A potential repeal of Rule 14a-8 would turn the SEC’s retreat from shareholder proposal oversight into a structural test of whether US investors still have a reliable route to raise governance concerns at companies.

A US Supreme Court ruling has handed closed-end fund boards a major win, shutting down a legal tactic activist investors had started to use to challenge entrenched governance structures.

The US Securities and Exchange Commission’s move to scrap its climate disclosure rules has not ended the debate, but pushed it into a longer and more uncertain new phase.