The SEC Opposes Shareholder Proposals
Also the Fannie/Freddie trade, the least rational investors, meme-stock numbers and Birkin warehouse receipts.
When I was starting out as a young corporate lawyer, I worked on several 14a-8 shareholder proposals. I did this because I was very junior and nobody else wanted them. Here is how 14a-8 proposals work:
Does this stuff matter? I tend to believe that shareholder voting is largely symbolic and less important than people think, and that view is probably informed by my experience of writing dull 14a-8 no-action letter requests. This stuff doesn’t matter much. But it has some symbolic importance. The standard theory is: