The Court Speaks, and the SEC Listens
Yesterday, Blogmosaic discussed the D.C. Circuit’s July 22nd opinion vacating one of the SEC’s proxy access rules, and suggested that the SEC heed the Court’s warning to remember its obligations under the Administrative Procedures Act.
The SEC seems to have done so.
The Commission deleted from today’s Open Meeting agenda a vote on whether to adopt amendments to the Securities Exchange Act and the Investment Company Act that would require an institutional investment manager to report annually how it voted proxies relating to executive compensation matters, as required by the Dodd-Frank Act. The D.C. Circuit’s opinion specifically noted that the regulatory regime for investment companies is different from that of publicly traded companies and urged the Commission to remember those differences.
The SEC seems to have gotten the message.