The clock is ticking for the Investment Company Institute (ICI), the fund industry's largest and most influential trade group, as 11th-hour lobbying efforts to stave off proxy-voting disclosure may not cut the mustard.

With the Office of Management and Budget's (OMB) comment period coming to a close this Friday, the combined efforts of socially responsible funds, labor unions and investor advocacy groups are likely to come to fruition. The end result of their sweat and toil will be the implementation of an SEC rule requiring mutual funds to explain proxy procedures and reveal how board directors are casting their votes. The foundation of the new rule is built around the hope of restoring investor confidence and creating greater transparency for the proxy-voting process.

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