Shareholder Proposals: Staff Legal Bulletin No. 14L (CF) No-Action letter の運用が変わるみたいです/ SEC

SECがShareholder Proposals: Staff Legal Bulletin No. 14L (CF)　のannouncement しています。

www.sec.gov

Chair とCommissionerがstatementを出しています。

SEC.gov | Statement on Shareholder Proposals: Staff Legal Bulletin No. 14L

Statementの最初の段落；

Today the Division of Corporation Finance issued a new staff legal bulletin relating to shareholder proposals, which rescinded the last three bulletins and indicated that the staff may no longer agree that certain proposals are excludable from proxy statements under Rule 14a-8. Notably, the Bulletin singles out as likely no longer excludable proposals “squarely raising human capital management issues with a broad societal impact” and proposals that “request[] companies adopt timeframes or targets to address climate change.” While it is disappointing to see these two topics highlighted for special treatment, it is not altogether surprising given current SEC priorities. Today’s Bulletin furthers the recent trend of erasing previous Commissions’ and staffs’ work and replacing it with the current Commission’s flavor-of-the-day regulatory approach.

あとmicromanagementについても少し見解を変えたのかもしれません。

ISSのResarchでNo-Action letterについて時々出てくるので、きちんと理解しておくべきですね。