Working draft for discussion. Posted October 11, 2026. Comments to the SEC are due Friday, November 20, 2026 (File No. S7-2026-32). The SEC has proposed to rescind Rule 14a-8, the rule that, since 1942, has required public companies to include qualifying shareholder proposals in their proxy statements. It would also let management vote uninstructed shares […]
I find most of Matt Levine‘s Money Stuff columns informative, rational, and often witty. Part of his October 1 piece, Default shareholder voting, is an exception. Levine defends the programs at ExxonMobil, Goldman Sachs, and Tesla that let retail investors have their shares voted with the board automatically, at every meeting, until they opt out. […]
The SEC has proposed to Rescind Rule 14a-8 would be one of the most consequential changes to shareholder rights in generations. Complete rescission of Rule 14a-8, woiuld repeal the federal rule that has allowed qualifying shareholders to place proposals in company proxy materials for more than 80 years. Under Release No. 34-106383, File No. S7-2026-32, […]