Proxy season 2026: What to expect from rule 14a-8 changes

Governance experts share their predictions for the upcoming proxy season following the SEC’s pullback around shareholder proposals

 

Among the tumult of 2025 was a November announcement from the SEC stating that it would reduce oversight of shareholder proposal disputes. Blaming ‘current resource and timing considerations following the lengthy government shutdown,’ the regulator said that it would end ‘substantial’ reviews of no-action requests under rule 14a-8, with the change applying to the proxy season running from October 2025 to September 2026 – as well as anything it hadn’t got to before the decision was made. You can read more about the SEC’s decision here.

As we kick off 2026, we hear from governance experts on how they think the regulator’s step back will affect the proxy season going forward.

SEC releases decisions on DEI proposals under new 14a-8 guidance

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