SEC Will Not Appeal Proxy Access Decision; Rule 14a-8 Amendment To Become Effective


Mary Schapiro, Chairman of the Securities and Exchange Commission, announced this week that the SEC will not appeal the decision of the U.S. Court of Appeals for the District of Columbia’s decision vacating SEC Rule 14a-11, which would have required companies to include shareholders’ director nominees in company proxy statements. In her announcement, SEC Chairman Schapiro stated that the SEC will continue to seek to provide “a meaningful opportunity for shareholders to exercise their right to nominate directors” and is analyzing the U.S. Court of Appeal’s objections and continuing to review comments previously received on Rule 14a 11.

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