summary
Introduced
07/14/2023
07/14/2023
In Committee
07/14/2023
07/14/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Securities Exchange Act of 1934 to prohibit robovoting with respect to votes related to proxy or consent solicitation materials, and for other purposes.
AI Summary
This bill aims to amend the Securities Exchange Act of 1934 to prohibit "robovoting" - the practice of automatically voting in a manner consistent with the recommendations of a proxy advisory firm without independent review and analysis. Additionally, the bill prohibits institutional investors from outsourcing voting decisions related to proxy or consent solicitation materials and establishes that no person can be required to cast votes related to such materials. The bill also defines "proxy advisory firm" as any entity primarily engaged in providing proxy voting advice, research, analysis, ratings, or recommendations to clients, which constitutes a solicitation under Section 14 of the Securities Exchange Act.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to the House Committee on Financial Services. (on 07/14/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/4656/all-info |
| BillText | https://www.congress.gov/118/bills/hr4656/BILLS-118hr4656ih.pdf |
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