SEC Seeks Comments on Extending Boring Proxy Form Rules
Published Date: 4/13/2026
Notice
Summary
The SEC is asking for public feedback as it seeks to extend approval for collecting info under Regulation 14A, which covers rules about shareholder voting and proxy materials. This update also aims to make the form a ‘common form’ so other agencies, like the Federal Reserve, can use it too—saving time and effort. No big changes or new costs are expected, but the extension keeps things running smoothly for companies and investors.
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Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Proxy Filing Burden and Costs Continue
If you are a company that files Schedule 14A, the SEC estimates each filing takes about 180.12 hours and is filed once per year by about 6,043 respondents. The SEC estimates 75% of that time (totaling 816,349 internal hours) is borne by the companies and 25% is performed by outside professionals at $600 per hour, for a total annual external cost of $163,269,774.
Regulation 14A as a 'Common Form'
The SEC is requesting OMB approval to designate this information collection as a 'common form' so other agencies (for example, the Board of Governors of the Federal Reserve System) can use the same form. Once OMB approves the common form, a using agency can adopt it for the same purpose by providing agency-specific burden estimates, and additional public notice by those agencies will not be required.
Proxy Rules Keep Investors Informed
The rules and Schedule 14A are intended to ensure investors have the information necessary to vote in an informed manner. This continues the SEC's requirement that proxy and consent solicitation materials include information for holders of Section 12-registered securities.
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