The U.S. Chamber’s Center for Capital Markets Competitiveness (CCMC) has long promoted effective communication between public companies and investors, which we believe to be a bedrock principle of our capital markets. By many measures, shareholders are increasingly able to engage with the companies in which they invest, and constructive dialogue with shareholders has often led to significant changes in corporate governance. However, the regulatory framework for shareholder proposals is badly out of date and needs to be reformed for the benefit of shareholders, public companies, and the capital markets.