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ARTICLE · 21 SEPTEMBER 2011

Proxy Access Update: Remaining SEC Shareholder Proposal Rules Will Become Effective For 2012 Proxy Season

Perkins Coie LLP
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The SEC recently announced that it will not seek a rehearing or Supreme Court review of the decision by the U.S. Court of Appeals for the D.C. Circuit vacating SEC Rule 14a-11 on proxy access, which would have required companies subject to the Exchange Act’s proxy rules to include in their proxy materials shareholder nominees for the board of directors in some circumstances.

United StatesFinance and Banking
Meredith Weisshaar
Meredith Weisshaar
Danielle Benderly
Danielle Benderly
Karl Ege
Karl Ege
J. Sue Morgan
J. Sue Morgan
John Thomas
John Thomas

The SEC recently announced that it will not seek a rehearing or Supreme Court review of the decision by the U.S. Court of Appeals for the D.C. Circuit vacating SEC Rule 14a-11 on proxy access, which would have required companies subject to the Exchange Act's proxy rules to include in their proxy materials shareholder nominees for the board of directors in some circumstances. See our July 26, 2011 update for more information on the Court's decision.

Chairman Mary Schapiro has stated that she remains committed to finding a way to make it easier for shareholders to nominate directors, but at the same time, she wants to carefully review the court's objections and previously received comments before moving forward.

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