Trump’s SEC Slammed the Door on Small Investors. They Built a New One.
The SEC under President Donald Trump restricted small investors' access to the EDGAR system for filing shareholder communications, prompting activist investors to create an alternative platform called the Proxy Open Exchange (POE). The new platform aims to maintain transparency and free market communication by allowing unrestricted posting of exempt solicitations. While some stakeholders welcome the user-friendly, open-access system, others remain cautious, and corporate responses are still unfolding.
- ▪The SEC barred investors with less than $5 million in shares from using EDGAR to send exempt solicitations, citing government efficiency and reduced regulatory burden.
- ▪POE was launched by As You Sow and has already received 63 filings, surpassing EDGAR's 39 exempt solicitations in 2026.
- ▪POE mirrors EDGAR’s structure, uses the same central index keys, and is subject to anti-fraud rules, but is more user-friendly and does not filter content.
- ▪Some major proxy advisors like ISS are not recognizing POE filings, limiting its immediate influence.
- ▪Organizations like the Interfaith Center on Corporate Responsibility support alternative platforms to preserve shareholder advocacy rights.
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freestar.config.enabled_slots.push({ placementName: "motherjones_right_rail_1", slotId: "ROS_ATF_300x600" }); The SEC headquarters in Washington, D.C.Chip Somodevilla/Getty via Grist Get your news from a source that’s not owned and controlled by oligarchs. Sign up for the free Mother Jones Daily. This story was originally published by Grist and is reproduced here as part of the Climate Desk collaboration. Since President Donald Trump took office, the Securities and Exchange Commission has made it harder for small and activist investors to raise concerns through the government filing system known as EDGAR. Now they’re pushing back with their own alternative platform, which they call the Proxy Open Exchange—or POE.
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