SEC staff updates guidance on shareholder proposals

Purpose - The purpose of this paper is to explain the guidance on interpretive issues under Exchange Act Rule 14a-8 published in SEC Staff Legal Bulletin No. 14F (SLB 14F).Design methodology approach - The paper summarizes the guidance to companies provided by SLB 14F on how to verify a proponent's eligibility to submit a proposal, how to address submissions of revised proposals, and how to withdraw no-action requests for proposals with multiple proponents.Findings - SLB 14F is the staff's seventh legal bulletin on Rule 14a-8, which highlights the procedural and substantive complexities associated with shareholder proposals.Originality value - The paper provides expert guidance from experienced financial services lawyers.