FOR IMMEDIATE RELEASE
NorthStar Asset Management Responds to SEC’s Withdrawal from Rule 14a-8 No-Action Process
As the SEC steps further back from its role as neutral arbiter of the shareholder proposal process, NorthStar calls on companies to choose engagement over exclusion and reaffirms its commitment to good governance.
BOSTON, MA, August 17, 2026 — NorthStar Asset Management, a 100% employee-owned 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, and they agreed. 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.
Important Disclosures found here.
About NorthStar Asset Management
NorthStar Asset Management, Inc. is a wealth management firm based in Boston with a focus on socially responsible investing. Founded in 1990, NorthStar uses shareholder activism to drive corporate accountability while managing portfolios for individuals, families, and institutions. The firm is a certified B Corporation, employee owned, and UN PRI Signatory.
Advisory services offered through NorthStar Asset Management, Inc., a registered investment adviser. Registration does not imply any level of skill or training. All investing involves risk, including the possible loss of principal. This material is for informational purposes only and does not constitute personalized investment advice or a recommendation or solicitation of any particular security, strategy, or investment product. Forecasts, opinions, and estimates reflect NorthStar’s judgment as of the date of this release and are subject to change without notice. Third-party statistics are believed to be reliable but have not been independently verified. Not all engagement initiatives result in corporate action, policy changes, proposal support, or successful outcomes.
Additional information regarding NorthStar, including fees, expenses, and risks of investment, is contained in NorthStar’s disclosure documents and should be reviewed carefully and can be accessed via https://adviserinfo.sec.gov/
For More Information
Visit northstarasset.com or email investforchange@northstarasset.com