In “Shareholder Proposal No-Action Requests in the 2023 Proxy Season: Companies Continue To Face a Challenging Environment,” Skadden provides an overview of the disposition of no-action requests during the 2023 proxy season, accompanied by examples and instructive practice pointers to assist companies with their analysis of the viability and drafting of such requests going forward.
According to Insightia’s “ESG 2023” report (undertaken in collaboration with Vinson & Elkins), the SEC has granted 31% and rejected 48% of environmental proposal- and social proposal-focused no-action requests as of May 31, with the balance having been withdrawn by the proponent (p24). This compares to 22% granted and 48% rejected in 2022, and 30% granted and 38% rejected in 2021.