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Courtesy of Proxy Analytics, notable no-action letter developments and voting for the 2024 season for the week of, and as of, February 23 include the following:

• Of 14 new no-action responses posted on the SEC’s website last week, 12 requests were granted, including five on substantive grounds.
• Notably, the SEC granted no-action relief under Rule 14a-8(i)(7) (micromanagement) for a proposal seeking a board report on the benefits and drawbacks of permanently committing not to sell paint containing titanium dioxide sourced from the Okefenokee Swamp; under Rule 14a-8(i)(2) for a proposal requesting adoption of a 10% special meeting rights threshold where the company included an opinion of local counsel indicating that implementation of the proposal would  violate state law; and under Rule 14a-8(i)(7) (ordinary business) for proposals seeking adoption of policies and implementation of programs on healthful foods (HCA Healthcare and Select Medical Holdings).
• Season to date, of 75 voted proposals tracked, the majority are E&S-related, with 12 focused on human rights.
• Average support for E&S proposals is down 8% season-over-season at 16% currently, compared to 24% last year, whereas average support for governance proposals is higher at 46% compared to 45% in 2023.

Access additional resources on our Proxy & Annual Reporting Season 2024 page.

                      This post first appeared in the weekly Society Alert!