U.S. business titans are a step closer to winning a long fightto overhaul corporate voting rules that they say subject them tounfair shareholder campaigns.
The Securities and Exchange Commission (SEC) on Tuesday proposedchanges that would rein in proxy advisory firms and make it easierfor companies to block submissions from newer stockholders whodon't own many shares. Several investor advocates, pension fundmanagers, and hedge funds have already signaled that they'reconcerned that changes the SEC is seeking comment on will weakenshareholder protections.
"It's time to move from debate in the abstract to constructiveengagement on actual proposals," SEC Chairman Jay Clayton said insupport of the proposals before commissioners approved releasingthem in two 3-2 votes. "We make that transition today. Our work inthis space will continue."
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