Bill > SB375

This bill, known as the Proxy Advisor Transparency Act, requires proxy advisors, which are entities that provide recommendations on how shareholders should vote on company matters for a fee, to disclose certain information when they recommend voting against company management. Specifically, if a proxy advisor's recommendation against management is not based on a written financial analysis that details expected financial benefits and costs and concludes how the vote would affect shareholder value, the advisor must clearly inform their clients, the company involved, and conspicuously post this information on their website. If the recommendation *is* based on such a written financial analysis, the advisor must state this, confirm the analysis is available upon request, and provide it to the company's board of directors. Violations of this act are considered deceptive practices under the Kansas Consumer Protection Act, allowing the Attorney General to investigate and take enforcement actions, though it does not create a private right for individuals to sue.