Policy Brief: Proxy Access in the United States

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Source: CFA Institute
Matt Orsagh, CFA, CIPM, director of capital markets policy



The SEC most recently attempted to grant shareowners proxy access in 2010, when it approved a proxy access rule (Rule 14a-11) pursuant to section 971 of the Dodd-Frank Act. A lawsuit stayed the proxy access rule when the US Court of Appeals for the District of Columbia Circuit struck down the rule in 2011, stating that the regulator had failed to adequately consider its economic effects. CFA Institute published Proxy Access in the United States: Revisiting the Proposed SEC Rule to address concerns raised by the DC Circuit Court by analyzing available studies on the costs and benefits to shareowners of the SEC’s attempt to grant proxy access. We also look at how proxy access works in other markets to further address the perceived benefits and costs of such a rule.

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