U.S. business titans are a step closer to winning a long fight to overhaul corporate voting rules that they say subject them to unfair shareholder campaigns.
The Securities and Exchange Commission (SEC) on Tuesday proposed changes that would rein in proxy advisory firms and make it easier for companies to block submissions from newer stockholders who don't own many shares. Several investor advocates, pension fund managers, and hedge funds have already signaled that they're concerned that changes the SEC is seeking comment on will weaken shareholder protections.
"It's time to move from debate in the abstract to constructive engagement on actual proposals," SEC Chairman Jay Clayton said in support of the proposals before commissioners approved releasing them in two 3-2 votes. "We make that transition today. Our work in this space will continue."
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