Yesterday, the SEC decided to stay the effectiveness of the proxy access rules pending resolution of a petition for review filed in connection with this lawsuit filed by the Business Rountable and U.S. Chamber of Commerce. As a result, proxy access will not take effect in 2010 and its potential applicability to the 2011 proxy season is in limbo.
The stay applies to the implementation of the new proxy access Rule 14a-11, as well as related amendments to Rule 14a-8, which governs shareholder proposals. The stay will allow the court to conduct an expedited review of the lawsuit; however, even a highly expedited case in which the court decides to hear oral arguments (probable in this case) will likely take several months to resolve.
PartnerMark Reuter advocates for business clients in transactions, proceedings and conflicts regulated by federal and state securities laws and stock exchange rules. A partner in the firm’s Business Representation & Transactions ...
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