In “Balancing Investor Voice and Value,” Professor S.P. Kothari — former Chief Economist of the U.S. Securities and Exchange Commission and a leading academic in accounting and finance — analyzes the economic costs of the shareholder proposal process. The study finds that this process now imposes nearly $1 billion in annual costs on institutional and retail investors as well as public companies, diverting time and resources from value creation while delivering little in return. With most proposals failing to enhance shareholder value, the report underscores the need for reform to realign the process with long-term investor interests.