Contact:
Amy Borrus
Deputy Director
202.261.7082
amy@cii.org
  

Council Statement on the D.C. Court of Appeals’ Decision in Proxy Access Case

Washington, D.C., July 22, 2011 - Today, the D.C. Court of Appeals issued its decision in Business Roundtable and Chamber of Commerce of the United States of America v. Securities and Exchange Commission. The BRT and Chamber filed the lawsuit seeking to overturn the SEC’s proxy access rule. The court found for the BRT and Chamber and vacated the rule.

“The court’s decision is deeply disappointing to long-term shareowners,” said Ann Yerger, executive director of the Council of Institutional Investors. “We think the court got it wrong. We will continue to advocate for proxy access and will encourage the SEC to promptly address the court’s concerns. Proxy access is a core shareowner right that is standard in many countries. It would invigorate board elections and make boards more responsive to shareowners and more vigilant in their oversight of companies.”

For background on proxy access and its importance to shareowners, please visit the the proxy access page on the Council's Web site: http://www.cii.org/ProxyAccess