SEC SLB 14M: How Did We Get Here - And What Does It Mean for Investors and Companies?

In recent years, shareholder proposals have become a powerful tool for pressing companies to address a wide range of public policy concerns—from climate change and human capital management to human rights and political spending. This evolving use of the shareholder proposal mechanism has raised fundamental questions about the appropriate role of the private sector in addressing societal issues. 

With the SEC’s issuance of Staff Legal Bulletin 14M, the landscape has shifted once again—potentially narrowing the grounds for excluding certain proposals and altering the balance of power between shareholders and corporate boards. This panel will explore the historical evolution of shareholder exclusions, the implications of SLB 14M for both investors and issuers, and what it all means for corporate governance moving forward.

The Responsible Business Initiative (RBI) will explore how investor and issuer leaders are responding to this new environment and what comes next.