NorthStar Asset Management Responds to SEC's Withdrawal from Rule 14a-8 No-Action Process

BOSTON, Mass., Aug. 17, 2026 /PRNewswire/ -- NorthStar Asset Management, a socially responsible investment firm, today responded to the U.S. Securities and Exchange Commission's announcement that its Division of Corporation Finance will no longer respond to Rule 14a-8 no-action requests, effective immediately.

Shareholder proposals have long been one of the most effective tools for driving corporate change, pushing companies to address material risks, improve governance, and be accountable to the communities they affect. For decades, the SEC played the role of referee in that process, a neutral party that kept the rules fair and the playing field level for both investors and companies. Without it, companies can now unilaterally decide which proposals from their own shareholders ever reach a vote. NorthStar sees this as part of a broader, coordinated effort to reduce shareholder access and shift power and accountability.

"We've been asked what we will do if shareholder rights continue to be eroded. Our response is the same as it has always been: we show up louder. Rule 14a-8 is one tool, not the whole toolbox. Its erosion will not quiet us."
Julie N.W. Goodridge, Founder and CEO, NorthStar Asset Management

NorthStar views today's announcement as an opportunity for companies to demonstrate leadership. The firm has seen real, impactful change through withdrawal agreements, where companies commit to increased disclosure and concrete action before a proposal goes to a vote. NorthStar worked with Adobe, Salesforce, and Zoom on water-risk disclosure and data-center accountability. NorthStar did the same with Eaton on oversight of weapons-enabling products. Companies can also support good governance by allowing proposals on the ballot. That path is still available.

When companies instead use today's announcement to shut shareholders out, the conflict could intensify. Following the SEC's November 2025 announcement limiting responses, NorthStar observed increased litigation and Vote No campaigns against directors whose companies refused to engage.

With over 250 proposals filed over more than 35 years, NorthStar has used every tool available: proxy votes, bondholder engagement, coalitions, letters, and standing shoulder to shoulder with the communities closest to the harm. NorthStar will keep showing up, for its clients, for the communities they care about, and for the shareholders who still believe that owning a company means having a voice in how it is run.

For more information, visit www.northstarasset.com.

Important Disclosures found here.

SOURCE NorthStar Asset Management