Who Decides: Judges or Experts? Loper Bright, the End of Chevron and Its Impact on Corporate Governance

In Loper Bright Enterprises v. Raimondo, 603 U.S. _____ (2024), the Supreme Court overruled the doctrine of Chevron deference, which had previously required courts to defer to reasonable agency guidance instead of reviewing rules and regulations de novo. Now that Chevron deference is no more, numerous regulations, rules, and opinions produced by federal agencies could be in jeopardy as they are newly subject to judicial review. In the corporate context, this could interfere with the implementation of ESG (environmental, social, and governance) principles, potentially leading to a re-tightening of shareholder primacy.