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Lawmakers hear competing views on proxy‑advisor disclosure bill
Summary
SB 375 would require proxy advisors to disclose whether recommendations against company management are based on a written financial analysis and make that analysis available to clients and boards. Proponents said it is a limited consumer‑protection measure; nonprofits and advocacy groups warned the bill is vague, could chill stewardship work and may face First Amendment challenges.
The Judiciary committee heard testimony on Senate Bill 375, the Proxy Advisor Transparency Act, which would require proxy advisors to disclose when a recommendation against company management is not based on a written financial analysis and to provide disclosures to clients and boards; the attorney general would be authorized to investigate and enforce through the consumer‑protection law.
Proponents said the bill is a narrow, nonpartisan…
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