The Securities and Exchange Commission on September 16, 2026, proposed rescinding Rule 14a-8, which requires public companies to include eligible shareholder proposals in proxy materials. The change would shift the process primarily to state corporate law, company governing documents and boards, while the SEC also proposed broader discretionary voting authority for companies and four proxy-rule updates. SEC Chairman Paul Atkins said the agency lacks statutory authority to regulate shareholder voting and that the matter is better governed by states. The Council of Institutional Investors opposed the proposed rescission, arguing that shareholder proposals are generally non-binding and provide directors with information for corporate decision-making. CII said most public companies receive no shareholder proposals in a typical year and warned that a state-by-state framework would reduce the number of shareholders eligible to submit proposals. The proposals follow the SEC staff's August 14, 2026 end to its Rule 14a-8 no-action review responses and remain subject to public comment and further Commission action.