Yesterday, on the eve of today’s open meeting at the Securities and Exchange Commission to explore the possibility of putting limits on “advisory” proxy resolutions, which by some estimates have accounted for 95% of shareholder proposals over the last 35 years, two investor groups promised to put up a fight.

The Social Investment Forum and the Interfaith Center on Corporate Responsibility issued a release saying they would resist such a move, reminiscent of the 1997-1998 shareholder rights battle. At that time, the SEC considered submitting a greater number of shareholder resolutions to reconsideration in subsequent years, and in response, more than 300 socially responsible investment, religious, labor and other groups opposed the move.

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