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JP SHAREHOLDER SUPPORTS CHANGES IN S.E.C. PROXY REGULATIONS

 JP SHAREHOLDER SUPPORTS CHANGES IN S.E.C. PROXY REGULATIONS
 CHARLOTTE, N.C., Sept. 2 /PRNewswire/ -- A major shareholder of Jefferson-Pilot Corporation (NYSE: JP) strongly supports and has publicly endorsed proposed changes in Securities and Exchange Commission (SEC) rules which would make it easier for shareholders to communicate with each other.
 Louise Parsons, chair of the Jefferson-Pilot Shareholders Committee (JPSC), says in a recent letter to the SEC, "We welcome this opportunity to comment on issues of concern to all who favor expanding shareholder rights. For years government regulations and laws have allowed corporate managers and their supportive directors to pursue their own self-interest through maneuvers that increase their power to the detriment of shareholder rights and benefits. We now have an opportunity to reverse this wholly improper trend."
 Two of the major proposed changes endorsed by Parsons include:
 -- Making it easier for shareholders to communicate with each other or make public comments when not themselves soliciting proxies. "During our recent proxy fight with JP," Parsons explained, "major institutional shareholders who planned to vote for us would not make their plans public for fear that the SEC might consider them to be participating in our proxy solicitation. The new regulations would end such fears and enable open public comment."
 -- Allowing shareholders to split their proxy votes between management's director nominees and alternates backed by groups such as the JPSC. "Currently such 'split ticket' voting is only possible by voting in person at annual meetings, not by written proxy," Parsons explained. "The change would enable usto sponsor and get more votes for a 'short slate' of director candidates and then round out that slate with those management nominees we do support."
 Other rule changes Parsons endorses include:
 -- Exempting shareholder-rights groups such as Institutional Shareholder Services and United Shareholders Association from proxy rules governing solicitations, since they provide valuable voting advice to institutional investors and others who must make proxy decisions each year for the shares they own in thousands of different companies.
 -- Elimination of Schedule 14B, a lengthy and complex document which must befiled by anyone planning to solicit proxies, since most of the information is also required to be published in proxy statements which are more accessible.
 In her letter, Parsons also asked the SEC to reconsider a rule change discussed in 1991 but later withdrawn. The change would make it easier for shareholders to obtain full lists of a company's shareholders, whether or not such lists are actually in the company's physical possession. "JP has repeatedly claimed it did not have a so-called NOBO list of the actual shareholders behind the 'street names' of listed shares," Parsons said. "The information exists and should be made available to us so that we can keep our fellow shareholders fully informed on major corporate issues."
 "Shareholder rights are as fundamental to democracy as citizens' voting rights," Parsons commented. "These proposals which we have endorsed will significantly enhance the ability of all shareholders to exercise their rights as the true owners of corporate America and end the tyranny of management."
 -0- 9/2/92
 /CONTACT: (News contacts) Buck Lawrimore, Lawrimore Communications, 704-525-4775, or Peter Rosenthal, H.J. Rubenstein & Associates, 212-489-6900/
 (JP) CO: Jefferson Pilot Corporation; Jefferson-Pilot Shareholders Committee ST: North Carolina IN: TLS SU:


CM -- CH010 -- 6040 09/02/92 15:45 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
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