Trinity v. Wal-Mart Stores: Certiorari Sought

The shareholder in Trinity v. Wal-Mart has filed a petition for cert in connection with the rule of the Third Circuit. The issue, as framed by Trinity:

• Did the Third Circuit depart from the need for judicial neutrality as to the merit of a shareholder proposal in holding that SEC proxy rules were violated because of what the Court felt was ambiguity in a proposed board committee charter amendment?

The petition, among other things, suggests that the case is an appropriate vehicle for a reexamination of the degree of deference (if any) given to staff interpretation of its own rules.  Several justices on the Court have suggested that this should be reexamined.

We will have the cert petition posted later today at the DU Corporate Governance web site.