Under Section 14, a shareholder proposal in the proxy materials:

a. the shareholder has the right to include a statement,limited to 200 words, if the company opposes the shareholder proposal and the proposal involves conduct that is legal and related to business operations.

b. must be made by a shareholder who owns at least 5 percent of the outstanding shares of the corporation.

c. need not be included if management objects.

d. all of the above