The Securities and Exchange Commission proposed on September 16, 2026 to rescind Rule 14a-8, a federal rule in effect since the Securities Exchange Act of 1934 that had required public companies to include shareholder proposals in their proxy materials. This rescission transfers corporate governance authority to state laws, company charters, and boards, removing federal regulation from this domain. The SEC also proposed amending Rule 14a-4(c) to expand companies’ discretionary voting authority during shareholder meetings. Commissioner Mark T. Uyeda framed the move as correcting regulatory overreach, arguing that corporate governance has traditionally been governed by state law. The phased withdrawal from the no-action review process had begun in November 2025 and was completed by August 14, 2026.
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