Bill > HB0175

This bill, the Proxy Advisor Transparency Act, requires proxy advisors, which are entities that provide advice or recommendations to shareholders on how to vote on company matters for compensation, to disclose when their services are not based on a written financial analysis. A "written financial analysis" is defined as a document that analyzes the financial benefits and costs of a proposal, concludes what action best affects shareholder value, and explains the methods and personnel involved. If a proxy advisor makes a recommendation against company management that is not based on such an analysis, they must clearly disclose this fact to shareholders and the company's board of directors, and also post this information prominently on their website. Conversely, if the recommendation *is* based on a written financial analysis, the proxy advisor must disclose that fact and make the analysis available upon request. Violations of these disclosure requirements are considered deceptive trade practices, and aggrieved parties, including shareholders and companies, can pursue civil legal action. The bill also allows the secretary of state to discipline registered investment advisors for non-compliance and specifies that these provisions apply to services provided on or after July 1, 2026.

https://www.wyoleg.gov/Legislation/2026/HB0175