HR 4645
Empowering Shareholders Act of 2023
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- Passed House
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Bill overview
The Empowering Shareholders Act of 2023 aims to give passive investment funds, like index funds, more clarity and control over how they vote shares on behalf of their investors. Specifically, it requires these funds to either vote according to the beneficial owner’s instructions, vote according to the issuer’s voting guidelines, or abstain from voting. The bill also establishes a ‘safe harbor’ to protect investment advisors from liability if they follow these guidelines, with an exception for routine matters such as electing board members. This legislation seeks to increase shareholder influence over fund voting decisions.
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