Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee approves bill requiring proxy advisers to disclose basis for recommendations against management
Summary
House Bill 12-73 would require proxy advisers to disclose whether negative voting recommendations are supported by a written financial or value-based analysis; proponents said the change would increase transparency and better protect retirement investors who rely on outsourced proxy advice.
The Financial Institutions Committee voted to advance House Bill 12-73, a transparency measure targeting proxy-advice firms that recommend institutional investors vote on corporate matters. Representative Pierce, sponsor of the bill, described proxy advisers as an industry that provides voting recommendations to asset managers and trustees. He and supporters said the advisers historically promised financial-value analysis but may not uniformly produce…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
