Member Jacob Hupart was quoted in a Responsible Investor article about a lawsuit challenging the SEC’s pullback from its long standing “no action” review process for shareholder proposals. In the article, Jacob addresses the legal hurdles facing the plaintiffs as they seek to frame the SEC’s policy shift as actionable under the Administrative Procedure Act.

“It is not clear whether the SEC’s policy of proffering an opinion on whether or not a shareholder proposal was properly excluded is subject to the protections of the APA,” he said, adding that “the opinions offered by the SEC had been non-binding, even if the practical impact was substantial.”

Source

Responsible Investor