HR 4589
To amend the Securities Exchange Act of 1934 to provide for the registration of proxy advisory firms, and for other purposes.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill aims to increase transparency and accountability in the proxy advisory industry. It requires proxy advisory firms to register with the Securities and Exchange Commission (SEC), establishing rules for their operations and ensuring they prioritize shareholder interests. The bill also includes provisions to prevent unfair practices, require conflict of interest disclosures, and provide issuers with access to the data used for voting recommendations. Furthermore, it creates a private right of action for issuers harmed by illegal proxy advisory recommendations and mandates annual reporting requirements for registered firms.
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