Executive Summary

What is new: The SEC’s Office of Mergers & Acquisitions issued a no-action letter to ExxonMobil permitting the implementation of a retail voting program allowing retail investors to give standing voting instructions.

Why it matters: Companies that wish to increase retail shareholder voting may want to evaluate their shareholder base, historic retail voting patterns and the potential costs and benefits of establishing a similar program.

What to do next: Companies or their counsel should consider speaking to the SEC Staff before proceeding in reliance on the ExxonMobil no-action letter and assessing whether their approach fits within the same parameters.

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On September 15, 2025, the Staff of the U.S. Securities and Exchange Commission’s (SEC’s) Office of Me

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