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.

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