Corporate America can breathe a sigh of relief—at least for now. The Securities and Exchange Commission has stayed its controversial proxy access rule until a court rules on a petition to have the rule thrown out.
The surprise SEC move came in response to a Sept. 29 petition filed by the Business Roundtable and the U.S. Chamber of Commerce, which are seeking a review of the rule’s validity in the U.S. Court of Appeals for the District of Columbia Circuit. The groups asked the Commission to stay new Rule 14a-11 pending such review.
