SEC proposes ending the 1942 rule that lets shareholders put proposals on company ballots

The SEC has proposed eliminating Rule 14a-8, which since 1942 has let qualifying shareholders put their proposals on a company's annual-meeting ballot. The agency says the rule exceeds its authority and intrudes on state law; rescinding it would leave shareholder proposals to state law and company bylaws. The Council of Institutional Investors called the plan "a solution in search of a problem," and other investor groups warned of weaker accountability. The U.S. Chamber of Commerce has said activist investors used the rule to push their own agendas. Comments are due Nov. 20.

The wall: Chamber statement primary; dissent unconfirmed

Tier: Confirmed (positions reported)

Sources

• sec.gov/newsroom/press-releases/2026-89-sec-proposes-rescission-shareholder-proposal-rule-reforms-proxy-solicitation-process
• esgtoday.com/?p=25734
• americanbanker.com/news/sec-eyes-repeal-of-rule-allowing-shareholder-proposals

economy, business and finance federal

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