The Securities and Exchange Commission confirmed yesterday that it will not seek a rehearing in the U.S. Court of Appeals in Washington D.C., which vacated its proxy access rule in July. In addition, the agency has also confirmed that it will not seek any judicial review of the appeals court’s decision at the Supreme Court level. The decision came amidst investor advocates’ demands for the regulator to challenge the Court’s prior ruling.
In a statement, SEC Chairman Mary Schapiro said although the agency has decided not to pursue the decision further, the regulator is committed to finding a way to make it easier for shareholders to nominate candidates to corporate boards. “I firmly believe that providing a meaningful opportunity for shareholders to exercise their right to nominate directors at their companies is in the best interest of investors and our markets,” she said.
