A lobbying group for manufacturers said U.S. public corporations should not be required to publish shareholder proposals, asking an appeals court to block a long-standing rule that lets investors put governance issues on corporate ballots.
The National Association of Manufacturers said in a brief to the New Orleans-based 5th U.S. Circuit Court of Appeals on Friday that the rule violates corporations' right to free speech. Congress did not give the U.S. Securities and Exchange Commission authority to require companies to publish shareholder proposals, the group said.
The rule written in 1998 sets out how shareholders can put a proposal seeking corporate action to a vote at a company's annual meeting, and when companies can exclude shareholder proposals.the mechanism to address environmental, social and governance issues. NAM made its argument against the rule in a case brought by the National Center for Public Policy Research , a conservative activist group. NCPPR sued the SEC after the regulator said The Kroger Co could exclude a proposal from its ballot about viewpoint diversity in hiring.in the case in May to argue the underlying rule itself violates corporate rights.
The SEC has said in court papers that the challenge is no longer relevant because Kroger did include the proposal.The case is NCPPR v. SEC, No. 23-60230, 5th U.S. Circuit Court of Appeals.
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