The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Thu, 23 Jul 2026 11:32:28 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png The 2026 Shareholder Proposal Exclusion Experience and Takeaways for the 2027 Season – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 The 2026 Shareholder Proposal Exclusion Experience and Takeaways for the 2027 Season https://corpgov.law.harvard.edu/2026/07/23/the-2026-shareholder-proposal-exclusion-experience-and-takeaways-for-the-2027-season/?utm_source=rss&utm_medium=rss&utm_campaign=the-2026-shareholder-proposal-exclusion-experience-and-takeaways-for-the-2027-season https://corpgov.law.harvard.edu/2026/07/23/the-2026-shareholder-proposal-exclusion-experience-and-takeaways-for-the-2027-season/#respond Thu, 23 Jul 2026 11:30:14 +0000 https://corpgov.law.harvard.edu/?p=182616?d=20260722161353EDT Posted by Marc S. Gerber and Jeongu Gim, Skadden, Arps, Slate, Meagher & Flom LLP, on Thursday, July 23, 2026
Editor's Note:

Marc S. Gerber is a Partner and Jeongu Gim is an Associate at Skadden, Arps, Slate, Meagher & Flom LLP. This post is based on their Skadden memorandum.

Executive Summary

  • What’s new: Under the SEC Staff’s hands-off approach to company exclusions of shareholder proposals, companies excluding shareholder proposals in 2026 experienced litigation, the threat of proposal submissions under advance notice bylaws and the risk of lower voting support for directors.
  • Why it matters: The SEC Staff’s hands-off approach is expected to continue for the 2027 proxy season. Company experiences from this proxy season will inform the approach companies take for the upcoming proxy season.
  • What to do next: Companies will want to review the bases for exclusion, assess the risks in light of 2026 experiences and, where exclusion is chosen, clearly explain the bases for exclusion to minimize the risks of adverse reactions.

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