Recent Amendments Research Articles

PANOVA-3: A phase 3 study of tumor-treating fields with gemcitabine and nab-paclitaxel for frontline treatment of locally advanced pancreatic adenocarcinoma.

TPS4187 Background: Tumor Treating Fields (TTFields) are a novel, locoregional antimitotic treatment modality approved for glioblastoma and malignant pleural mesothelioma. Continuous, non-invasive low intensity, intermediate frequency (150–200 kHz) alternating electric fields are delivered to the tumor via skin-placed arrays. In vitro, TTFields (150 kHz), with or without chemotherapy, induced antiproliferative and anticlonogenic activity on pancreatic cancer cell lines (Giladi M, et al. Pancreatology 2014;14:54–63). The phase 2 PANOVA study (NCT01971281) demonstrated that the combination of TTFields with nab-paclitaxel and gemcitabine (GnP) is well-tolerated, with promising efficacy in metastatic and locally advanced pancreatic adenocarcinoma (LAPC) (Rivera F, et al. Pancreatology 2019;19:64–72). These data indicate that TTFields with GnP warrant phase 3 evaluation. Methods: PANOVA-3 (NCT03377491) is a prospective, randomized, phase 3 trial designed to investigate the efficacy and safety of TTFields concomitant with GnP in patients with LAPC. Planned enrollment is 556 patients. Eligibility criteria include unresectable LAPC (per National Comprehensive Cancer Network guidelines), Eastern Cooperative Oncology Group performance status of 0–2, and no prior treatment. Patients will be stratified by performance status and geographical region, and randomly assigned 1:1 to TTFields plus GnP or GnP alone. Based on a recent protocol amendment, a smaller and lighter-weight (reduced from 6 to 2.7 lbs) TTFields device will be used. Standard doses of nab-paclitaxel (125 mg/m2) and gemcitabine (1000 mg/m2) will be administered on days 1, 8, and 15 of a 28-day cycle. TTFields (150 kHz) will be delivered ≥ 18 h/day until local disease progression per Response Evaluation Criteria in Solid Tumors V1.1. Follow-up will be performed every 4 weeks and a computed tomography scan of the chest and abdomen every 8 weeks. After local disease progression, patients will be followed every month until death. The primary endpoint is overall survival (OS). Secondary endpoints include progression-free survival (PFS), local PFS, objective response rate, 1-year survival rate, pain- and puncture-free survival rate, rate of resectability, quality of life, and toxicity. The sample size was estimated per log-rank test comparing time to event in patients treated with TTFields plus GnP with published clinical trial data on patients treated with GnP alone. PANOVA-3 is designed to detect a hazard ratio of 0.75 in OS. Type I error is set to 0.05 (2-sided) and power to 80%. The trial is currently recruiting at 106 sites in Austria, Belgium, Canada, China, Croatia, Czech Republic, France, Germany, Hong Kong, Hungary, Israel, Italy, Poland, Spain, Switzerland, and USA. The DMC last reviewed the trial in August 2021, and suggested that the trial continue as planned. Clinical trial information: NCT03377491.

Digital Baltaga: How Cyber Technology Has Consolidated Authoritarianism in Egypt

Analysis of current counterterrorism laws shows that Egypt's discourse on the subject has nothing to do with its war against terror. Instead, this discourse seeks to serve the interests of many institutions like the armed forces, the ministry of the interior, the neoliberal elites, and proponents of the old regime. As a result, the various antiterrorism laws (e.g., Law 94 of 2015, Law 107 of 2013, Law 180 of 2019, Law 149 of 2018, and Law 62 of 1958 with its recent amendments of 2020) exist side-by-side with legislation that restricts freedoms, blocks public and digital spheres, and labels any kind of protest or attempt to change the regime as a terrorist act. In fact, this arsenal of counterterrorism and counterinsurgency legislation has become an integral and indispensable component of a larger and holistic (legal, discursive, and material) system of control. This paper reveals how the regime employs what is labelled as "cyber Baltaga" (digital thuggery) to preserve and consolidate its domination of both the public and the cyber spheres.

Aspects regarding the sale of agricultural land located outside the built-up area boundary in Romania, by reference to the Romanian Constitution and the European Union Law

The aim of this study is to present and evaluate the possible impact of the most recent legislative amendments from Romania that include important regulations regarding the sale and purchase of agricultural land located outside the built-up area boundary. At the same time, our aim is to study the compliance of the adopted legal norms with the requirements of EU law in this field, with reference to the case-law of the European Court of Justice and of the Constitutional Court of Romania.

Transfer of “Social Parts” in a Limited Liability Company, with Particular Reference to the Latest Amendment to the Romanian Companies Act

"A limited liability company carries the stylistic features of partnerships and capital companies at the same time, and within the company there is a mutual relationship of trust between its members, of an intuitu personae nature, called affectio societatis. In this article, I examine this form of company in the light of the latest amendment to the Romanian Companies Act, but I also compare the concepts of the “business share” appearing in the model of the Hungarian limited liability company and the “social part” in Romania. I am looking for an answer as to what extent affectio societatis is affected by the transfer of social parts in a company to a person other than the members of the company. In the course of my research, I come to the conclusion that in Romania, as a result of the recent amendments to the Companies Act, the social part has started on the path of “securitization”, I could even say that it is becoming like a share of a joint-stock company. This is due to the fact that the rules of the transferability of the social parts appear to be relaxed, and in many cases the cogency is replaced by disposition. The system of trust between the members seems to have broken down, thus affecting the affectio societatis and the partnerial nature of the limited liability company."

Organ allocation in pediatric abdominal transplant

Pediatric patients constitute an important group within the general transplant population, given the opportunity to significantly extend their lives with successful transplantation. Children have historically received special consideration under the various abdominal solid organ allocation algorithms, but matching patients with size and weight restrictions with appropriate donors remains an ongoing issue. Here, we describe the historical trends in pediatric organ allocation policies for liver, kidney, intestine, and pancreas transplantation. We also review recent changes to these allocation policies, with particular attention to recent amendments to geographical prioritization, with the dissolution of donor service areas and United Network for Organ Sharing (UNOS) regions and the subsequent creation of acuity circles.

Evolution of the Chinese Intellectual Property Rights System: IPR Law Revisions and Enforcement

ABSTRACTSince the first Trademark Law was enacted in China in 1982, the Chinese intellectual property rights (IPR) system has undergone significant changes in both the design of the legislation and its enforcement. In this article, we analyze the evolution of IPR legislation and enforcement in China. To this end, we illustrate the evolutionary changes of the Chinese IPR system and analyze the changes introduced in four revisions (1992–1993, 2000–2001, 2008–2013, and 2019–2020). Our analysis shows that Patent Law, Trademark Law, and Copyright Law have been substantially enhanced, especially since 2000, when China improved its IPR system to comply with the TRIPS Agreement and join the WTO, and especially the most recent amendments of these three IP Laws. We discuss the number of IPR infringement cases handled by both relevant administrative authorities and courts to analyze IPR enforcement in China. Results indicate that the development of IPR protection enforcement followed the improvement of relevant IPR laws. The two revisions introduced after 2008, changes in the Chinese IPR system, and an increasing number of IPR infringement cases handled by relevant authorities also suggest the willingness of the Chinese government to further enhance its IPR protection.

Non-Distinctive Uses of a Trademark: The CJEU’s “Function Theory” (and Its Adoption by Italian Courts) – Future Prospects in Light of EU Trademark Law

The paper takes its cue from recent amendments to EU trademark law to scrutinize the issue of non-distinctive uses of another’s mark and of the limits on the exclusive right stemming from the need for the free use of signs or for the protection of fundamental rights other than that of the trademark proprietor. The aim of the study, therefore, is to identify the perimeter of the exclusive right conferred by a trademark on its proprietor so as to understand whether the latter can claim protection against any non-authorized use of his or her mark, even if the function of such use is not “typical” for distinguishing goods and services. Doubts as to interpretation arise from the recent approach of the CJEU, which on the one hand introduces interference of third-party use of a trademark with the protected functions thereof as a yardstick for assessing the unlawfulness of such use and, on the other, broadens and multiplies such functions. The latest amendments to EU trademark law seem to indicate a different future path to follow in assessing cases of non-distinctive use, reaffirming that use with a distinctive function is the foundation of the exclusive right conferred on the trademark proprietor and determines the extent thereof.

The Reformulated Contextual Truth Defence: More Radical That First Appears

Defamatory publications may carry any number of related or distinct imputations. Complexities arise where a plaintiff selects one or more imputations for complaint, but ignores other imputations carried by the same publication. In England and Wales, the so-called Polly Peck principle permits defendants to plead and justify an imputation other than one complained of by the plaintiff but bearing a common sting with such an imputation. The Polly Peck principle has not been good law in Australia for more than 20 years. The statutory defence of contextual truth in Australia’s uniform defamation laws, however, permits a defendant to plead and justify imputations that are ‘in addition to’ those complained of by the plaintiff and affords a complete defence where, having regard to the substantial truth of those contextual imputations, the imputations complained of by the plaintiff do not further harm the reputation of the plaintiff. As enacted, the defence was infected with a serious drafting error. This article looks at the implications of the reformulation of the contextual truth defence effected by the recent amendments to Australia’s uniform defamation laws. It posits that those implications are considerably broader than have been recognised to date. It argues that the reformulated defence not only corrects the drafting error in the original defence of contextual truth but also resurrects the Polly Peck principle in Australia and substantially neuters 20 years of confused jurisprudence concerning the extent to which a defendant is or should be constrained by the imputations pleaded by the plaintiff.

The Legal Aspect of Rape: A Review of the 2020 Amendment of Nari O Shishu Ain (Act No VIII of 2000)

The detriment of rape even with the upsurge is received by the general mass with shock and the trauma enveloping the inflicted is incomprehensible. In a developing country like Bangladesh, the chastity of a woman is her ultimate pride and possession and when such is violated, considering the social predicament, the victim is usually humiliated in lieu of availing the much-required moral support to disposal. Falsely implicating an innocent is also evident in the trend. In the recent amendment, incarceration for life was substituted by the death penalty. Such incorporation endeavors toward the deterrent aspect of the penalty warning future perpetrators to avert from committing such mischief. This article aspires to illuminate the unexpanded idea of consent, extract the constitutional and legal justification of the recent amendment, the ends of statutory justice provided to the protected and sabotage of the very protective law, i.e., misapplication of it falsely incriminating an innocent.

Costs of achieving emission limits in coal-burning power plants under the recent best available techniques regulation amendment: Evidence from national microeconomic data

Emissions limits for coal-burning power plants are gradually being tightened around the world, with additional requirements and consequently significant costs placed on existing power plants. Design that conforms to regulatory requirements require credible estimation of the associated abatement costs. However, the existing methods for estimating abatement costs do not estimate those costs using microeconomic data or take the need to retrofit current abatement technologies into sufficient consideration. Therefore, they fail to calculate the actual costs of compliance accurately and thus are not suitable for assessment of cost proportionality, which is the key principle of regulatory design. This paper introduces a straightforward and innovative methodological approach to quantification of abatement costs that can reflect the real-world situation at an individual power plant and allows assessment of proportionality in meeting emission standards. The approach is based on collection of detailed data at the level of individual plants and on the comparison of costs associated with various levels of emission reduction in defined scenarios. The approach is demonstrated by application to nearly 50% of the installed thermal power capacity of the Czech Republic. The results show that recent European regulations for coal-burning plant emissions incur high abatement costs for most power plants, despite having very little effect in terms of emission reductions.

Warunki i braki formalne pism procesowych w cywilnym postępowaniu nieprocesowym

This article aims to discuss the specifics of pleadings in non-litigious proceedings as a tool ensuring the efficiency and effectiveness of proceedings. The presented considerations are devoted in particular to explaining the relationship between the scope of use of pleadings, their formal conditions as well as the procedure for removing formal deficiencies on the one hand and the diversity of the subject, purpose and function of individual types of proceedings conducted in a non-litigious manner on the other. To ensure the comprehensiveness of the considerations an author referred also to the applicable provisions provided for in the litigious proceedings, particularly the regulations subject to recent amendments, and indicated the scope and admissibility of their possible application in a non-litigious proceedings.

Tax regulation of enterprise R&D expenditures: special aspects and problems of regulation

The subject of the research is a corporate income tax regime of tax accounting of intangible assets and R&D spending. The working hypothesis is that realization of the regulative potential of tax policy in relation to stimulating R&D activity and creation of intangibles assets shall be streamlined and adapted to increase the effectiveness of innovations. Authors suggest that the key tax policy goal of the mechanism is the widening of the volumes of commercialized R&D results and intangibles, lowering the tax risks, and increasing the legal certainty. The aim of this research is formulation of tax policy proposals for subsequent reforming this mechanism of direct taxation of transactions related with R&D.To achieve the aim of the research the following research approach was employed by the authors. As a first step authors present a literature review on the issue. As a second step authors are performing the analysis of current rules related to tax accounting of R&D costs and intangibles in accordance with Tax Code of Russian Federation. As a third step authors delineate the barriers and legal obstacles in the performance of tax incentives for R&D by reviewing the judicial cases and analytical reports on the issue. Finally, authors formulate their tax policy proposals for the subsequent tax reforms in relation to tax accounting of R&D.The results and the scope of the study. Author’s working hypothesis is based on the idea that the effective application of tax policy instruments can contribute to success of the jurisdiction in winning in global tax competition game. This is particularly important in context of digitalization and for attracting investments and parts of activities of multinational enterprises to the territory of the state. Intangible assets and key people which coordinate the processes of the creation of intangibles can be regarded as the crucial value-added factors in the modern economy where technological MNEs are increasingly dominating. Countries compete internationally for these talented people and favorable and certain tax regime can positively impact on MNE decisions to make a profit center in any jurisdiction, while tax uncertainty can negatively impact this decision.Conclusions. One of the key results of this research is that R&D tax incentives in Russia remain rather unpopular instrument in corporate practice. Authors explain this with the existing legal barriers and legal uncertainty. This uncertainty leads to tax risks for taxpayers which impacts their decisions for using the incentives. Review of judicial cases related to tax accounting of R&D costs when calculating corporate income tax base showed that there are many different areas of disputes between taxpayers and tax authorities. It is important to note that some of this uncertainty is already addressed in recent amendments to Article 262 of Tax Code. Authors propose to reduce uncertainty by extending the scope of R&D tax incentives to all types of R&D activity. The goal of the research is therefore can be considered as achieved.

Portuguese APA Procedure Reviewed: Main Alterations and Impact

In this article, the authors address the most recent amendments made to the Portuguese transfer pricing regime, particularly focusing on the impact on the advance pricing agreement execution procedure.

Current Legislative Framework for Green Hydrogen Production by Electrolysis Plants in Germany

(1) The German energy system transformation towards an entirely renewable supply is expected to incorporate the extensive use of green hydrogen. This carbon-free fuel allows the decarbonization of end-use sectors such as industrial high-temperature processes or heavy-duty transport that remain challenging to be covered by green electricity only. However, it remains unclear whether the current legislative framework supports green hydrogen production or is an obstacle to its rollout. (2) This work analyzes the relevant laws and ordinances regarding their implications on potential hydrogen production plant operators. (3) Due to unbundling-related constraints, potential operators from the group of electricity transport system and distribution system operators face lacking permission to operate production plants. Moreover, ownership remains forbidden for them. The same applies to natural gas transport system operators. The case is less clear for natural gas distribution system operators, where explicit regulation is missing. (4) It is finally analyzed if the production of green hydrogen is currently supported in competition with fossil hydrogen production, not only by the legal framework but also by the National Hydrogen Strategy and the Amendment of the Renewable Energies Act. It can be concluded that in recent amendments of German energy legislation, regulatory support for green hydrogen in Germany was found. The latest legislation has clarified crucial points concerning the ownership and operation of electrolyzers and the treatment of green hydrogen as a renewable energy carrier.

Monitoring of Aflatoxin M1 in Various Origins Greek Milk Samples Using Liquid Chromatography Tandem Mass Spectrometry

Aflatoxin M1(AFM1), a major metabolite of Aflatoxin B1(AFB1), has been identified as a potential contaminant in dairy products. Because of its possible carcinogenicity, the legislation limits as set by Commission Regulation (EC) No. 1881/2006 are very strict, namely 0.050 μg kg−1 in milk and 0.025 μg kg−1 in infant formulas. To meet these requirements, a sensitive and accurate method was developed, employing liquid chromatography tandem mass spectrometry (UPLC-MS/MS). Ιmmunoaffinity columns (R-Biopharm) were used for sample purification and preconcentration of the analyte of interest. The quantification of AFM1 was conducted using fortified milk samples, while Aflatoxin B2 (AFB2) was used as an internal standard (IS). The method was validated in terms of linearity, precision, trueness, limits of detection and quantification and uncertainty. The performance criteria for the method were evaluated based on European Commission Regulation (EC) No. 401/2006 and its most recent amendment, as well as the suggested criteria for revision by the EU Reference Laboratory for Mycotoxins and Plant Toxins. The recovery was in the range of 77.9–81.0% for all fortification levels (0.025–0.050–0.075 μg kg−1), with RSDR values (Relative Standard Deviation of intermediate precision) ranging from 6.1% to 12%. The method’s detection and quantification limits were 0.0027 μg kg−1 and 0.0089 μg kg−1, respectively. The occurrence of AFM1 was investigated in 40 samples of different animal origin (cow, goat and sheep milk) provided by Greek producers.

The Macquarie Laws of War Corpus (MQLWC): Design, Construction and Use

This paper discusses the creation and use of the new Macquarie Laws of War Corpus (MQLWC). The corpus consists of the 110 documents of international war law stored in the International Committee of the Red Cross treaties database, starting with the 1856 Declaration Respecting Maritime Law (Paris Declaration) and ending with the most recent amendment to the Rome Statute (2019). The new MQLWC is hosted at the Sydney Corpus Lab (sydneycorpuslab.com), via its CQWeb interface, which allows for searching of frequencies, concordance lines, and collocations. The corpus can also be downloaded for offline processing in other popular concordance programs, such as #Lancsbox and AntConc. This paper introduces the corpus, describes the process of assembling the data, and explains its limitations. The paper then demonstrates some of the ways the data can be explored using the concept of 'military necessity'. The MQLWC contributes to the growing use of corpus linguistics in legal studies, and will be of particular relevance to scholars in the field of international war law.

Knowledge and perspectives of registered gynecologists about gender determination in relation to abortion laws – Exploratory questionnaire based study in central India

India is one of the few countries to legalize abortion since 1971. However, legalizing abortion has not translated into safe and affordable services. The birth sex ratio in India has been declining since the 1901. Despite the attempts by government to monitor radiologists and genetic laboratories, the Census of India 2011reported a dip in the child sex ratio in states like Maharashtra between 2001 and 2011.The present study was conducted as a cross-sectional questionnaire based study in clinics of participating doctors in a district in tribal region of central India. With the help of pre-validated questionnaire the knowledge and perception of registered gynaecologists were noted regarding the recent abortion laws.72% respondents were aware of the recent amendments in abortion laws but surprisingly only 54% participants have successfully enumerated them and 28% participants were unaware of the recent amendments in the Act.Only 24% participants said that amendments in MTP act was very good but still 12% doctors believed that there is a scope for further amendments.According to 64% participants the PCPNDT Act is acceptable but 12% said record keeping is very difficult and 6% felt that it needs lots of amendments.Majority of the respondents were aware about the MTP & PCPNDT Acts, surprisingly only 54% participants have successfully enumerated them. According to only 24% participants recent amendments was good, According to 12% they were necessary but still 12% believed that there is a scope for further amendments.

25 ЛЕТ В СОВЕТЕ ЕВРОПЫ, И СНОВА ДИСКУССИЯ ОБ ОБЯЗАТЕЛЬНОСТИ ПОСТАНОВЛЕНИЙ ЕСПЧ

The article considers the binding nature of legal positions of the European Court of Human Rights in civil proceedings taking into account amendments to procedural codes and substantive laws and legal positions of the Constitutional Court of the Russian Federation. The analysis is carried out to disclose the legislator’s intention, the purpose of which was to create the “stop-block” against the excessive evolutionary interpretation, rather than to limit the application of legal positions, stated in the judgments of the ECHR. In conclusion, the author puts forward the thesis that the recent amendments to the legislation should not be interpreted as a refusal to implement ECHR judgments, but as an attempt to fix in its legislation the right to seek compromise in the event of new obligations for Russia from the evolutionary interpretation of the ECHR Convention. In our opinion, it is appropriate to quote the President of the Constitutional Court of Germany, who wrote that this approach is a kind of “stop-cock”, which is most effective when it is not used at all. It is its presence, not its absence, that avoids an emergency situation. The presence of a “stop-cock” should not be an obstacle to the protection of human rights and freedoms, nor should it be an obstacle to the enforcement of ECHR judgments, let alone a justification for violations of conventional human rights and freedoms.

PANOVA-3: A phase 3 study of tumor treating fields (TTFields) with gemcitabine and nab-paclitaxel (GnP) for front-line treatment of locally advanced pancreatic adenocarcinoma.

TPS629 Background: Tumor Treating Fields (TTFields) are a non-invasive, loco-regional antimitotic therapy approved for the treatment of glioblastoma and malignant pleural mesothelioma. TTFields (150–200 kHz) are delivered via arrays placed on the skin surrounding the tumor site. In vitro, TTFields (150 kHz), with or without chemotherapy, had antiproliferative and anticlonogenic effects on pancreatic cancer cells. The Phase 2 PANOVA study (NCT01971281) demonstrated the safety and preliminary efficacy of TTFields combined with nab-paclitaxel and gemcitabine (GnP) in both metastatic and locally advanced pancreatic adenocarcinoma (LAPC). Methods: The Phase 3 PANOVA-3 trial (NCT03377491) will evaluate the efficacy and safety of adding TTFields to GnP in a larger group of patients with LAPC. This prospective, randomized trial is currently enrolling 556 patients with unresectable LAPC (per National Comprehensive Cancer Network guidelines), Eastern Cooperative Oncology Group performance status of 0-2, and no prior progression or treatment. Patients will be randomized 1:1 to receive TTFields plus GnP or to GnP alone, stratified by performance status and geographical region. A recent protocol amendment included the use of a smaller, more light-weight (reduced from 6 to 2.7 lbs.) TTFields device. Standard doses of nab-paclitaxel (125 mg/m2) and gemcitabine (1000 mg/m2) will be administered on days 1, 8, and 15 of a 28-day cycle. TTFields (150 kHz) will be delivered ≥ 18 h/day until local disease progression per Response Evaluation Criteria In Solid Tumors Criteria V1.1. Follow-up visits will be conducted every 4 weeks; a computed tomography scan of the chest and abdomen will be performed every 8 weeks. After local disease progression, patients will be followed for survival on a monthly basis. The primary endpoint is overall survival (OS). Secondary endpoints include progression free survival (PFS), local PFS, objective response rate, 1 year survival rate, pain- and puncture-free survival rate, rate of resectability, quality of life, and toxicity. The sample size calculation used a log-rank test comparing time to event in patients treated with TTFields plus GnP with control patients on gemcitabine alone. PANOVA-3 is designed to detect a hazard ratio of 0.75 in OS. Type I error is set to 0.05 (2-sided) and power to 80%. Study locations in Austria, Belgium, Canada, Croatia, Czech Republic, France, Germany, Hong Kong, Hungary, Israel, Italy, Poland, Spain, Switzerland, and the US are currently recruiting. Clinical trial information: NCT03377491.

The SEC's Shareholder Proposal Rule

In this Article, we take advantage of this Symposium’s goals to think broadly about the future of Rule 14a-8 of the Securities Exchange Act of 1934, the shareholder proposal rule. We set forth a vision for the rule to address boardroom insularity by likening the shareholder proposal rule as the public square for shareholders. The existence of such a forum would redound to the benefit of investors, officers, and boards of directors as a fount of current and useful information about their investors’ and stakeholders’ concerns. 
 We therefore rethink the mission of Rule 14a-8. In doing so, we explore whether it can provide a ready-made corporate public square for all companies; that is, rather than view Rule 14a-8 as purely enabling shareholders to sample the beliefs of their fellow shareholders, we perceive a broader social value. We cast Rule 14a-8 as a mechanism for assisting corporate directors generally, meaning not just those on the board of the corporation that is the target of a proposal, but also directors at all corporations, in gathering valuable information to help them better perform their duties. 
 In making these claims, we fully accept the functional view that Rule 14a-8 addresses itself to shareholders facing high barriers to their efforts to communicate with their directors and among themselves by providing them with an inexpensive vehicle for making their views known. We also believe it is equally important to understand that the message derived from proposals, and the votes they garner, is also heard by managers of other companies. We see that the temperature being taken through Rule 14a-8 is not just that of the proponent but a broad group of the company’s stockholders that likely is reflective of societal beliefs. 
 Construing Rule 14a-8 to facilitate a public square will weaken the social and psychological forces that can insulate management and the board from alternative perspectives regarding the firm’s objectives. Board directors often live cloistered lives and naturally identify with the firm’s successes and the operating practices. Thus, as their length of service increases, directors risk failing to broaden their perspectives to reflect the constellation of views held by the shareholders. Overall, a public square could help directors preserve and even gain a far richer and aligned perspective. 
 Moreover, as opposed to one-off meetings with portfolio companies, voting on shareholder proposals provides both the chance to discern the views of other financial institutions and the opportunity to present a cohesive voice across a group of investors behind a recommended course of action set forth in a proposal. 
 To be sure, some conditions should be imposed on proponents to guard against abusive proposals. We review the data bearing on the extent that a small group of investors, so-called “gadflies,” produce a disproportionate number of the poorly tailored proposals and hence are a distraction, and we believe that the SEC should study whether their proposals are associated with negative returns. 
 We conclude that recent SEC amendments to Rule 14a-8 are ill-advised. In making these changes, the SEC assessed the value of Rule 14a-8 by narrowly focusing on votes garnered by proposals. We argue the worth of this rule has many more features than the outcome of the votes cast in favor of a proposal.