Whole Foods' High Hurdle for Investors

Shareholders own the companies they invest in, but they have long been largely shut out of any role in naming the people who are supposed to represent them: corporate directors.

Executives at most companies, of course, generally oppose the idea of shareholders nominating their own directors. But now the Securities and Exchange Commission, generally seen as the defender of shareholder interests, is siding with companies keen to keep investors out of the nomination process.