HR 4656
Protecting American’s Savings Act
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- Passed House
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- Became Law
Bill overview
This bill, the Protecting American’s Savings Act, aims to give shareholders more control over their votes in company meetings. It prohibits a practice called ‘robovoting,’ where institutional investors automatically follow recommendations from proxy advisory firms. The bill also prevents these investors from outsourcing their voting decisions and ensures no one is forced to vote on proxy materials. It clarifies the definition of a ‘proxy advisory firm’ and requires them to calculate vote results according to the laws of the company’s state of incorporation.
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