This year's proxy season could be very turbulent for corporate boards of directors, thanks to increased shareholder activism and new rules that increase proxy disclosure.

"Companies need to reach out and have good relations with their shareholders," said Amy Goodman, a partner and co-head of the securities regulation and corporate governance practice at Gibson, Dunn & Crutcher. "This is going to be a very difficult proxy season. Boards should be attuned to where potential problems may be."

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