Court nixes proxy access rule

Comments (0) | 25 Jul 2011 | Rating | Print by Brad Allen

SEC criticized harshly by court of appeals for not considering full costs or consequences of rule change

In a severe rebuke for the SEC, the DC Circuit Court of Appeals has thrown out the regulator’s Rule 14a-11 that would have opened up the company’s proxy statement to investor nominees for directors.

The court said the SEC ‘acted arbitrarily and capriciously for having failed’ to adequately ...

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