US Court of Appeals Vacates SEC Proxy Access Rule

July 26, 2011
In its recent ruling in Business Roundtable and Chamber of Commerce of the United States of America v. Securities and Exchange Commission, the United States Court of Appeals for the District of Columbia Circuit vacated the SEC’s new “proxy access” rule, Rule 14a-11, that would have afforded shareholders access to company proxy materials to nominate and solicit votes for their own candidates for election as directors. This update examines the implications of the ruling for public companies and registered investment companies.