Story perspectives

SEC Limits Responses to Shareholder Proposals in 2025

11/17/2025

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Summary

Story summary

The Securities and Exchange Commission will not respond to most no-action requests to exclude shareholder proposals during the 2025-26 proxy season.
The policy takes effect on October 1, 2025, restricting responses to Rule 14a-8(i)(1) requests tied to state corporate law.
The SEC aims to clear a backlog of filings from a government shutdown.
SEC Chair Paul Atkins questioned the relevance of nonbinding environmental and social proposals under state law.
This shift could significantly impact shareholder proposals.

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Story summary

The Securities and Exchange Commission will not respond to most no-action requests to exclude shareholder proposals during the 2025-26 proxy season.
The policy takes effect on October 1, 2025, restricting responses to Rule 14a-8(i)(1) requests tied to state corporate law.
The SEC aims to clear a backlog of filings from a government shutdown.
SEC Chair Paul Atkins questioned the relevance of nonbinding environmental and social proposals under state law.
This shift could significantly impact shareholder proposals.