Morrison Foerster – SEC Will Not Appeal Proxy Access Decision; Shareholder Proposal Amendments Will Take Effect

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.

The Board Director Training Institute (BDTI) is a "public interest" nonprofit in Japan dedicated to training about directorship, corporate governance, and related management techniques. It is certified by the Japanese government to conduct these activities as a regulated nonprofit. Read a summary about BDTI here, and see a menu of its services for both corporations and investors here.

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