{"id":25784,"date":"2026-04-13T09:17:41","date_gmt":"2026-04-13T08:17:41","guid":{"rendered":"https:\/\/www.labrador-transparency.com\/?p=25784"},"modified":"2026-04-17T08:30:31","modified_gmt":"2026-04-17T07:30:31","slug":"when-the-umpire-leaves-the-field","status":"publish","type":"post","link":"https:\/\/www.labrador-transparency.com\/en\/blog\/when-the-umpire-leaves-the-field\/","title":{"rendered":"When the Umpire Leaves the Field"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"25784\" class=\"elementor elementor-25784\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-063a4c3 e-flex e-con-boxed e-con e-parent\" data-id=\"063a4c3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5d31b44 elementor-widget elementor-widget-text-editor\" data-id=\"5d31b44\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Although non-binding, these letters played a critical role in the shareholder proposal ecosystem by:<\/p><ul><li>Providing <strong>independent regulatory analysis<\/strong> of the company\u2019s arguments.<\/li><li>Creating <strong>public precedents<\/strong> for interpreting Rule 14a-8.<\/li><li>Offering companies<strong> a measure of legal protection, sort of a \u201cstamp of approval,\u201d before excluding proposals.<\/strong><\/li><\/ul><p>Companies rarely excluded proposals without receiving no-action relief. The SEC staff\u2019s review effectively served as a <strong>deterrent to litigation.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6f69a7a e-flex e-con-boxed e-con e-parent\" data-id=\"6f69a7a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5303e5b elementor-widget elementor-widget-heading\" data-id=\"5303e5b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">New Settings, Higher Stakes:\nWhat Changed Last November<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f45409 elementor-widget elementor-widget-text-editor\" data-id=\"5f45409\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>On November 17, 2025, the SEC announced that for the 2025\u20132026 proxy season (October 1, 2025 \u2013 September 30, 2026) staff will:<\/p><ul><li><strong>Stop responding to no-action letter requests<\/strong> except those based on Rule 14a-8(i)(1) (improper under state law).<\/li><li><strong>Stop expressing substantive views<\/strong> on companies\u2019 decisions to exclude proposals.<\/li><\/ul><p><br \/>This decision was driven by resource constraints following a prolonged government shutdown and has changed how companies approach shareholder proposal exclusions.<\/p><p>Companies must still notify the SEC and the shareholder proponent at least <strong>80 days before filing their definitive proxy statement<\/strong> if they intend to exclude a proposal. Instead of the traditional no-action letter, the SEC will respond with a \u201cno-objection\u201d letter based on limited analysis.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0d13fbe e-con-full e-flex e-con e-child\" data-id=\"0d13fbe\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-aa04e9b elementor-widget elementor-widget-text-editor\" data-id=\"aa04e9b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The absence of SEC staff analysis has removed a long-standing procedural safeguard that <strong>historically guided companies\u2019 decisions and discouraged litigation. <\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b11dc0f e-flex e-con-boxed e-con e-parent\" data-id=\"b11dc0f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0fd6b7e elementor-widget elementor-widget-heading\" data-id=\"0fd6b7e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The First Games of the Season<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d74458 elementor-widget elementor-widget-text-editor\" data-id=\"9d74458\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Early developments in the 2025\u20132026 proxy season suggest that the absence of no-action relief may <strong>open an opportunity for shareholder proponents to litigate exclusions<\/strong>. As of April 2026, at least six lawsuits have emerged involving disputes over excluded shareholder proposals:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a02f73 elementor-widget elementor-widget-text-editor\" data-id=\"5a02f73\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"https:\/\/comptroller.nyc.gov\/newsroom\/nyc-pension-funds-and-att-reach-settlement-for-unlawful-exclusion-of-shareholder-proposal-requesting-workforce-demographic-data-disclosure\/\" target=\"_blank\" rel=\"noopener\"><strong>AT&amp;T vs. New York Pension Fund<\/strong><\/a> over a <a href=\"https:\/\/www.sec.gov\/files\/corpfin\/no-action\/14a-8\/nycatt1226.pdf\" target=\"_blank\" rel=\"noopener\">proposal<\/a> requesting disclosure of workforce demographic data through the Consolidated EEO-1 report.<\/li><li><strong><a href=\"https:\/\/www.responsible-investor.com\/esg-round-up-nathan-cummings-foundation-withdraws-shareholder-lawsuit\/\">Axon Enterprise vs. Nathan Cummings Foundation<\/a> <\/strong>over a <a href=\"https:\/\/www.sec.gov\/files\/corpfin\/no-action\/14a-8\/nathancummingsfoundationaxonenterprise21026.pdf\">proposal<\/a> requesting enhanced disclosure regarding political spending.<\/li><li><a href=\"https:\/\/www.peta.org\/media\/news-releases\/victory-pepsico-to-allow-shareholder-vote-on-bull-abuse-concerns-after-lawsuit\/\"><strong>PepsiCo vs. People for the Ethical Treatment of Animals (PETA)<\/strong><\/a> over a <a href=\"https:\/\/www.sec.gov\/files\/corpfin\/no-action\/14a-8\/masterspepsi11326.pdf\">proposal<\/a> requesting that PepsiCo issue<br \/>a report evaluating whether the treatment of animals within its supply chain complied with the company\u2019s Global Animal Welfare Policy, its Supplier Code of Conduct, and local animal welfare laws.<\/li><li><a href=\"https:\/\/www.responsible-investor.com\/new-york-state-comptroller-as-you-sow-add-to-lawsuits-over-shareholder-proposals\/\"><strong>BJ\u2019s Wholesale Club vs. Comptroller of the State of New York<\/strong> <\/a>over a <a href=\"https:\/\/www.sec.gov\/files\/corpfin\/no-action\/14a-8\/nycommonretirementfundbjs31026.pdf\">proposal<\/a> requesting an assessment of risks of deforestation associated with its private-label brands and a report summarizing the results.<\/li><li><a href=\"https:\/\/www.asyousow.org\/press-releases\/2026\/3\/3\/as-you-sow-files-lawsuit-challenging-chubbs-refusal-to-putnbsp-shareholder-proposal-addressing-climate-driven-insurance-crisis-on-company-proxy\"><strong>Chubb vs. As you Sow<\/strong><\/a> over a <a href=\"https:\/\/www.sec.gov\/files\/corpfin\/no-action\/14a-8\/asyousowchubblimited11526.pdf\">proposal<\/a> requesting a third-party report assessing whether pursuing subrogation claims related to climate-driven losses would benefit the company and its insured parties.<\/li><li><a href=\"https:\/\/www.iccr.org\/faith-based-investor-sues-unitedhealth-group-to-protect-shareholder-rights-and-address-healthcare-transparency\/\"><strong>UnitedHealth Group vs. the Congregation des S\u0153urs des Saints Noms de J\u00e9sus et de Marie (Quebec-based)<\/strong><\/a> over a <a href=\"https:\/\/www.sec.gov\/files\/corpfin\/no-action\/14a-8\/durocherunitedhealth21326.pdf\">proposal<\/a> requesting a report on the healthcare consequences of the company\u2019s acquisitions over the past 10 years.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3dc4217 e-flex e-con-boxed e-con e-parent\" data-id=\"3dc4217\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c795833 elementor-widget elementor-widget-heading\" data-id=\"c795833\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Sustainability Is, Still and Again, the Touchy Subject<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c0b375 elementor-widget elementor-widget-text-editor\" data-id=\"5c0b375\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Perhaps the most obvious thing to note is that <strong>all proposals are ESG-related<\/strong>. The recent context regarding sustainability topics has been getting tenser, and some companies have chosen to scale back on reporting on those issues. However, <strong>investors remain focused on sustainability<\/strong> and, as it seems, activists are ready to go to court over such proposals.<\/p><p>All six companies sought to exclude the proposals based on Rule 14a-8(i)(7), claiming the proposals related to <strong>ordinary business and sought to micromanage<\/strong> the company. Five of the proponents contested this by arguing that the <strong>proposals addressed long-term corporate strategy and risk management<\/strong>, rather than operational decisions, reflecting a broader <strong>shift in how investors view sustainability-related matters<\/strong>. It is worth noting that the other proponent alleged that the company failed to properly notify them of deficiencies in the submission, as required under Rule 14a-8.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-11c3ff0 e-con-full e-flex e-con e-child\" data-id=\"11c3ff0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-79192a8 elementor-widget elementor-widget-text-editor\" data-id=\"79192a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>AT&amp;T, the first case of this season, posted a rather short notice to the SEC, naming one precedent only and without in-depth analysis, all other companies sent a detailed notice, demonstrating that even a notice with in-depth analysis is not full-proof security against a possible lawsuit.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5f068c3 e-flex e-con-boxed e-con e-parent\" data-id=\"5f068c3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bfbc4aa elementor-widget elementor-widget-heading\" data-id=\"bfbc4aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Settlement<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d7690a elementor-widget elementor-widget-text-editor\" data-id=\"8d7690a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The AT&amp;T and PepsiCo cases were s<strong>ettled by the companies agreeing to include the proposals in their<\/strong> 2026 <strong>proxy statements<\/strong>. Axon Enterprise settled by committing to disclose its policies and governance framework for political spending, along with amounts and recipients. We are still waiting for more development in the remaining cases. Chubb and BJ\u2019s Wholesale Club have chosen to pushback in court rather than a quick settlement.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e78d1b1 e-flex e-con-boxed e-con e-parent\" data-id=\"e78d1b1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b54e553 elementor-widget elementor-widget-heading\" data-id=\"b54e553\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Our Recommendations for a Winning Season<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf1c420 elementor-widget elementor-widget-text-editor\" data-id=\"cf1c420\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>It appears that this season, perhaps more than in previous ones, companies must take a <strong>proactive approach to shareholder-proponent engagement and demonstrate genuine transparency<\/strong>. Based on the lawsuits previously described, several practices can help companies reduce the risk of litigation.<br \/><br \/><\/p><h3>1. Engage Early and Meaningfully with Proponents<\/h3><p>Direct engagement with shareholder proponents may reduce the likelihood of litigation. Four of the companies involved in lawsuits did not disclose any process for engaging with proponents in their proxy statement and did not disclose specific prior engagement with those proponents in the notice letter. Dialogue may allow companies to:<\/p><ul><li>Clarify the intent of the proposal.<\/li><li>Negotiate modifications or withdrawals.<\/li><li>Identify potential compromises before disputes escalate.<\/li><\/ul><p>\u00a0<\/p><h3>2. Provide Detailed Notices of Exclusion<\/h3><p>When companies decide to exclude a proposal, they should ensure that their notification to the SEC and the proponent includes <strong>clear and comprehensive reasoning<\/strong>. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ae04cf4 e-con-full e-flex e-con e-child\" data-id=\"ae04cf4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a070a57 elementor-widget elementor-widget-text-editor\" data-id=\"a070a57\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>That recommendation is not ours alone: <a href=\"https:\/\/www.issgovernance.com\/file\/policy\/active\/americas\/US-Procedures-and-Policies-FAQ.pdf#page=34\">ISS stated in its December 2025 FAQ<\/a> that they expect \u201ca clear and compelling argument for the exclusion of a proposal\u201d. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9dd461 elementor-widget elementor-widget-text-editor\" data-id=\"b9dd461\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Best practices include:<\/p><ul><li><strong>Detailed legal analysis<\/strong> of the relevant Rule 14a-8 exclusion.<\/li><li>Citations to prior SEC <strong>precedents<\/strong>.<\/li><li>Explanation of how the proposal affects company operations.<\/li><li>Documentation of relevant company policies or disclosures.<\/li><\/ul><p>Companies providing detailed reasoning may still face challenges, but thorough analysis <strong>strengthens the company\u2019s position if litigation occurs<\/strong>.<\/p><h3>3. Evaluate Company-Specific Context<\/h3><p>Investor relations and governance teams should assess exclusion decisions considering the <strong>broader context<\/strong>, including:<\/p><ul><li>Industry-wide developments and trends.<\/li><li>Recent shareholder proposals on similar topics and shareholder support.<\/li><li>Changes in the company\u2019s disclosure practices.<\/li><li>Track record of the proponent.<\/li><\/ul><p>Proposals submitted by <strong>repeat proponents or activist organizations<\/strong> may warrant additional engagement and scrutiny. Similarly, companies that have previously disclosed information related to the proposal topic may face <strong>greater scrutiny when reversing course<\/strong>, as illustrated in the AT&amp;T case. The AT&amp;T litigation occurred after the company faced a similar proposal in 2020 and agreed to disclose its EEO-1 report, a disclosure that was discontinued in 2024.<\/p><h3>4. Prioritize Transparency with Investors<\/h3><p>In an environment without SEC validation, transparency can help mitigate reputational and litigation risk and encourage shareholder proponents to choose dialogue over litigation.<\/p><p><strong>1. Companies can consider describing their engagement process with shareholder proponents.<br \/><\/strong>Lockheed Martin and Wells Fargo describe engagement with shareholders proponent in a dedicated sub-section of the shareholder engagement section, outlining the practice as a part of their overall engagement process.<\/p><p><a href=\"https:\/\/www.lockheedmartin.com\/content\/dam\/lockheed-martin\/eo\/documents\/annual-reports\/2025-proxy-statement.pdf\">Lockheed Martin 2025 Proxy Statement<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fbedb9d elementor-widget elementor-widget-image\" data-id=\"fbedb9d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1518\" height=\"429\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-08-at-01-22-41-Lockheed-Martin-2025-Proxy-2025-proxy-statement.pdf.png\" class=\"attachment-full size-full wp-image-25811\" alt=\"Screenshot 2026 04 08 at 01 22 41 Lockheed Martin 2025 Proxy 2025 proxy statement.pdf\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-08-at-01-22-41-Lockheed-Martin-2025-Proxy-2025-proxy-statement.pdf.png 1518w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-08-at-01-22-41-Lockheed-Martin-2025-Proxy-2025-proxy-statement.pdf-300x85.png 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-08-at-01-22-41-Lockheed-Martin-2025-Proxy-2025-proxy-statement.pdf-1024x289.png 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-08-at-01-22-41-Lockheed-Martin-2025-Proxy-2025-proxy-statement.pdf-768x217.png 768w\" sizes=\"(max-width: 1518px) 100vw, 1518px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e2a57ce elementor-widget elementor-widget-image\" data-id=\"e2a57ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1511\" height=\"472\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-08-at-01-19-46-Lockheed-Martin-2025-Proxy-2025-proxy-statement.pdf.png\" class=\"attachment-full size-full wp-image-25816\" alt=\"Screenshot 2026 04 08 at 01 19 46 Lockheed Martin 2025 Proxy 2025 proxy statement.pdf\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-08-at-01-19-46-Lockheed-Martin-2025-Proxy-2025-proxy-statement.pdf.png 1511w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-08-at-01-19-46-Lockheed-Martin-2025-Proxy-2025-proxy-statement.pdf-300x94.png 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-08-at-01-19-46-Lockheed-Martin-2025-Proxy-2025-proxy-statement.pdf-1024x320.png 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-08-at-01-19-46-Lockheed-Martin-2025-Proxy-2025-proxy-statement.pdf-768x240.png 768w\" sizes=\"(max-width: 1511px) 100vw, 1511px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4cf38c7 elementor-widget elementor-widget-image\" data-id=\"4cf38c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"574\" height=\"269\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/LM_3.png\" class=\"attachment-full size-full wp-image-25818\" alt=\"LM 3\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/LM_3.png 574w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/LM_3-300x141.png 300w\" sizes=\"(max-width: 574px) 100vw, 574px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83c0784 elementor-widget elementor-widget-text-editor\" data-id=\"83c0784\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.wellsfargo.com\/assets\/pdf\/about\/investor-relations\/annual-reports\/2025-proxy-statement.pdf#page=12\">Wells Fargo 2025 Proxy Statement<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3030114 elementor-widget elementor-widget-image\" data-id=\"3030114\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"200\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/WF_1.png\" class=\"attachment-full size-full wp-image-25823\" alt=\"WF 1\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/WF_1.png 1200w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/WF_1-300x50.png 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/WF_1-1024x171.png 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/WF_1-768x128.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35582d2 elementor-widget elementor-widget-text-editor\" data-id=\"35582d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>2. Some companies have also begun disclosing excluded proposals or proposals they included but believe could have been excluded within their proxy statement.<\/strong><\/p><p>Several companies have proactively acknowledged the change in dealing with shareholder proposals and included language in their 2026 proxy statements informing either of excluded proposals or proposals that they included due to the absence of SEC no-action letters but thought should have been excluded. Those statements were included either in the shareholder proposals section, often in the introduction, or as a comment of the related proposal (see The Walt Disney Company).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-933c037 elementor-widget elementor-widget-text-editor\" data-id=\"933c037\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/s203.q4cdn.com\/326826266\/files\/doc_financials\/2025\/ar\/2026-Starbucks-Proxy-Statement-Web-Ready.pdf#page=92\">Starbucks 2026 Proxy Statement<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f08bd9 elementor-widget elementor-widget-image\" data-id=\"1f08bd9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1265\" height=\"790\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/SB_1.png\" class=\"attachment-full size-full wp-image-25825\" alt=\"SB 1\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/SB_1.png 1265w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/SB_1-300x187.png 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/SB_1-1024x639.png 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/SB_1-768x480.png 768w\" sizes=\"(max-width: 1265px) 100vw, 1265px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d80500 elementor-widget elementor-widget-text-editor\" data-id=\"5d80500\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/investors.thewaltdisneycompany.com\/files\/doc_financials\/2025\/ar\/2026-Proxy-Statement.pdf#page=94\">The Walt Disney Company 2026 Proxy Statement<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a90d350 elementor-widget elementor-widget-image\" data-id=\"a90d350\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"920\" height=\"455\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/WD_1.png\" class=\"attachment-full size-full wp-image-25827\" alt=\"WD 1\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/WD_1.png 920w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/WD_1-300x148.png 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/WD_1-768x380.png 768w\" sizes=\"(max-width: 920px) 100vw, 920px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f513429 elementor-widget elementor-widget-text-editor\" data-id=\"f513429\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/d1io3yog0oux5.cloudfront.net\/_ff21baf9779515a2dc0530e9b2736e3b\/bd\/db\/2460\/24549\/proxy_statement\/BD+2026+Proxy+Statement.pdf#page=102\">BD 2026 Proxy Statement<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04423f6 elementor-widget elementor-widget-image\" data-id=\"04423f6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1222\" height=\"358\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/BD_1.png\" class=\"attachment-full size-full wp-image-25829\" alt=\"BD 1\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/BD_1.png 1222w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/BD_1-300x88.png 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/BD_1-1024x300.png 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/BD_1-768x225.png 768w\" sizes=\"(max-width: 1222px) 100vw, 1222px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3266a87 elementor-widget elementor-widget-text-editor\" data-id=\"3266a87\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/s2.q4cdn.com\/470004039\/files\/doc_financials\/2026\/Proxy_Statement_2026.pdf#page=76\">Apple 2026 Proxy Statement<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d8b308 elementor-widget elementor-widget-image\" data-id=\"2d8b308\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1365\" height=\"375\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/AP_1.png\" class=\"attachment-full size-full wp-image-25831\" alt=\"AP 1\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/AP_1.png 1365w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/AP_1-300x82.png 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/AP_1-1024x281.png 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/AP_1-768x211.png 768w\" sizes=\"(max-width: 1365px) 100vw, 1365px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5225511 elementor-widget elementor-widget-text-editor\" data-id=\"5225511\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Such disclosures can demonstrate a <strong>commitment to transparency and good governance, potentially reducing investor skepticism.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b9bb409 e-flex e-con-boxed e-con e-parent\" data-id=\"b9bb409\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d348cc3 elementor-widget elementor-widget-text-editor\" data-id=\"d348cc3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2>Looking Ahead<\/h2><p>The SEC\u2019s temporary withdrawal from the no-action process represents a significant shift in the typical U.S. shareholder proposal process. Companies must now make exclusion decisions with greater legal uncertainty, and it appears that shareholder proponents might be increasingly willing to challenge exclusions in court.<br \/><br \/>For investor relations and governance professionals, the implications are:<\/p><ul><li><strong>Engagement, documentation, and transparency<\/strong> are more important than ever.<\/li><li>Companies must carefully evaluate not only the legal basis for exclusion but also the <strong>strategic and reputational risks<\/strong> associated with that decision.<\/li><\/ul><p><br \/>In this evolving environment, organizations that adopt <strong>proactive engagement strategies and robust disclosure practices<\/strong> will be best positioned to navigate the possible risks.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a10f79 elementor-widget elementor-widget-text-editor\" data-id=\"3a10f79\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2>Citations<\/h2><ul><li>Shuangjun Wang, Francesca Odell, and Jean Choi, \u201c<a href=\"https:\/\/www.clearysecuritieswatch.com\/2026\/01\/the-nal-landscape-post-sec-announcement\/\">The NAL Landscape Post-SEC Announcement<\/a>\u201d, Cleary Gottlieb, January 27, 2026<\/li><li>Andrea Reed, Justin Nowell, Sonia Gupta Barros, and Sidley Austin, \u201c<a href=\"https:\/\/corpgov.law.harvard.edu\/2026\/02\/07\/shareholder-engagement-in-flux-recent-developments-and-practical-implications\/\">Shareholder Engagement in Flux: Recent Developments and Practical Implications<\/a>\u201d the Harvard Law School Forum on Corporate Governance, February 7, 2026<\/li><li>Doreen Lilienfeld, Erika Kent, Melisa Brower, and A&amp;O Shearman, \u201c<a href=\"https:\/\/corpgov.law.harvard.edu\/2026\/02\/17\/preparing-for-the-2026-annual-reporting-and-proxy-season\/\">Preparing for the 2026 Annual Reporting and Proxy Season<\/a>\u201d the Harvard Law School Forum on Corporate Governance, February 17, 2026<\/li><li>Roger A. Cooper, Helena K. Grannis, Abena Mainoo, Francesca L. Odell, and Lillian Tsu, \u201c<a href=\"https:\/\/www.clearygottlieb.com\/news-and-insights\/publication-listing\/lawsuits-filed-under-secs-revised-rule-14a-8-no-action-letter-process\">Lawsuits Filed Under SEC\u2019s Revised Rule 14a-8 No-Action Letter Process<\/a>\u201d, Cleary Gottlieb, February 24, 2026<\/li><li>Broc Romanek, \u201c<a href=\"https:\/\/governancebeat.cooley.com\/the-shareholder-proposal-exclusion-risk-is-real-now-up-to-three-lawsuits\/\">The Shareholder Proposal Exclusion Risk Is Real: Now Up to Three Lawsuits<\/a>\u201d, The Governance Beat,<br \/>February 25, 2026<\/li><li>Gina Gambetta, \u201cJ<a href=\"https:\/\/www.responsible-investor.com\/judge-orders-axon-to-work-with-investor-on-compromise-shareholder-proposal\/#:~:text=A%20Washington%20DC%20judge%20has,a%20filing%20on%20political%20contributions\">udge orders Axon to work with investor on \u2018compromise\u2019 shareholder proposal<\/a>\u201d, Responsible Investor, March 3, 2026<\/li><li>Mona Dohle, \u201c<a href=\"https:\/\/www.netzeroinvestor.net\/news-and-views\/chubb-faces-lawsuit-over-excluded-climate-proposal\">Chubb faces lawsuit over excluded climate proposal<\/a>\u201d, Net Zero Investor, March 4, 2026<\/li><li>Joey O\u2019Donnell, \u201c<a href=\"https:\/\/www.jonesday.com\/en\/insights\/2026\/03\/shareholder-proposal-litigation-increases-following-the-secs-revised-rule-14a8-process\">Shareholder Proposal Litigation Increases Following the SEC\u2019s Revised Rule 14a-8 Process<\/a>\u201d, Jones Day, March 11, 2026<\/li><li>Rebecca Pifer Parduhn, \u201c<a href=\"https:\/\/www.healthcaredive.com\/news\/shareholders-sue-unitedhealth-acquisition-strategy-impact-proxy\/815561\/\">Faith-based investor coalition sues UnitedHealth to force disclosure of M&amp;A impacts<\/a>\u201d, HealthCareDive, March 25, 2026<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The 2025\u20132026 proxy season has introduced a significant shift in the governance landscape for U.S. public companies.<br \/>\nIn November 2025, the U.S. Securities and Exchange Commission (SEC) announced that it would no longer issue no-action letters related to most shareholder proposal exclusions under Exchange Act Rule 14a-8 for the current proxy season.<\/p>\n<p>This thought piece examines the evolving landscape following the SEC\u2019s announcement, highlights early litigations, and provides recommendations to mitigate risks.<\/p>\n","protected":false},"author":61,"featured_media":26177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[63,64],"tags":[],"class_list":["post-25784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sustainability-reporting","category-proxy-reporting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>When the Umpire Leaves the Field | Labrador Transparency<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.labrador-transparency.com\/en\/blog\/when-the-umpire-leaves-the-field\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When the Umpire Leaves the Field | Labrador Transparency\" \/>\n<meta property=\"og:description\" content=\"The 2025\u20132026 proxy season has introduced a significant shift in the governance landscape for U.S. public companies. In November 2025, the U.S. Securities and Exchange Commission (SEC) announced that it would no longer issue no-action letters related to most shareholder proposal exclusions under Exchange Act Rule 14a-8 for the current proxy season. This thought piece examines the evolving landscape following the SEC\u2019s announcement, highlights early litigations, and provides recommendations to mitigate risks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.labrador-transparency.com\/en\/blog\/when-the-umpire-leaves-the-field\/\" \/>\n<meta property=\"og:site_name\" content=\"Labrador Transparency\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-13T08:17:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-17T07:30:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2026\/04\/When-the-Umpire-Leaves-the-Field.png\" \/>\n\t<meta property=\"og:image:width\" content=\"513\" \/>\n\t<meta property=\"og:image:height\" content=\"674\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ethan Munoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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| Labrador Transparency","og_description":"The 2025\u20132026 proxy season has introduced a significant shift in the governance landscape for U.S. public companies. 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