Securities Law Update – November 5, 2025

Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on:

• Risk Factor and Management’s Discussion and Analysis considerations for upcoming Form 10-Q filings
• SEC relief for automatically effective registration statements during the government shutdown
• The future of shareholder precatory proposals
• The Texas Stock Exchange receiving SEC approval to operate as a national securities exchange
• Other matters of interest including enhancements to Glass Lewis business model, ISS request for comments on voting policy, California climate disclosure laws, ExxonMobil retail voting program, and scrutiny of ESG-influenced investing by ERISA plans