The Securities and Exchange Commission (SEC) has made headlines over the last several years, on account of the controversial ways in which it has modified policies and procedures. Under Chair Gary Gensler, the SEC has increased its power and authority by “pursuing the biggest overhaul” of the stock market in decades. Many of these changes open the doors for shareholder activism to take hold over a corporation’s daily affairs, and the prevailing activism is proving to be cloaked in progressive political agendas.

Environmental Social Governance (ESG) has been at the forefront, forcing companies to incorporate climate change and diversity standards into their business models. The SEC is pushing to fill race and gender quotas as well as meeting net-zero emissions targets, regardless of the additional costs attached.

These actions have been carried out through the annual shareholder meeting and proposal submission process, facilitated by changes and reinterpretations of various SEC rules and regulations.

And now it seems a new tactic is being employed, thanks to a new universal proxy rule that went into effect last year. Utilizing it could essentially replace a portion of a company’s board members during the........

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