Skadden’s “Hitting Reset or Flipping the Table? SEC Staff Significantly Increases the Unpredictability of the Shareholder Proposal No-Action Process” demonstrates by example the seemingly erratic decision-making from SEC staff on no-action requests during the 2022 proxy season. While many determinations can be explained in the context of Staff Legal Bulletin 14L and the September 2020 amendments to Rule 14a-8, the lack of discernible patterns and relatively few success stories fail to provide meaningful guidance or a roadmap to companies seeking no–action relief going forward.
Access additional resources on our Shareholder Proposals page.