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Committee advances bill forcing proxy advisers to ‘show their homework’ on recommendations
Summary
A measure requiring proxy advisers to disclose whether recommendations opposing company management are supported by a written financial analysis passed out of committee 5‑2 after extensive testimony. Witnesses said major advisors often do not produce written financial analyses, prompting transparency-focused legislation.
A committee advanced House Bill 12‑73, a bill that would require proxy‑advisers to disclose whether recommendations to vote against company management are based on a written financial analysis.
Representative Pierce, the bill sponsor, framed the measure as a transparency requirement: if a proxy adviser advises investors to vote against company management, the adviser must either produce a written financial analysis supporting that recommendation…
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