SEC staff updates guidance on shareholder proposals

Purpose – The purpose of this paper is to explain the guidance on interpretive issues under Exchange Act Rule 14a‐8 published in SEC Staff Legal Bulletin No. 14F (SLB 14F). Design/methodology/approach – The paper summarizes the guidance to companies provided by SLB 14F on how to verify a proponent's eligibility to submit a proposal, how to address submissions of revised proposals, and how to withdraw no‐action requests for proposals with multiple proponents. Findings – SLB 14F is the staff's seventh legal bulletin on Rule 14a‐8, which highlights the procedural and substantive complexities associated with shareholder proposals. Originality/value – The paper provides expert guidance from experienced financial services lawyers.