Recent Shareholder Proposal Litigation Underscores the Need for Shareholder Proposal Reform

Since the U.S. Securities and Exchange Commission announced in November 2025 that it would no longer rule on most Rule 14a-8 no-action requests, companies have taken varying approaches to shareholder proposals that continued to be pressed by social mission organizations, public employee unions, retirement systems, and others across the political spectrum. Some added the proposals to their proxy materials, some declined.... By: Jones Day