{"version":"1.0","provider_name":"Seward &amp; Kissel LLP","provider_url":"https:\/\/www.sewkis.com","author_name":"behnke","author_url":"https:\/\/www.sewkis.com\/author\/behnke\/","title":"2026 Proxy Season Is Here: The Basics of Nominating Board Candidates - Seward &amp; Kissel LLP","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"Hze2m53T6F\"><a href=\"https:\/\/www.sewkis.com\/publications\/2026-proxy-season-is-here-the-basics-of-nominating-board-candidates\/\">2026 Proxy Season Is Here: The Basics of Nominating Board Candidates<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/www.sewkis.com\/publications\/2026-proxy-season-is-here-the-basics-of-nominating-board-candidates\/embed\/#?secret=Hze2m53T6F\" width=\"600\" height=\"338\" title=\"&#8220;2026 Proxy Season Is Here: The Basics of Nominating Board Candidates&#8221; &#8212; Seward &amp; Kissel LLP\" data-secret=\"Hze2m53T6F\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/**\n * WordPress inline HTML embed\n *\n * @since 4.4.0\n * @output wp-includes\/js\/wp-embed.js\n *\n * Single line comments should not be used since they will break\n * the script when inlined in get_post_embed_html(), specifically\n * when the comments are not stripped out due to SCRIPT_DEBUG\n * being turned on.\n *\/\n(function ( window, document ) {\n\t'use strict';\n\n\t\/* Abort for ancient browsers. *\/\n\tif ( ! document.querySelector || ! window.addEventListener || typeof URL === 'undefined' ) {\n\t\treturn;\n\t}\n\n\t\/** @namespace wp *\/\n\twindow.wp = window.wp || {};\n\n\t\/* Abort if script was already executed. *\/\n\tif ( !! window.wp.receiveEmbedMessage ) {\n\t\treturn;\n\t}\n\n\t\/**\n\t * Receive embed message.\n\t *\n\t * @param {MessageEvent} e\n\t *\/\n\twindow.wp.receiveEmbedMessage = function( e ) {\n\t\tvar data = e.data;\n\n\t\t\/* Verify shape of message. *\/\n\t\tif (\n\t\t\t! 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Below is a written memo outlining the core issues investors should consider before launching a nomination effort: (i) identifying and complying with the company\u2019s nomination window, (ii) understanding potential corporate defenses, and (iii) submitting a compliant nomination notice and building an appropriate record Q: What is the first step an investor should take when considering a board nomination? The first and most critical step is determining when the company\u2019s nomination window is open. This is the only period during which a shareholder may formally submit a nomination notice to place a candidate on the ballot. To identify the window, investors must review the company\u2019s bylaws, specifically the advance notice bylaws, which govern the timing and manner of submitting director nominations or other business for an annual meeting. Q: How is a typical nomination window calculated? A common formulation ties the nomination window to the anniversary of the prior year\u2019s annual meeting, not the actual date of the upcoming meeting (which may not be set at the time a stockholder submits a nomination notice). For example, if a company held its 2025 annual meeting on June 20, its bylaws may provide that the nomination window opens 120 days and closes 90 days before the June 20, 2026 anniversary date. Even if the 2026 meeting is ultimately scheduled earlier or later, the anniversary date usually controls the calculation. Q: What is involved in submitting a nomination notice? A nomination notice is a detailed and highly technical document. It typically requires extensive disclosures regarding both: The proposed nominee, and The nominating shareholder, including ownership, voting arrangements, and related relationships. In addition, most companies require that the nominating shareholder be a record holder of shares. This often means transferring shares from \u201cstreet name\u201d to record name through a broker\u2014a process that can take time and must be planned well in advance of the nomination window. Q: Why should investors evaluate a company\u2019s defensive measures early? Once an investor signals an intent to nominate directors, the company\u2019s board may rely on existing defensive mechanisms\u2014or adopt new ones\u2014to slow or complicate a proxy contest. Understanding these measures in advance allows investors to plan strategically. Common defenses include: Poison pills, including NOL poison pills with low trigger thresholds (often around 5%). Meeting-date flexibility, where boards in some jurisdictions may delay the annual meeting by several months. Board expansion powers, allowing directors to increase board size and appoint their own designees. Classified (staggered) boards, where only a portion of directors are up for election each year. State-specific anti-takeover statutes, such as business combination or voting restrictions triggered at certain ownership thresholds. Because these defenses vary by jurisdiction and company, a corporate governance analysis is an essential early step once an investor commits to a proxy contest. Q: What risks arise when submitting the nomination notice itself? Advance notice bylaws have become increasingly complex and burdensome, often designed to make compliance difficult. Recent litigation in Delaware has highlighted how challenging and sometimes opaque these requirements can be. For that reason, investors should: Submit the nomination notice as early as possible within the window. Promptly ask the company to identify any alleged deficiencies. Offer to cure any issues raised. Carefully document all communications and efforts to comply. This approach helps build a strong factual record demonstrating diligence and good faith, which can be critical if litigation becomes necessary to enforce the nomination. Conclusion Successfully nominating directors during proxy season requires early preparation, adherence to bylaw deadlines, and a clear understanding of the target company\u2019s defensive landscape. Investors who plan ahead, comply carefully with advance notice bylaws, and build a strong record are best positioned to protect their nomination rights and maximize the likelihood of success. For questions regarding the 2026 proxy season or shareholder activism matters generally, please contact the attorneys listed below or your primary&nbsp;Seward &amp; Kissel attorney. For convenience, we\u2019ve also included a short video that walks through the same content in a more conversational format. Click here to view the video."}