On February 12, 2025, the SEC issued Staff Legal Bulletin 14M, addressing several matters related to the shareholder proposal process.  Staff Legal Bulletin 14M rescinds SLB 14L and addresses the scope and application of certain parts of Rule 14a-8, including the economic relevance exclusion in Rule 14a-8(i)(5), the ordinary business exclusion in Rule 14a-8(i)(7), and issues of micromanagement.  It presents the SEC’s current views on several other issues, including proof of ownership letters and the use of email. It also includes a section of frequently asked questions.

As always, your thoughts and comments are welcome!