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ARTICLE · 07 MAY 2008

Corporate And Financial Weekly Digest - May 2, 2008

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On April 22, the United States District Court for the Southern District of Texas ruled that Apache Corporation could, pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, reject the inclusion in its proxy statement of a shareholder proposal prohibiting the company from discriminating on the basis of sexual orientation or gender identity.

United StatesFinance and Banking
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SEC Corporate

Robert L. Kohl, Mark A. Conley, David S. Kravitz, Palash I. Pandya

SEC, District Court Approve Company's Exclusion of Shareholder

Policy Proposal

On April 22, the United States District Court for the Southern District of Texas ruled that Apache Corporation could, pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, reject the inclusion in its proxy statement of a shareholder proposal prohibiting the company from discriminating on the basis of sexual orientation or gender identity. The Court's ruling followed a Securities and Exchange Commission no-action letter on March 5 supporting the company's position in excluding the proposal. In response to the SEC's no-action letter, the New York City Employees' Retirement System, which had originally submitted the proposal, sued the company. The company then went to the Court, seeking declaratory relief that such

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