Proxy Access Still Alive Even Without SEC Appeal

Law360, New York (September 7, 2011, 6:55 PM EDT) -- Even though the U.S. Securities and Exchange Commission has decided not to fight for a rule that would have required companies to allow shareholders to nominate board candidates, all hope is not lost for investors, as opportunities to challenge corporate board members still abound, according to attorneys.

In a statement Tuesday, SEC Chairwoman Mary L. Schapiro said the commission had decided against seeking an en banc rehearing of the D.C. Circuit's July ruling invalidating its proxy access regulation. Rule 14a-11 would have allowed shareholders who own...
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