All Roll Calls
Yes: 381 • No: 31
119-hr-3357119th CongressWALLET
Enhancing Multi-Class Share Disclosures Act
Sponsored By: Representative Meeks, Gregory W. [D-NY-5]
Passed House
Summary
Makes control of multi-class companies more transparent. The bill targets firms that issue more than one class of stock with unequal voting rights and aims to show who actually controls board elections.
Show full summary
- Investors: Retail and institutional investors get clear, quantified numbers for key insiders and large holders so they can see each person's share of outstanding voting securities and share of total combined voting power.
- Directors, nominees, named executive officers, and large holders: Those individuals must have their holdings reported as a percentage of the issuer's outstanding voting securities and as a percentage of total combined voting power, with a disclosure trigger for anyone holding 5% or more of combined voting power.
- Issuers and boards: Companies with multi-class share structures must include these specific percentages in proxy or consent solicitation materials for annual meetings.
- Securities and Exchange Commission: The SEC must write the implementing rules and may require the same disclosures in other filings it finds appropriate.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
More voting-power details for multi-class stocks
If enacted, the SEC would require companies with two or more share classes to disclose who owns and controls votes. Annual meeting proxy or consent materials would need to list each director, director nominee, and named executive officer, plus any owner with 5% or more of total voting power. For each person, companies would show share ownership as a percent of all voting shares, and voting power as a percent of total combined votes. The SEC could also require this in other filings. This would help investors see who controls director elections.
Sponsors & CoSponsors
Sponsor
Meeks, Gregory W. [D-NY-5]
NY • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
house vote • 7/23/2025
On Motion to Suspend the Rules and Pass, as Amended
Yes: 381 • No: 31