NEW YORK (Reuters) – BlackRock Inc (BLK.N) cited the value and costs of shareholder proposals in a letter to regulators weighing reforms to the proxy process, taking a middle ground in a hotly contested rulemaking process.

BlackRock’s comment letter to the U.S. Securities and Exchange Commission, provided by a spokesman on Thursday, did not specifically address controversial ideas like raising the current threshold of $2,000 worth of stock needed to file some resolutions.

Instead in the letter, dated Feb. 3, BlackRock Vice Chairman Barbara Novick wrote, “Shareholder proposals can be a valuable part of an investment stewardship process, however, it should be acknowledged that the costs of these proposals are borne by all shareholders.”

BlackRock has previously declined to comment on its views, and spokesmen did not immediately respond to requests for comment.

Shareholder activists have asked the SEC to hold off on reforms that could come to a vote as soon as next month and would make it harder for investors to stage votes on environmental, social and governance topics at corporate annual meetings.

As the largest asset manager, BlackRock’s views have been closely watched. It has faced criticism from investors who want it to oppose the changes as a way to back up the vows by its Chief Executive Larry Fink to put more attention on climate change and other issues.

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