; or (2) substantially duplicates by having the same principal thrust or principal focus as another proposal previously submitted to the issuer by another proponent that will be included in such material. (b) Nullification of proposed rule The Securities and Exchange Commission may not finalize or apply the positions contained in the proposed rule entitled Substantial Implementation, Duplication, and Resubmission of Shareholder Proposals under Exchange Act Rule 14a-8 (87 Fed. Reg. 45052), issue any substantially similar rule, or apply any substantially similar rule, including with respect to a no-action or other interpretive request. III Exclusion of certain ESG shareholder proposals 301. Exclusion of certain ESG shareholder proposals A shareholder proposal submitted to an issuer pursuant to section 240.14a-8 of title 17, Code of Federal Regulations, may be excluded by an issuer from its proxy or consent solicitation material for a meeting of the shareholders of such issuer if the subject matter of the shareholder proposal is environmental, social, or political (or a similar subject matter). IV Exclusions available regardless of significant social policy issue 401. Exclusions available regardless of significant social policy issue An issuer may exclude a shareholder proposal pursuant to section 240.14a-8(i) of title 17, Code of Federal Regulations, without regard to whether such shareholder proposal relates to a significant social policy issue. V Corporate Governance Examination 501. Study of certain issues with respect to shareholder proposals, proxy advisory firms, and the proxy process Section 4(j) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d(j) ) is amended by adding at the end the following: (10) Study of certain issues with respect to shareholder proposals, proxy advisory firms, and the proxy process (A) In general Not later than 180 days after the date of the enactment of this paragraph, and every 5 years thereafter, the Commission shall conduct a comprehensive study on shareholder proposals,