SEC Releases Statement Related to Exclusion of Shareholder Proposals Under Rule 14a-8

The SEC’s Division of Corporation Finance (the “Division”) has released a statement regarding “its role in the Rule 14a-8 process for the 2025-2026 proxy season.” Specifically, the Division has decided that it will “not respond to no-action requests for, and express no views on, companies’ intended reliance on any basis for exclusion of shareholder proposals under Rule 14a-8, other than no-action requests to exclude a proposal under Rule 14a-8(i)(1).” The Division indicates that the reason for this decision is based on, among other things, “current resource and timing considerations following the lengthy government shutdown.”