The Supreme Court ruling that curtailed race-based federal affirmative-action programs has left the private sector wondering if its programs may be next

Article Abstract:

The 5-4 decision by the U.S. Supreme Court in Adarand Constructors v Pena setting forth strict scrutiny as the standard federal affirmative-action programs must meet raises a host of questions. These include how typical the program in question was, and what the ultimate effect will be for the voluntary programs run by businesses and academic institutions. Most of the court insists race-based programs are still permissible, but the amount and specificity of data required to justify such programs remains in question.

Cases, Affirmative action, Race discrimination

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A 'procedural' rule seems to authorize the SEC to act despite its commissioner shortage, but it may well be that while two is a commission, three is a quorum

Article Abstract:

Actions taken by the Securities and Exchange Commission's (SEC's) present two commissioners are probably unauthorized as it is supposed to have five members. When the third vacancy was about to open up in Mar 1995, the SEC issued a procedural rule granting the two remaining commissioners authority to act. However, courts have struck down such provisions in the past, unless Congress specifically authorized such actions for the body in question. Thus the SEC may presently be legally unable to act.

Interpretation and construction, Powers and duties, Administrative procedure, Securities law

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SEC mulls shareholder proposals in proxy forms; its study looks at the ability of investors to affect corporate practices, raise social issues

Article Abstract:

Shareholder proposals included in proxy statements are the focus of an SEC study on Rule 14a-8 issues. Although shareholders value the voice such proposals provide, businesses have wanted more stringent rules on including such proposals, a situation which led to SEC line-drawing. Problems related to subjective interpretation, the personal grievance exception, and Rule 14a-4 abuses are the focus of the SEC reform efforts.

Securities & Commodities Regulatn, Practice, Proxy

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