On July 22, 2011, the U.S. Court of Appeals for the District of Columbia Circuit vacated Rule 14a-11 under the Securities Exchange Act of 1934.  The Securities and Exchange Commission had adopted Rule 14a-11 – a/k/a the “proxy access” rule - in an effort to enable shareholders to nominate candidates for election to corporate boards using a company’s own annual meeting proxy statement and form of proxy under specified conditions.

Pryor Cashman Corporate Counsel Michael T. Campoli has written an informative legal update summarizing the court’s decision. To read the update, entitled "Access Denied: U.S. Court of Appeals Invalidates Proxy Access Rule," please click here.