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Expert Analysis

SEC's No-Action Relief Could Dramatically Alter Retail Voting

By Jeremiah Garvey and Seth Popick ( October 22, 2025, 4:08 PM EDT) -- On Sept. 15, the Office of Mergers and Acquisitions of the U.S. Securities and Exchange Commission's Division of Corporation Finance granted no-action relief to ExxonMobil Corp. and cleared the way for a novel means for retail shareholders to vote on company matters that could greatly increase the ability of those shareholders to affect corporate actions....

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