The Investment Company Institute and the Independent Directors Council have filed a friends-of-the-court brief in support of the lawsuit the Business Roundtable and the U.S. Chamber of Commerce have filed to vacate the new SEC proxy access rules as they apply to registered investment companies.

The new proxy rules would permit shareholders to place director nominees on a company’s proxy statement. The ICI and IDC maintain that funds operate far differently than operating companies and that the new provisions would raise fund operating costs.

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