Vacating The SEC’s Proxy Access Rule

Law360, New York (September 6, 2011, 1:46 PM EDT) -- The U.S. Court of Appeals for the District of Columbia Circuit has vacated Rule 14a-11 under the Securities Exchange Act of 1934, as amended (the Exchange Act), which was adopted by the U.S. Securities and Exchange Commission in August 2010. Rule 14a-11 was designed to facilitate access by shareholders to public companies' proxy statements in order to propose nominees for election to boards of directors.

On Sept. 29, 2010, the Business Roundtable and the Chamber of Commerce of the United States of America filed a petition...
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