SEC Decision to Halt Review of Most Corporate ‘No Action’ Requests Draws Investor Ire, Corporate Counsel

Corporate Counsel quoted partner Leland Benton and a Morgan Lewis LawFlash he co-authored with partners Erin Martin, Rahul Patel, and Celia Soehner in an article about the recent decision by the US Securities and Exchange Commission (SEC) to stop reviewing public company requests to exclude certain shareholder proposals.

Leland told the publication that the “new paradigm” established by the SEC “has the potential to reshape the way that proponents of shareholder proposals engage with company management.”

Drawing from the LawFlash, the article noted that the SEC’s new policy shifts more responsibility, and more litigation risk, onto companies and their counsel to determine whether they have a defensible basis for excluding proposals.

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