A little-noticed proposal from the Texas Stock Exchange could redefine how shareholder power is exercised across US public markets.

After setbacks to its proxy advisor legal campaign, Texas is testing a different legal route with potentially far-reaching consequences for investors.

TXSE’s launch may look like a modest market debut, but it could mark a more significant shift in how companies balance management power and shareholder rights.

A third US court has blocked state restrictions on proxy advice, sharpening the legal line between investor disclosure and selective pressure on dissenting analysis.