In case you have not heard, the DC Circuit decided today to vacate the SEC's newly adopted Rule 14a-11, the rule requiring that corporations provide shareholders with the opportunity to nominate director candidate's of their choice on the corporation's proxy statement. That is, the federally mandated proxy access rule. I have not had time yet to review the opinion, but it is Here. The opinion holds that the SEC "acted arbitrarily and capriciously for having failed once again. . .adequately to access the economic effects of a new rule." Just in time to commemorate the anniversary of Dodd-Frank. . .
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