A coalition of business groups--including the U.S. Chamber of Commerce, National Association of Corporate Directors, National Black Chamber of Commerce, American Petroleum Institute, American Insurance Association, The Latino Coalition, Financial Services Roundtable, Center on Executive Compensation, and Financial Services Forum--have filed a rulemaking petition with the SEC asking that the Commission amend Rule 14a-8 "to increase significantly the percentage of favorable votes required before the company is obligated to include in its proxy materials the substance of proposals shareholders previously rejected."
They make a good case for it, but this proposal is small beans compared to the much more sweeping changes the rule requires (about which I blogged recently).
