Companies vow to fight SEC provision for shareholders

06/27/2010 | Wall Street Journal, The

Shareholders would have more power over the election of corporate directors under a provision scheduled for a fall vote that is included in the financial-regulation bill. However, many corporations oppose the idea. The U.S. Chamber of Commerce has already threatened to sue, and the Business Roundtable, which represents corporate CEOs, is urging the Securities Exchange Commission to limit the proposal to shareholders who have held a 5% stake for at least two years. "We will continue our very strong advocacy," said Alexander "Sandy" Cutler, CEO of Eaton.

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