Investors want change. SEC calls it micromanagement.

Big investment firms are again using their vast stock holdings to pressure corporate executives over everything from boardroom diversity and political activity to food waste and plans to reduce greenhouse-gas emissions.

But the Securities and Exchange Commission, which has widened its definition of shareholder “micromanaging,” has sided with company management and has issued guidance effectively keeping a wide array of shareholder resolutions off annual-meeting ballots.

One of the highest-profile battles is being waged over a proposal that would have urged ExxonMobil to disclose short-, medium- and long-term greenhouse-gas targets “aligned with” reductions established by the Paris climate agreement in 2015 in an effort to limit global warming to two degrees Celsius, if not 1.5 degrees.