The SEC tried to silence activist investors. Now they’re fighting back.
Following SEC restrictions on small and activist investors' use of the EDGAR filing system, a group led by As You Sow has launched an alternative platform called the Proxy Open Exchange (POE) to maintain transparency and communication among shareholders. The SEC justified limiting access to EDGAR by citing regulatory burden and investor confusion, while critics argue it suppresses shareholder advocacy on issues like climate and diversity. POE mimics EDGAR's structure, uses the same identification codes, and is open to all viewpoints, though some major proxy advisors are not yet recognizing filings from the new platform.
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Tik Root Senior Staff Writer Published Apr 30, 2026 Topic Climate + Accountability Share/Republish Copy Link Republish Copy Link Email SMS X Facebook Republish Reddit LinkedIn Bluesky 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. Literary puns aside, the initiative is aimed at bringing greater transparency to an increasingly restricted space. In January, the SEC said it would no longer allow investors with less than $5 million in shares to use EDGAR to send communiqués called exempt solicitations to fellow shareholders.
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