The SEC lost a big one today. In Business Roundtable v. SEC, the D.C. Circuit invalidated the Commission's proxy access rule promulgated under section 971 of the Dodd-Frank Act. If you are interested in assessments of the court's reasoning and the outcome generally, I would refer you here, here, here, and here for varying perspectives on the decision. While the original adoption of the proxy access rule enjoyed broad academic support, few voices are today critical of the D.C. Circuit opinion. I will leave the legal analysis to administrative law experts (but admit to a high level of skepticism that the opinion reflects sound legal formalism rather than ideological favor of the corporatocracy).
Macroeconomically, the case will prove catastrophic. When the next financial meltdown takes hold and the ability of CEOs to opportunistically abuse the public corporation for their great profit at the expense of both the corporation and society generally takes center stage yet again we will regret the long delay of shareholder power to nominate and elect directors of their own corporation. This opinion will not age well.