Statement by CII Executive Director Glenn Davis on the SEC's Proposed Rescission of Rule 14a-8
The proposal would shift oversight to states and also end a rule requiring companies to issue glossy annual reports, the SEC said.
- On Wednesday, the SEC proposed ending its oversight of corporate shareholder votes on topics like climate change and executive pay, with SEC Chairman Paul Atkins stating the Commission lacks statutory authority to regulate these proposals.
- Atkins suggested states should manage shareholder proposals instead, reflecting a broader shift of power away from investors to corporate managers as the SEC now has three Republican members and two vacant seats previously held by Democrats.
- New York State Comptroller Thomas DiNapoli criticized the move, claiming "the SEC has chosen to allow corporate management to shield themselves from accountability" after the shareholder proposal process served as a "cornerstone of American corporate governance" for more than 80 years.
- Wall Street's top regulator also proposed ending a rule requiring glossy annual reports that the Commission said duplicate information in Form 10-Ks, streamlining corporate filing requirements.
- Atkins noted that several states, including Texas, have offered companies favorable treatment when incorporating locally, while the proposed changes now face a public comment period before further SEC action.
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LoudounTimes.com
Statement by CII Executive Director Glenn Davis on the SEC's Proposed Rescission of Rule 14a-8
WASHINGTON, Sept. 16, 2026 /PRNewswire/ -- Let this moment settle in: The SEC, created for the purpose of protecting investors in the aftermath of the Crash of 1929, today proposed to rescind a World War II-era rule protecting shareholders' ability…
SEC Moves to Scrap Federal Shareholder Proposal Rule in Sharp Shift of Corporate Power
The SEC proposed rescinding Rule 14a-8, eliminating federal oversight of shareholder proposals on issues like climate and pay. Power shifts to states and company bylaws. Critics call it a blow to accountability while supporters cite overreach and resource drain. The change could reshape corporate governance nationwide.
SEC proposes to end shareholder vote oversight, a blow to reformers - Regional Media News
By Ross Kerber Sept 16 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday proposed to end its oversight of corporate shareholder votes on topics like climate change or executive pay, a move critics see as a blow to corporate reforms. The move, expected [...]
SEC proposes to end shareholder vote oversight, a blow to reformers
By Ross Kerber Sept 16 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday proposed to end its oversight of corporate shareholder votes on topics like climate change or executive pay, a move critics see as a blow to corporate reforms...
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