WASHINGTON—The Securities and Exchange Commission raised the bar Wednesday for investors to submit resolutions for a vote at company shareholder meetings, in a move that critics said would chill corporate democracy.
Commissioners voted 3-2 to pass a final rule requiring shareholders to hold $25,000 stock for a year, up from $2,000 currently, in order to submit proposals for a vote at annual meetings. The threshold will fall to $15,000 after two years of ownership and back to $2,000 after three years.
“It’s…
