Chamber, Business Roundtable sue SEC over corporate board rule

The SEC said the rule change is designed to benefit investors who have long-term stakes in public companies. SEC Chairwoman Mary Schapiro in August said the rule is "a matter of fairness and accountability."

The SEC said the recently enacted Dodd-Frank financial overhaul legislation provided the authority for the "proxy access" rule.

Labor unions and activists shareholders for years have sought greater power in corporate elections. 

More in Regulation

Biz groups to sue labor board over 'ambush' elections

Read more »