US SEC Chair Paul Atkins has launched a campaign to roll back what he calls “regulatory creep,” outlining a plan to “make IPOs great again” during recent testimony to the US House Financial Committee. His proposals, particularly his call to “de‑politicize shareholder meetings”, signal a significant shift that could further constrain shareholder stewardship and influence across US corporate governance.

Shareholder Meetings in the Crosshairs

A key and highly contentious element of Atkins’ strategy is his pledge to “restore shareholder meetings to significant corporate matters”. Market observers note that this mirrors recent SEC actions aimed at narrowing the scope of shareholder participation, especially on environmental and social issues. Critics argue that labelling shareholder input as “politicisation” masks a broader deregulatory pivot that reduces scrutiny of management and weakens investor oversight.

IPO Narrative vs. Market Reality

Atkins maintains that burdensome regulation has choked the US IPO market. However, SEC data paints a more nuanced picture: IPOs rebounded to 246 in 2024 and 290 were recorded in the first three quarters of 2025, on track to be one of the strongest years since 2000. The long‑term trend suggests IPO levels remain within historical norms, challenging the idea that regulation is the main constraint.

Three‑Pillar Plan to Reshape the Market

Atkins’ blueprint consists of:

• Re‑anchoring disclosures in materiality to reduce “regulatory noise.”
• De‑politicising shareholder meetings, tightening what investors may raise or vote on.
• Providing litigation alternatives, including broader use of forced arbitration — a move investor advocates warn could limit legal recourse.

Regulatory Overhaul Already Underway

Since early 2025, the SEC under Atkins has replaced Staff Legal Bulletin (SLB) 14L with SLB 14M, tightened Rule 14a‑8 thresholds, stopped reviewing ‘no action’ requests for the 2026 season and introduced new requirements for exempt solicitation notices. Taken together, these shifts mark one of the sharpest retrenchments of shareholder rights in recent memory.

Forced Arbitration: A Flashpoint

A party‑line vote last year reversed a decades-old policy to allow forced arbitration clauses in IPOs. Companies can now require disputes to be resolved privately, bypassing federal courts. Class‑action lawyers and institutional investors warn the move undermines transparency and accountability.

What’s Next

Atkins will appear at the SEC’s Small Business Forum on 9 March, where IPO policy and small‑cap reform will be in focus. He has also signalled plans to revisit the ESG fund names rule, continuing his broader reassessment of ESG‑related regulation.