July 22, 2011
DC Circuit Vacates Proxy Access Rule
Posted by Lisa Fairfax

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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