SEC Delays Proxy-Access Rules Amid Legal Challenge
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The U.S. Securities and Exchange Commission delayed implementation of rules to make it easier for investors to oust corporate directors, as the agency tries to quickly resolve a lawsuit aimed at overturning the regulation.
In announcing the decision, the SEC said it would ask the U.S. Court of Appeals for the District of Columbia for an “expedited review” of a legal challenge by the U.S. Chamber of Commerce and the Business Roundtable, according to a legal order posted on the agency’s website today. The move means rules allowing shareholders to nominate directors on corporate ballots won’t take effect Nov. 15 as planned.