Proposed Securities and Exchange Commission Rules Would Block Shareholder Proposals Addressing Systemic Racism

As the murder of George Floyd and other documented incidents of police brutality against Black communities catalyzed the unprecedented Black Lives Matter protests, public, company and investor focus on issues of racial justice has increased. These concerns elevated the importance of an array of ongoing shareholder initiatives seeking to address discrimination and harassment, diversity and inclusion, civil and human rights, and social equity. Long-standing shareholder proposals have scrutinized predatory lending, worker health and safety, board and workforce diversity, racial biases in facial recognition software, prison labor, and gender and racial pay gaps.