The SEC is considering changes to Rule 14a-8, the process that determines shareholder access to corporate proxies. These changes would make the filing of resolutions more onerous for investors.
In response, ICCR has joined together with the Investor Rights Forum, CERES, the Council of Institutional Investors, US SIF, PRI, and other stakeholders to defend shareholder rights. Together, we are pressing key decision makers to preserve Rule 14a-8 in its present form, as the most effective and efficient means for shareholders to communicate with boards of directors, corporate management, and their fellow shareholders.
ICCR Statements and SEC Submissions:
- July 30, 2020 - ICCR, along with CII, the Shareholder Rights Group, Ceres, AFL-CIO, US SIF and the Sustainable Investments Institute, submitted case studies and a comment letter to the SEC. Read the related press release here.
- July 30, 2020 - ICCR letter regarding Department of Labor proposed rule 'Financial Factors in Selecting Plan Investments'
- July 6, 2020 - ICCR letter on virtual and hybrid AGMs - Concerns from the 2020 season
- June 22, 2020 - Investors issue protocols for 2021 AGM season
- April 30, 2020 - Comment Letter on Weight of Investor Opposition to SEC Proposals
- April 21, 2020 - Investor letter to AT&T regarding virtual AGMs.
- February 6, 2020 - ICCR Press Release following closure of the SEC Comment period - Investors Overwhelmingly oppose SEC's move to restrict shareholder rights
- January 27, 2020 - ICCR's submission to SEC Secretary Countryman arguing against the proposed amendments to rule 14a-8. Read US SIF's submission. Read the Council of Institutional Investors' submission. Read the Shareholder Rights Group's submission.
- November 5, 2019 - ICCR Press Release on SEC Proposed Changes to Rule 14a-8
- November 5, 2019 - ICCR CEO Josh Zinner's Blog on Proposed SEC Changes
- November 5, 2019 - ICCR and the Shareholder Rights Group submitted a fact sheet to the SEC Debunking Myths And Disinformation Regarding Shareholder Proposals. See the letter here.
- October 25, 2019 - Potential Rulemaking on Shareholder Proposal Filing and Resubmission Thresholds Letter from Shareholder Rights Group, ICCR, CII, USSIF, UNPRI to Chairman Clayton.
- September 19, 2019 - ICCR, CII, USSIF, Ceres and the Shareholder Rights Group send letter to SEC criticizing new policy on Staff guidance
- September 9, 2019 - ICCR's CEO Responds to New SEC Guidance
- August 29, 2019 - ICCR's CEO Responds to the Business Roundtable's inconsistencies about shareholder rights. Read the letter here.
- May, 2017 - ICCR Press Release: Investor groups representing $65 trillion tell Trump Admin that current shareholder resolution process is working well to protect investors
- April, 2017 - The Business Case for the Current SEC Shareholder Proposal Process (a paper co-authored by ICCR, CERES and US SIF)
Press Coverage/Further Reading
- August 3, 2020 - CQ News - Investor groups Resist SEC Rule Change on Shareholder Proposals
- June 25, 2020 - Members of Congress Oppose Changes to Rule 14a-8 - Read Maxine Waters', Chairwoman of the House Committee on Financial Services, letter to the SEC. Read Senator Chris Van Hollen's letter.
- April 24, 2020 - Barron's - New SEC 14a-8 rules will hobble ESG investors
- February 3, 2020 - Business Wire - 18,000 signatures delivered urging SEC not to muzzle the voice of shareholders
- December 10, 2019 - Oxfam - The SEC Wants to Make it Harder to Hold the Powerful Accountable
- November 19, 2019 - Bloomberg - SEC Chairman Cites Fishy Letters in Support of Policy Change
- November 15, 2019 - Bloomberg - Silencing the Nun: SEC Aims to Curb Small Investors' Activism
- September 30, 2019 - JD Supra: Will Corp Fin's new policy for adderssing shareholder proposals lead to more litigation?
- September 21, 2019 - Harvard Law School Forum on Corporate Governance and Financial Regulation, No Action Process—Letter from Five Investor Organizations to SEC Division of Corporate Finance
Addiitonal Background: The history of the Financial CHOICE Act