Court Strikes Down SEC “Proxy Access” Rule

Without a doubt, the most closely watched item of the 2011 proxy season has been the two shareholder advisory votes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act – the non-binding advisory vote on the executive compensation program (the so-called “Say-on-Pay Vote”) and the non-binding advisory vote on the preferred frequency (one, […]

Court Strikes Down SEC “Proxy Access” Rule

On Friday, July 22, 2011, the United States Court of Appeals for the D.C. Circuit issued its opinion in the case of Business Roundtable and Chamber of Commerce vs. Securities and Exchange Commission vacating the SEC’s so-called “proxy access” rule. This rule, which was adopted by a 3–2 vote of the Commission in August 2010, […]