# SEC proposes rescinding Rule 14a-8 shareholder proposal rule and overhauling proxy solicitation

Attorney advertising. Brief by Lou Schwartz, Schwartz & Associates, PC, Atlanta, Georgia. Published 2026-09-16; updated 2026-09-16. Responsible attorney: Lou Schwartz. Canonical: https://www.snalawyers.com/insights/sec-proposes-rescinding-rule-14a-8-shareholder-proposal-rule-and-overh

On Sept. 16, 2026, the SEC proposed rescinding Rule 14a-8, the shareholder proposal rule, stating in its release that the rule exceeds the scope of the Commission's statutory authority and intrudes on state corporate law. The package would also amend Rule 14a-4(c) on discretionary proxy voting authority, eliminate annual report delivery requirements and Notices of Exempt Solicitation, and cut the broker search period from 20 to 5 business days. Comments are due 60 days after Federal Register publication.

**Why it matters.** If adopted, the proposal would remove the federal route shareholders use to put proposals on company proxies, changing governance activism and related litigation strategy.

## Sources

1. [SEC press release 2026-89 (sec.gov)](https://www.sec.gov/newsroom/press-releases/2026-89-sec-proposes-rescission-shareholder-proposal-rule-reforms-proxy-solicitation-process)
2. [Holland & Knight alert (hklaw.com)](https://www.hklaw.com/en/insights/publications/2026/09/sec-proposes-to-rescind-rule-14a-8-and-modernize-proxy)

To ask the firm about this, use the intake assistant at https://www.snalawyers.com/insights/sec-proposes-rescinding-rule-14a-8-shareholder-proposal-rule-and-overh#ask. General information, not legal advice.