WASHINGTON -- The Business Roundtable blasted a Securities and Exchange Commission rule that it says allows dissident shareholders to solicit institutional support for proxy fights before making a public disclosure.

"Given the huge concentration of equity holdings in the hands of a relatively small number of institutional investors, the ball game could be over, as a practical matter, before anyone else even knew there was to be a contest," said Bruce Atwater, chairman of the roundtable's corporate governance task force.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.