On 16 September 2026, the US Securities and Exchange Commission (SEC) proposed rescinding Rule 14a8, the federal framework that allows eligible investors to file proposals at companies and place supporting statements in proxy materials. The package would also amend Rule 14a-4 and rescind Rule 14a-6(g), changing both access to the company ballot and the ways investors communicate outside it.

Rescission of Rule 14a-8 would not ban shareholder proposals, but it would remove the consistent federal route through which qualifying proposals reach company proxy materials. Investors would instead need to rely on state law, company governing documents, private negotiation, separate solicitation or litigation. Each route brings different costs, deadlines and legal risks, all of which would prove detrimental to investors and to many companies.

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