proxy Materials pursuant to Rule 14a-8(e)(2).

We would be happy to provide you with any additional information and answer any questions that you may have regarding this subject. Correspondence regarding this letter should be sent to [email protected]. If we can be of any further assistance in this matter, please do not hesitate to call me at (202) 955-8287 or Margaret Foran, the Company’s Chief Governance Officer, Vice President and Corporate Secretary, at (973) 802-7770.

Sincerely,

Elizabeth A. Ising Enclosures cc: Margaret Foran, Prudential Financial, Inc. George Fox, RDS Services, LLC

Bethann Richter

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EXHIBIT A

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EXHIBIT B

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