The process by which shareholders are permitted to include their proposals in company proxy statements is under attack. The Business Roundtable and the Chamber of Commerce have each published reform proposals that would sharply limit these proposals. The Financial CHOICE Act, which passed the House of Representatives on a strictly partisan vote, includes provisions that are similarly, if not more, restrictive. Not surprisingly, the Council of Institutional Investors is vigorously opposing these efforts. It is an area in which agreement between the two sides has been elusive. At the risk of wading into the corporate governance equivalent of the Middle East peace talks, here are some proposals that, while they do not completely overhaul the process, might make it better without undermining the fundamental rights the shareholder proposal rule provides.

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