Following up on my blog about the types of shareholder proposals being submitted to companies this year, here are a few interesting Corp Fin no-action statistics drawn from this note by Sanford Lewis of the Shareholder Rights Group (based on shareholder proposal data from November 1, 2023 to May 1, 2024):

  1. Companies submitted a total of 259 no-action requests during the recent period, a 50% increase from 167 submissions during the prior year.
  2. Withdrawals by companies were at the 22% level for both periods, totaling 56 for the recent period compared to 32 last year.
  3. Corp Fin granted no-action relief to allow exclusion of 139, or 68%, of non-withdrawn shareholder proposals during the recent period; this was up from 76, or 56%, for the prior year. (Note, however, that the average exclusion rate for 2017-2020 was 69%, nearly identical to where we are right now – so last year might have been an aberration).
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David Matheson is a corporate lawyer who brings value to clients by providing strategic and practical advice and helping them understand legal risks in light of business objectives and decisions. David combines a focus on exceptional client service with strong business acumen, excellent…

David Matheson is a corporate lawyer who brings value to clients by providing strategic and practical advice and helping them understand legal risks in light of business objectives and decisions. David combines a focus on exceptional client service with strong business acumen, excellent analytical skills, and broad international and domestic experience. He regularly advises public and private companies and private equity firms, in a variety of industries, on complex strategic transactions, best corporate governance practices, raising capital through equity and debt offerings, acquiring and disposing of businesses and assets, establishing joint ventures, and general corporate matters.

As a trusted advisor to both domestic and foreign public companies, David provides guidance on Securities and Exchange Commission (SEC), New York Stock Exchange (NYSE), and Nasdaq compliance issues, as well as on his clients’ most sensitive disclosure and reporting obligations. Boards of directors, board committees, and senior management engage David to assist them in fulfilling their fiduciary duties, both generally and in change of control and conflict of interest situations.

Legal ranking services recognize David as a leading lawyer in corporate, capital markets, securities, and M&A matters. Chambers USA has described David as “renowned for his experience and knowledge of capital markets and public companies.” Clients quoted in the Chambers guide characterize David as “an excellent adviser to the board and to management,” with “his greatest strength [being] an ability to navigate thorny issues.” Others highlight his “careful, detailed and smart” approach and his ability to “get to the heart of a matter efficiently.”