The Business Roundtable and the Chamber of Commerce will argue their case against the Securities and Exchange Commission implementing a proxy access rule this Thursday in a Washington D.C. appeals court, according to court documents.
The petitioners first asked the SEC to review the rule and to put a hold on it in September, a couple weeks after the final rule was published in the Federal Register. The rule, which the SEC had to approve under the Dodd-Frank Act, would require a corporation to include on its proxy director nominees from shareholders who have owned at least 3 percent of stock for at least three years.
