Courtesy of Proxy Analytics, notable no-action letter developments and takeaways for the 2024 season as of February 16 include the following:
- The number of no-action letter submissions (250) is up by more than 27% as compared to the number of letters submitted for the entire 2023 season.
- More than 50% of proposals this season have been withdrawn prior to a determination by SEC staff, compared to the typical 15% - 25%.
- Excluding withdrawals, 14 no-action requests have been granted and 12 have been denied. Of the 14, requests have been granted predominantly on procedural grounds, with just three granted pursuant to Rule 14a-8(i)(10) and two under Rule 14a-8(i)(7). 194 requests are pending.
- Five of 10 living wage proposals subject to no-action requests (all based on Rule 14a-8(i)(7) ordinary business or micromanagement grounds) are pending no-action determinations from the SEC and one request was withdrawn. The SEC has not yet weighed in on any living wage proposal no-action requests.