On September 7, 2011, the Securities and Exchange Commission announced that it would not seek a rehearing of the US Court of Appeals for the DC Circuit decision vacating the SEC's proxy access rules, nor appeal the decision to the US Supreme Court. Nevertheless, activist shareholders can take some solace, and companies should be aware, that a portion of the SEC's rules that were not the subject of the Court's decision survive intact and leave open the possibility of proxy access being proposed by shareholders on a company-by-company basis, referred to as "private ordering."
This Client Alert summarizes key considerations regarding private ordering and outlines practical steps for companies to consider in preparing for the 2012 proxy season in light of the possible increase in private ordering proposals.
Click here to download PDF.
This publication is provided for your convenience and does not constitute legal advice. This publication is protected by copyright.
© 2011 White & Case LLP