On September 23, the Securities and Exchange Commission (“SEC”) amended the shareholder proposal requirements set forth in Rule 14a-8 under the Securities Exchange Act of 1934. These changes represent the first substantive revisions to the rule’s shareholding requirements since 1998 and the rule’s resubmission thresholds since 1954. Key changes include: (1) amending the share ownership requirements for eligibility to submit a proposal; (2) increasing the levels of shareholder support required for a proposal to be resubmitted at a subsequent annual meeting; (3) permitting only one proposal submission per person, rather than per shareholder; and (4) requiring that shareholder proponents provide identifying documentation and their availability to engage with the issuer on their proposal. The SEC approved the Rule 14a-8 amendments by a 3-to-2 vote, with Commissioners Lee and Crenshaw dissenting. The Rule 14a-8 amendments will become effective 60 days after publication in the Federal Register and will apply to any shareholder proposal submitted for an annual or special meeting to be held on or after January 1, 2022.