The Investment Company Institute said on Friday that it opposes a Securities and Exchange Commission initiative to require that fund companies disclose how they vote on proxies. But the trade group endorsed certain proposals within the initiative, such as requiring that funds adopt policies for voting in situations where there is a conflict of interest, and that they disclose those policies to the SEC.

In a statement, the ICI said that the SEC’s proposal, which many support as a way to ensure that fund managers vote proxies in the best interest of shareholders, would overwhelm fund companies by requiring them to file reports twice each year "detailing hundreds of thousands of individual proxy votes, in some cases accompanied by lengthy explanations."

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