Proxy Open Exchange Surpasses 100 Postings, Far Exceeding SEC’s EDGAR Exempt Solicitation Submissions
FOR IMMEDIATE RELEASE
Investors Continue to Share Proxy Information Despite New SEC Restrictions Preventing Investors Holding Less Than $5 Million in Company Shares to File on EDGAR Database
MEDIA CONTACT: Ryon Harms, [email protected], (310) 730-9407
EL CERRITO, CALIFORNIA – May 28, 2026 – Proxy Open Exchange (POE), the community-driven platform launched by As You Sow in response to new SEC restrictions on EDGAR filings, has surpassed 125 exempt solicitations in its first few weeks of operation. Thirty-two shareholder organizations have posted proxy memos covering shareholder resolutions at more than 112 publicly traded companies. This is almost double the 64 exempt solicitations filed on EDGAR.
Exempt solicitations serve a fundamental purpose of providing information that every investor and fiduciary should consider in their voting decisions. Exempt solicitations communicate concerns, provide material analysis, and identify risks and potential solutions to investors and issuers. Suppressing this information does not make the underlying risks go away; it just means that investors are being asked to vote blind to the information and insights that filing shareholders provide.
Surpassing 100 submissions underscores the scale of demand that exists for a public channel where shareholders can openly communicate material issues that affect all investors. This need to communicate critical business information was unilaterally curtailed when the SEC abruptly revised its rules, limiting the previously public EDGAR database to only those investors with more than $5 million of a company’s securities. The SEC failed to make any logical case as to why curtailing this critical information would benefit shareholders or the market or why the level of monetary holdings is in any way related to the value of information provided.
“You can’t have a free market without free communications,” said Andrew Behar, CEO of As You Sow. “The SEC's attempt to suppress full and accurate information means investors are expected to make critical fiduciary decisions in an information vacuum.”
The 125 memos on POE span more than 100 different corporations, from Meta Platforms and Alphabet to Wells Fargo and dozens of others across a range of industries. Organizations currently publishing on POE include Illinois State Treasurer Michael Frerichs, Trillium Asset Management, Zevin Asset Management, faith-based investors including the Jewish Investment Network, and a growing roster of pension funds, asset managers, and individual proponents. The memos address a range of corporate governance issues including board governance and voting structure, plastic pollution and health harms, deforestation and biodiversity, climate risk and emissions disclosure, health care issues, human rights and data privacy, and political spending transparency.
“Over a hundred proxy memos in a matter of weeks, on a platform that didn’t exist a month ago, tells you everything about the demand the SEC is actively trying to suppress,” continued Behar. “Fortunately, through POE, Proxy advisory services can gather and assess information provided by the authors of resolutions, enabling them to make vote informed voting recommendations and to advise clients based on complete information. We understand that Glass Lewis is accessing exempt solicitation information from POE; ISS is not doing so this season.”
Each filing on the platform links directly to the company’s definitive proxy statement (DEF 14A) on EDGAR and identifies the specific proposal item number, enabling investors and proxy advisors to quickly cross-reference materials ahead of upcoming votes.
“POE’s rapid adoption confirms that shareholders’ and the broader financial community’s need for transparent communication has not diminished,” said Danielle Fugere, President and Chief Counsel of As You Sow. “Unfortunately, we now have a system where information is posted in multiple places, creating barriers to finding and analyzing critical information about the proposals on which shareholders will vote. With this single action, the SEC has dealt a blow to its fundamental mandates of protecting investors; maintaining fair, orderly, and efficient markets; and facilitating capital formation.”
Among the most active companies on the platform: Meta Platforms has four proxy memos addressing data oversight, antisemitism, and voting results; Alphabet has three covering climate change and human rights; and Amazon has two on AI data centers and human rights.
POE remains free and open to all shareholder proponents. Organizations can create a verified account and submit filings at proxyopenexchange.org. All published materials are available to the public for browsing and research under Creative Commons Attribution 4.0 terms.
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As You Sow is the nation’s leading shareholder representative, with a 34-year track record promoting environmental and social corporate responsibility. As You Sow addresses a range of issues that affect shareholder value including climate change, ocean plastics, toxins in the food system, biodiversity, racial justice, and workplace diversity. See As You Sow’s shareholder resolution tracker.