The SEC stops issuing its “No-Action Letters” and arbitrating between companies and shareholders.
Until now, when a shareholder submitted a proposal - on governance issues, ESG... – for discussion at the shareholders' meeting, the company – if it wanted to exclude it from the ballot – requested a "no-action" letter from the SEC to ensure that the regulator would not take legal action if it removed the proposal. Now, the SEC has definitively stopped issuing these responses.