{"abstract":"The Securities and Exchange Commission (\"Commission\") is proposing to rescind Rule 14a-8 under the Securities Exchange Act of 1934 (\"Exchange Act\") and leave determinations about the role of shareholder proposals to State law and company governing documents. The Commission also is proposing to amend Rule 14a-4 under the Exchange Act to expand the circumstances under which a company may exercise, with respect to proxies it receives, discretionary voting authority on proposals that will be presented at a shareholder meeting but not included in the company's proxy materials. At the same time, the proposed amendments to Rule 14a-4 would provide shareholders with the means to elect to prevent the company from exercising such authority with respect to their individual shares.","action":"Proposed rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2026/09/21/2026-19260.html","cfr_references":[{"chapter":null,"citation_url":null,"part":"200","title":17},{"chapter":null,"citation_url":null,"part":"229","title":17},{"chapter":null,"citation_url":null,"part":"232","title":17},{"chapter":null,"citation_url":null,"part":"240","title":17},{"chapter":null,"citation_url":null,"part":"249","title":17}],"citation":"91 FR 59904","comment_url":null,"comments_close_on":"2026-11-20","correction_of":null,"corrections":[],"dates":"This release was published in the Federal Register on September 21, 2026. Comments should be received on or before November 20, 2026.","disposition_notes":null,"docket_ids":["Release No. 34-106383","File No. 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20:15:05 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-09-21/pdf/2026-19260.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-19260.pdf?1789735513","publication_date":"2026-09-21","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2026/09/21/2026-19260.txt","regulation_id_number_info":{"3235-AN47":{"issue":"202504","html_url":"https://www.federalregister.gov/regulations/3235-AN47/shareholder-proposal-modernization","title":"Shareholder Proposal Modernization","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202504&RIN=3235-AN47&operation=OPERATION_EXPORT_XML","priority_category":"Economically 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