Yet another tid bit from my corporations notes

Note on No-Action Letters Interpreting Rule 14a-8

if management believes a shareholder proposal may be properly excluded from the the corporation's proxy statement under rule 14a-8, it must submit to the SEC staff a statement of the reasons why it deems omission of the proposal to be proper. If the Staff agrees with management's statement, it sends management a no-action letter

essentially this means that if the proposal is excluded, the SEC isn't going to show up on boats and wreck your retirement party.