SEC Proxy Firm Rule Repeal Survives Sixth Circuit Challenge (2)

The Sixth Circuit has upheld the SEC’s 2022 rollback of Trump-era curbs on ISS, Glass Lewis and other firms advising shareholders voting at company annual meetings, after another federal appeals court ruled against the repeal.

The Securities and Exchange Commission followed agency procedure law when it reversed parts of the 2020 rules for proxy advisory firms, the US Court of Appeals for the Sixth Circuit ruled in a 2-1 decision Tuesday. The US Chamber of Commerce sued the SEC in 2022 over the changes, saying the agency was unable to rationalize its decision to revoke the Trump-era restrictions as quickly ...