Investor groups, pensions and a senior Democrat told a House panel on Thursday that two Securities and Exchange Commission proposals on shareholders’ right to nominate directors to company boards should be thrown out, Dow Jones reports.

One proposal would allow shareholders who own 5% or more of company stock for at least one year to propose amending company bylaws, and if successful at that, the shareholder would then be able to nominate a director. The second proposal would preclude them from doing so at all.

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