SEC Seeks Feedback to Keep Shareholder Vote Forms Rolling Smoothly
Published Date: 4/13/2026
Notice
Summary
The SEC is asking for public feedback as it seeks to extend approval for collecting information under Regulation 14A, which covers rules about how companies share info before shareholder votes. This update also aims to make the form a ‘common form’ that other agencies, like the Federal Reserve, can use too—saving time and effort. No big changes or new costs are expected, but the extension keeps everything running smoothly through the next approval period.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Big External Professional Fee Burden
The SEC estimates 25% of Schedule 14A work is done by outside professionals at $600 per hour, producing a total annual external cost burden of $163,269,774. This reflects fees companies pay outside counsel or consultants to prepare filings.
Large Internal Time Burden on Filers
Schedule 14A is estimated to take about 180.12 hours per response and is filed once per year by about 6,043 respondents. The SEC estimates respondents carry 75% of that time internally for an annual internal reporting burden of 816,349 hours.
Proxy Rules Continued So Investors Get Info
The SEC is extending approval to collect information under Regulation 14A so companies must keep providing proxy and consent solicitation materials that help investors vote. The rules are meant to ensure investors have the information necessary to vote in an informed manner.
Making the Form a 'Common Form' for Agencies
The SEC plans to designate this information collection as a 'common form' so other agencies, including the Board of Governors of the Federal Reserve System, can use the same form. The notice says this will save time and effort when multiple agencies collect the same information.
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Key Dates
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