Corporate Climate Disclosure Will Go on Despite SEC Retreat

In just the last half year, climate change has supercharged some of the costliest disasters the U.S. has ever experienced. Hurricanes Helene and Milton and the Los Angeles wildfires caused hundreds of billions of dollars of damage that will take years to recover from and leave deep financial scars for families, businesses, and governments.  

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Legal Efforts to Hobble Shareholder Rights

We are in an anti-democratic moment. People with money and power refuse to heed those who have neither. This is true in Washington. But, it is also true in statehouses where state officials try to intimidate into non-action and silence investors who believe sustainability is key to long-term investment success.  

There is nothing “free market” about this effort. Instead, it is an attempt to bolster the fossil fuel industry at the expense of shareholder prerogatives.  

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2025 Update on SEC Rules for Shareholder Proposals

In order to help companies and investors determine whether a shareholder proposal qualifies to appear on the proxy statement under SEC Rule 14a-8, the SEC has developed a process to allow companies to inquire in advance whether a proposal must be included. The “no action” process is an informal review process through which the SEC staff advises companies and their investors on whether the SEC staff would recommend enforcement action if a company fails to include a submitted shareholder proposal on its annual proxy statement.  

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