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  • Exclusion Preclusion: Statement On The Shareholder Proposals Proposal, SEC Commissioner Hester M. Peirce, July 13, 2022

    Date 13/07/2022

    1. Introduction

    Thank you, Mr. Chair. As you just heard, this recommendation concerns Exchange Act Rule 14a-8, the rule that governs when public companies must include shareholder proposals in their proxy statements. We last amended this rule less than two years ago and have yet to experience a full proxy season with these changes in effect. The September 2020 amendments recalibrated the rule to balance the benefit of allowing shareholder proposals to be included in a company’s proxy materials with the reality that consideration of such proposals consumes company and shareholder resources.

  • Statement On Proposed Amendments For Substantial Implementation, Duplication, And Resubmission Of Shareholder Proposals Under Exchange Act Rule 14a-8 , SEC Commissioner Mark T. Uyeda, July 13, 2022

    Date 13/07/2022

    Thank you, Chair Gensler. The Rule being discussed today was so recently amended that the Commission has not had the chance to determine the effects of those changes.

  • Statement On Adoption Of Amendments To Proxy Rules Governing Proxy Voting Advice & Proposal Of Amendments To Rule 14a-8, SEC Commissioner Caroline A. Crenshaw,, July 13, 2022

    Date 13/07/2022

    In the past, corporate democracy was traditionally exercised in-person at an annual meeting. At these meetings, company shareholders gathered together physically, in a room, to cast their votes on a variety of issues ranging from the election of directors to employee working conditions. Today, with two years of COVID telework and remote technology under our belt, that may seem as antiquated as my parents’ landline rotary phone. The majority of shareholders now vote through the grant of proxy in advance of the meeting, electronically. In other words, they fill out a ballot, or someone, like their investment adviser, does so on their behalf through an electronic vote management system. This process, as a whole, is generally referred to as the proxy process and, over time, the corporation’s proxy materials have become, as the D.C. Circuit acknowledged, “the forum for shareholder suffrage.”

  • SEC Proposes Amendments To Shareholder Proposal Rule

    Date 13/07/2022

    The Securities and Exchange Commission today proposed amendments to the rule that governs the process for including shareholder proposals in a company’s proxy statement. Under Rule 14a-8, companies generally must include shareholder proposals in their proxy statements. The rule, however, provides several bases for exclusion, including several substantive requirements that proposals must comply with to avoid exclusion. The proposed amendments would revise three of the bases for exclusion to promote more consistency and predictability in application.

  • Improving The Shareholder Proposal Process: Statement On Proposed Amendments To Rule 14a-8, SEC Commissioner Allison Herren Lee, July 13, 2022

    Date 13/07/2022

    Shareholder proposals represent a key mechanism for shareholders to engage with management, put issues of importance on the proxy ballot, and generally enhance oversight and accountability. Through this process, shareholders have introduced significant improvements in corporate governance including majority vote rules for the election of directors, elimination of staggered board terms, limits on poison pills that serve to entrench management, and requirements for independent board chairs. Indeed shareholder proposals have often been a catalyst for pivotal corporate governance reforms. And shareholder-proponents have been early and leading voices – bellwethers for management – on significant issues such as climate risk, workforce diversity, and political spending disclosure.

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