The move gives shareholders the choice -- rather than giving companies the choice -- on whether proxy materials are provided to them in print or online. The SEC said giving shareholders the choice also cuts proxy solicitation costs for companies.

Under the rule change, companies must provide shareholders 40 days notice before the annual shareholder meeting date with information on how to access Internet materials along with the meeting details, according to a Reuters report. The notice must also provide an email address, telephone number or Web site to request paper copies of proxy materials.

Companies must also provide shareholders with the means to vote using the Internet, telephone or a downloadable proxy card, said Reuters.