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Restoring Shareholder Transparency Act of 2022

USA117th CongressS-3945| Senate 
| Updated: 4/5/2022
Bill Hagerty

Bill Hagerty

Republican Senator

Tennessee

Cosponsors (3)
Thomas Tillis (Republican)Cynthia M. Lummis (Republican)Steve Daines (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Restoring Shareholder Transparency Act of 2022 This bill limits corporate shareholder proposals and revises proxy voting protocols for shareholders. Current shareholder proposal rules address who is eligible to submit shareholder proposals for a vote and the dissemination of information to voters through a proxy statement. Under the bill, a company is not required to comply with these shareholder proposal rules. Instead, a company may opt-in to these rules. The bill also revises these rules to require a shareholder hold at least 1% of the market value of the company's securities in order to submit a shareholder proposal. Under current rules, a shareholder's ability to submit a proposal depends upon the dollar amount of shares held and the length of time the shares have been held. It also revises these rules to provide that a company's allowed bases for exclusion of a proposal apply without regard to whether the proposal relates to a significant social policy issue. Under current guidance, a shareholder proposal may overcome a company's exclusion if the proposal is of social policy significance. Finally, the bill generally prohibits proxy voting advice furnished by a person who provides such advice for a fee.
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Timeline
Mar 29, 2022
Introduced in Senate
Mar 29, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 5, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • March 29, 2022
    Introduced in Senate


  • March 29, 2022
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • April 5, 2022
    Committee on Banking, Housing, and Urban Affairs. Hearings held.

Finance and Financial Sector

Corporate finance and managementSecurities

Restoring Shareholder Transparency Act of 2022

USA117th CongressS-3945| Senate 
| Updated: 4/5/2022
Restoring Shareholder Transparency Act of 2022 This bill limits corporate shareholder proposals and revises proxy voting protocols for shareholders. Current shareholder proposal rules address who is eligible to submit shareholder proposals for a vote and the dissemination of information to voters through a proxy statement. Under the bill, a company is not required to comply with these shareholder proposal rules. Instead, a company may opt-in to these rules. The bill also revises these rules to require a shareholder hold at least 1% of the market value of the company's securities in order to submit a shareholder proposal. Under current rules, a shareholder's ability to submit a proposal depends upon the dollar amount of shares held and the length of time the shares have been held. It also revises these rules to provide that a company's allowed bases for exclusion of a proposal apply without regard to whether the proposal relates to a significant social policy issue. Under current guidance, a shareholder proposal may overcome a company's exclusion if the proposal is of social policy significance. Finally, the bill generally prohibits proxy voting advice furnished by a person who provides such advice for a fee.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 29, 2022
Introduced in Senate
Mar 29, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 5, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • March 29, 2022
    Introduced in Senate


  • March 29, 2022
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • April 5, 2022
    Committee on Banking, Housing, and Urban Affairs. Hearings held.
Bill Hagerty

Bill Hagerty

Republican Senator

Tennessee

Cosponsors (3)
Thomas Tillis (Republican)Cynthia M. Lummis (Republican)Steve Daines (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Corporate finance and managementSecurities