2026 Shareholder Proposals Challenged by Companies
As many of us are aware, in late 2025 the SEC’s Division of Corporate Finance announced it was withdrawing from its role of providing staff guidance for companies seeking relief from a potential SEC enforcement action. For decades, companies sought that relief by filing a “No Action” letter with the staff, and asking for assurance that its analysis was sound. The Division’s announcement has created an uncomfortable vacuum for investors and companies alike. Instead, companies submitting a No Action letter to the SEC will now receive a simple “No Objection letter” from staff.
We believe it is important to have a clear record of companies utilizing this approach and unilaterally omitting a resolution this year. ICCR staff have compiled and updated this chart using information from proponents and an SEC website which lists the resolutions challenged. The chart does not track any anti-ESG resolutions that were challenged. This snapshot of challenges will be updated as necessary.
Some companies continued dialogues with proponents after filing challenges and came to mutual agreements leading to successful withdrawal of the resolutions. And of course, the vast majority of companies receiving resolutions did not challenge the resolutions submitted.
