Last week, two shareholder advocacy groups – the Interfaith Center on Corporate Responsibility and As You Sow – sued the SEC over its statement issued last November that it wouldn’t respond to Rule 14a-8 no-action requests – at least until September 30, 2026 – unless a company is seeking relief under Rule 14a-8(i)(1).
Here’s a press release from the shareholder advocacy groups – and here’s the complaint filed in the US District Court for the District of Columbia. The shareholder advocacy groups claim that the SEC violated the Administrative Procedure Act by failing to include a notice and comment period before deciding to not process most Rule 14a-8 no-action requests this proxy season.
Authored by
Broc Romanek