Top U.S. fund firms split over new limits on shareholder votes

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Top U.S. fund firms split over new limits on shareholder votes
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Pending U.S. securities rules that would limit shareholder proposals have divide...

BOSTON - Pending U.S. securities rules that would limit shareholder proposals have divided passive and active U.S. fund firms as some take a harder line on issues like climate change.

A comment period ends Monday on proposed changes from the U.S. Securities and Exchange Commission that investor activists say would weaken their ability to bring environmental or social issues to a shareholder vote. Climate-related proposals have set the agenda at various annual gatherings lately, notably at Exxon Mobil Inc.

But lately a group of firms known for actively managed funds has emerged in defense of smaller shareholders.

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