The link above will take you to a list of “shareholder proposal no action responses” from the SEC. The SEC issues these responses after a company has contacted the Commission with a request to validate their reasoning for excluding a shareholder proposal in its proximity materials.
TPL management appears to have contacted the SEC in regards to two seperate proposals
In both instances, TPL management claims that the proposals were received late and aren’t eligible for inclusion. In both instances, the SEC states that it is “unable to concur” that the grounds claimed for exclusion are legitimate.
Only a court can truly decide whether the exclusion of a proposal is legitimate so be sure scout the materials to see if the proposals above made the cut.
At the very least, this is a sneak peak into the things that shareholders care about, namely a contination of TPL’s historic legacy of share repurchases and high profit margins.