Statement by SEC Chairman Mary Schapiro on Proxy Access Litigation (Press Release)

SEC Press Release No. 2011-179

September 6, 2011

SEC Chairman Mary Schapiro issued a statement to confirm that it will not appeal or request en banc review of a recent decision of the D.C. Circuit invalidating Exchange Act Rule 14a-11, on shareholder proposals in proxy statements. The statement further said that amendments to Rule 14a-8, which were adopted at the same time as Rule 14a-11, but which were not vacated by the court decision, will become effective and the SEC will publish a notice with a new effective date for such amendments.

Cross References

Business Roundtable v. SEC, No. 10-1305 (D.C. Cir. July 22, 2011)

Exchange Act Rules 14a-8, 14a-11