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Proxy Filings Bring March (and April) Madness

March 5, 2015

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March and April can be a busy time of the year for people and companies alike, as deadlines approach to file taxes and other filings with the IRS and SEC. Unlike the notable deadline of April 15 for taxes, the lesser-known SEC deadline of April 30 is a date several companies circle on the calendar to ensure they have filed the required financial information.

Proxy Filings – March (and April) Madness

That deadline does not apply to all companies. Only companies with a fiscal year ending December 31 must file proxies or annual reports by April 30. Companies often start submitting proxies at the beginning of March and continue through the end of April. The graph above shows the number of proxy filings (DEF 14A) by day, from March 1, 2014 through April 30, 2014, for companies currently in the Russell 3000 index. The numbers show that 2,164 of the Russell 3000 companies filed proxies from March 1, 2014 to April 30, 2014.

If a company cannot file a proxy within 120 days after its fiscal year end, companies will typically file an amendment to their 10-K (called a 10-K/A). This provides the required information normally found in proxies, including executive compensation, and security ownership of management.

As the 2015 proxy season approaches, some companies have already started submitting proxy filings to the SEC. With more than 2,000 proxies expected to file over the next two months, important data will become available for analyzing and interpreting how well companies performed and how they implement appropriate governance standards.