"On September 6, 2011, Mary L. Schapiro, Chairman of the Securities and Exchange Commission ("SEC"), issued a statement indicating that the SEC would not seek rehearing of the recent decision of the United States Court of Appeals for the District of Columbia Circuit (the "Court") that vacated the SEC's "proxy access" rule, nor would the SEC seek Supreme Court review.
Chairman Schapiro also indicated that the amendment to existing Rule 14a-8, adopted with Rule 14a-11, which provides that companies may not exclude from their proxy materials shareholder proposals for proxy access procedures, will go into effect when the Court's decision is finalized, which is expected to be on September 13, 2011."
Morrison & Foerster's full memo is in the Data Library: Foreign/ U.S. / Morrisoin Foerster folder.
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