The U.S. Securities and Exchange Commission’s Divisions of Corporation Finance and Investment Management have discontinued responses to shareholder proposal no-action requests under Rule 14a-8, effective immediately and until further notice. Staff will no longer respond to requests under any exclusion basis, including Rule 14a-8(i)(1), or issue letters indicating that they will not object when a company omits a proposal from its proxy materials. Companies remain required under Rule 14a-8(j) to notify the Commission and provide the information specified by the rule when they intend to exclude a shareholder proposal. Notices generally must be filed through the online Shareholder Proposal Form, while notices involving investment companies must be submitted to the Division of Investment Management through its designated channel.
U.S. Securities & Exchange Commission2026-08-14
U.S. Securities and Exchange Commission ends staff responses to shareholder proposal no-action requests
The U.S. Securities and Exchange Commission has ended staff responses to all Rule 14a-8 shareholder proposal no-action requests and related non-objection notices, effective immediately and until further notice. Companies must continue filing the required notices when they intend to exclude proposals from proxy materials.