The U.S. Securities and Exchange Commission (SEC), the U.S. securities regulator, is planning to repeal current rules allowing eligible shareholders of public companies to submit proxy proposals (agenda items put to a shareholder vote). The SEC submitted the proposal to the White House Office of Management and Budget (OMB), which reviews regulatory actions, last week. The initiative forms part of SEC Chairman Paul Atkins’ effort to adjust the relationship between listed-company shareholders and management. If the rules are ultimately repealed, shareholder participation in corporate governance, the submission of proposals and the ability to influence management decisions could change significantly, potentially altering the contest between activist investors and public companies. The plan remains under regulatory review, and its final rules and implementation details have not been determined.