A U.S. federal appeals court rejected a Securities Exchange and Commission rule, which would have made it easier for investors to nominate their own candidates for the board of directors.
The U.S. Court of Appeals for the D.C. Circuit sided with the Chamber of Commerce and the Business Roundtable when it vacated the proxy access rule, effectively rejecting its use. The business groups had charged that the SEC failed to adequately research the costs of implementing the rule.
