SEC Sees Jump in Corporate Pleas to Ax Shareholder Proposals

The SEC has received 36% more requests from companies looking to block shareholder proposals from annual meeting voting materials so far this proxy season compared to last, a senior commission official said Monday.

The Securities and Exchange Commission has seen 167 pleas to let companies keep shareholder proposals on environmental, social and governance matters and other issues off proxy ballots since this fall, said Michael Seaman, chief counsel of the SEC’s Division of Corporation Finance. The agency had received 123 such submissions at this point in 2023, he said. The agency typically issues responses to most requests by April.

“That’s ...