To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.

Key Points

• Large investment managers that use outside proxy advisory firms would have to file a yearly report with the SEC explaining exactly how they voted on every shareholder proposal.
• Managers would have to disclose what percentage of their votes matched the recommendations of each proxy advisory firm they use, showing how much outside influence shapes their voting.
• Every manager covered by the bill must certify that its voting decisions were based only on getting the best financial return for shareholders, not on other goals.
• The very largest managers, those overseeing at least $100 billion, face extra rules: they must run and publish a formal economic analysis before voting against a company's independent board on any proposal.
• The bill also requires big managers to tell customers clearly that they are not required to vote on every single shareholder proposal.

Votes

No votes have been recorded for this legislation yet.

Related Bills

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