WASHINGTON: Wall Street's top regulator on Tuesday proposed a pair of long-awaited rules that would set new limits on shareholders’ ability to call for corporate changes on thorny issues like climate change disclosures and executive compensation.
The SEC also proposed to require proxy advisory firms to give companies two chances to review their recommendations before they are sent to shareholders. Industry groups, like the U.S. Chamber of Commerce, which lobbied aggressively for the proposals, praised the SEC's moves. “Rulemaking typically is a lengthy and deliberative process and one can hope the SEC listens to and addresses the concerns of the investors it is charged with protecting."
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