The SEC has declined to seek a rehearing of the decision of the D.C. Court of Appeals vacating SEC Rule 14a-11, which would have required companies to include shareholders' director nominees in company proxy materials in certain circumstances. The SEC, however, noted that Rule 14a-8, the shareholder proposal rule, was not challenged and will go into effect. Under Rule 14a-8, eligible shareholders may require shareholders to include shareholder proposals regarding proxy access procedures in company proxy materials. Under this procedure, shareholders and companies have the ability to establish proxy access standards on a company-by-company basis.
SEC Press Rel. 2011-79 (Sept. 6, 2011).