(Bloomberg) -- The Securities and Exchange Commission is planning to scrap rules governing how and when public company shareholders can bring proxy proposals, according to a new post by the Office of Management and Budget.

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The agency sent the proposal to the White House's OMB for review last week, according to a notice published Monday. It marks the latest step in SEC Chairman Paul Atkins' push to change the dynamics of the shareholder and corporate management relationship for publicly-traded companies.

"Since his time as a commissioner, Chairman Atkins has highlighted concerns that the SEC's Rule 14a-8 on shareholder proposals exceeds the commission's authority and infringes upon state laws," an SEC spokesperson said in an email.

The agency is looking to "return the role of regulating shareholder proposals to the States," the spokesperson said.

Atkins has long criticized existing proxy rules for allowing for "the tyranny of the minority" of shareholders to seek changes in corporate governance, management or other business operations. His remarks have been most pointed toward to shareholders seeking changes in corporate environmental or social practices.

An analysis of the 2025 proxy season by law firm Freshfields found that social issues were by far the most prevalent topic of shareholder proposals, comprising 43% of the overall filings examined.

In a July speech delivered at a corporate governance conference, Atkins said that states that are competing to become the leading choice for corporate domestication should revise their corporate laws to disallow "the politicization of shareholder meetings."

The markets regulator sent another proposal, impacting proxy solicitation measures, to the White House's OMB for review as well, according to another update also published Monday. That measure would overhaul the proxy solicitation process "to reflect advancement in technology and current realities of shareholder communications," the spokesperson said.

Once the White House completes its review and returns the item to the agency, the current three-member commission will vote on the measure and release it to the public for comment. The agency typically gives 60 days to take feedback on a proposal before incorporating it into a final version of the rule. That must also be approved by the commission before it can go into effect.

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