"The SEC seems intent on rolling back recent interpretations of the shareholder proposal rules that gave companies a few more options for responding to proposals that push into day-to-day management decisions," said Joseph Hall, a partner with Davis Polk & Wardwell LLP. For example, the new bulletin said that the previous bulletins expanded the concept of micromanagement beyond the commission's policy directives. "Specifically, we believe that the rescinded guidance may have been taken to mean that any limit on company or board discretion constitutes micromanagement," SLB No. 14L stated. The bulletin provides an example with a recent letter to ConocoPhillips Co. to explain the staff's current approach to micromanagement. The staff rejected no-action relief on a proposal requesting that the company set targets covering the greenhouse gas emissions.