To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals, and for other purposes.

referredUnited States· United States Congress· EN

Introduced

14 July 2023

Last action

14 July 2023 · Introduced

Status

Referred to the House Committee on Financial Services.

Summary

This bill requires certain institutional investment managers that use proxy advisory firms to disclose information related to voting on shareholder proposals. (Proxy advisory firms provide voting services and advice to institutional investors in public companies for proposals presented at shareholder meetings.) Generally, institutional investment managers must report annually (1) how the manager voted on each shareholder proposal, (2) the percentage of votes cast in accordance with proxy advisory firm recommendations, and (3) explanations such as how votes are reconciled with fiduciary duties. Managers must also certify that votes were based solely on the best economic interest of the shareholders. In addition, large institutional investment managers must (1) inform customers that shareholders are not required to vote on every proposal; (2) on certain votes, determine through an economic analysis the vote that is in the best economic interest of shareholders; and (3) report any such analysis annually.  

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

14 July 2023
Introduced
Referred to the House Committee on Financial Services.
Source: IntroReferral
14 July 2023
Introduced
Introduced in House
Source: IntroReferral
14 July 2023
Introduced
Introduced in House
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in House · 14 July 2023 · Download file

Documents

3 official files

Introduced in House (text)

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Introduced in House (text)
Introduced in House · EN · 14 July 2023
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Introduced in House (PDF)
Introduced in House · EN · 14 July 2023
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Introduced in House
summary · EN · 14 July 2023
Open at official source
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Related records

related to ← Protecting Americans’ Retirement Savings from Politics Act

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/118th-congress/house-bill/4648
Open data entity: https://api.congress.gov/v3/bill/118/hr/4648
us · 118-hr-4648 · source updated 27 May 2025