HR 3402
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.
Jurisdiction
US Congress
Session
119th Congress (2025-2026)
Last updated at
Jun 14, 2026, 3:14 AM
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill requires institutional investment managers – such as investment advisors, asset managers, and pension funds – to disclose more information about how they vote on shareholder proposals, particularly when using proxy advisory firms. Managers must report on their voting decisions, the extent to which they followed proxy firm recommendations, and how those decisions align with their fiduciary duty to shareholders. Larger managers with significant assets are also required to inform customers that shareholders aren’t obligated to vote on every proposal and to conduct economic analyses to ensure votes are in the best interest of shareholders.
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