Shareholder proposal rule
Welcome to the McGuireWoods Quarterly Securities & Capital Markets Update, a series of updates that reviews important securities law developments from the previous quarter and alerts readers of significant considerations for...more
The Interfaith Center on Corporate Responsibility (ICCR) and As You Sow, represented by Democracy Forward, have filed a complaint against the U.S. Securities and Exchange Commission (SEC) over the SEC’s new No-Objection...more
Since the SEC stopped substantively responding to Rule 14a-8 no-action requests, shareholders are increasingly turning to litigation to challenge the exclusion of their proposals from company proxy materials....more
In November 2025, the SEC’s Division of Corporation Finance (the “Division”) announced a significant change to its no-action process for the 2026 proxy season, indicating that it would not substantively review or respond to...more
The Securities and Exchange Commission (the “SEC”) has announced that, for the 2025–2026 proxy season, it will not provide substantive responses to company no-action requests to exclude shareholder proposals under Rule 14a-8,...more