Bill > HR4767

This bill, titled the "Protecting Americans' Retirement Savings from Politics Act," makes several revisions to federal securities laws regarding shareholder proposals, proxy voting, and the registration of proxy advisory firms. The key provisions of the bill are: 1. It expands the circumstances under which an issuer can exclude a shareholder proposal from its proxy materials, including if the proposal addresses substantially the same subject matter as a previous proposal that received low levels of shareholder support. 2. It allows issuers to exclude certain shareholder proposals that have been substantially implemented or that substantially duplicate other proposals. 3. It permits issuers to exclude shareholder proposals related to environmental, social, or political matters. 4. It requires the SEC to conduct a comprehensive study on issues related to shareholder proposals, proxy advisory firms, and the proxy process. 5. It establishes a new registration and regulatory framework for proxy advisory firms, including requirements related to conflicts of interest, reliability of services, and reporting. 6. It imposes additional disclosure and fiduciary duty requirements on investment advisors, asset managers, and pension funds regarding their use of proxy advisory firms and proxy voting practices. 7. It prohibits certain proxy voting practices, such as "robovoting" and outsourcing of voting decisions by institutional investors. The overall goal of the bill is to limit the influence of politically-motivated shareholder proposals and proxy advisory firms on corporate governance and the investment decisions of retirement savings accounts.

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https://www.congress.gov/bill/118th-congress/house-bill/4767/all-info