Gail Bernstein, general counsel of the Investment Adviser Association, worries that proposed changes in proxy rules will make it so expensive and burdensome for advisers that they will simply decline to vote their clients' shares in the future.

"I am definitely hearing concern from our members, who are thinking about whether or not they can continue to vote proxies," Bernstein told Corporate Counsel Wednesday.

A day earlier, the U.S. Securities and Exchange Commission voted along party lines to modernize the rules that govern the process for shareholder proposals to be included in a company's proxy statement. The commission said the changes would "improve the accuracy and transparency of proxy voting advice."