Business Roundtable wants the Trump administration to limit the ability of shareholders to pressure companies into pursuing certain political agendas, but shareholder activists are fighting back.

Five activist investor groups recently sent a letter to the U.S. Securities and Exchange Commission urging the agency to not to change its existing rules, with have "given shareholders an important voice," Reuters news service reported.

At issue is a list of regulatory proposals BRT sent to the Trump administration in February. Among them was a request the SEC revise its shareholder proposal process to "tighten eligibility and enable more exclusions of proposals and repeat submissions," according to a summary on BRT's website.

"In too many cases, activist investors with insignificant stakes in public companies make shareholder proposals that pursue social or political agendas unrelated to the interests of the shareholders as a whole," BRT said.

BRT, the U.S. Chamber of Commerce and the National Association of Manufacturers have long opposed efforts by activist shareholders to pressure publicly traded companies into disclosing fees and donations made to business groups that engage in political lobbying. Some shareholders have also urged companies to cut ties with associations that pursue certain policies, such as opposition to regulations curbing greenhouse gas emissions.

SEC is an independent agency, and the White House cannot directly influence how it writes or enforces rules, Reuters reported. However, the Trump administration could lean on Congress to enact legislation requiring changes in SEC rules. http://reut.rs/2nJEuE3

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