A new report from the Shareholder Rights Group highlights, among numerous shareholder proposal-related developments, how shareholder proponents are adapting to the SEC’s revised approach to the Rule 14a-8 no-action process during the 2026 proxy season. With administrative avenues for challenging proposal exclusions largely unavailable, proponents are increasingly turning to alternative strategies to preserve ballot access, including litigation, administrative law challenges, independent proxy solicitations, and director accountability (“vote no”) campaigns.
According to the report, these developments reflect a shift toward more adversarial and resource-intensive tactics as proponents seek alternative avenues to raise governance and risk oversight concerns in the absence of the SEC's traditional no-action review process.
The report also recommends restoring a “functional” no-action process (noting the relative efficiency and affordability of the process while acknowledging the opportunity for “modest refinements”), providing clearer guidance on proposal exclusions, and ensuring that the shareholder proposal process remains accessible to smaller investors who may lack the resources to pursue litigation.
Access additional resources on our Shareholder Proposals page.
This post first appeared in the weekly Society Alert!