Multi-Class Stock Company Voting Transparency Act.
Sponsored By: Representative Casten, Sean [D-IL-6]
Introduced
Summary
Voting transparency for multi-class stock firms. This bill would require issuers with two or more classes of voting securities to disclose, by class, vote totals whenever shareholders vote as a single class.
Show full summary
- Shareholders would receive meeting-by-meeting vote tallies broken down by share class, including counts for votes for, against, withheld, abstentions, and broker non-votes.
- Companies with multi-class stock would have a new disclosure obligation to report those disaggregated results for each meeting where all shareholders vote as one class.
- The Securities and Exchange Commission would issue rules to define the disclosure format, timing, and enforcement. The bill does not create new funds or appropriations.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
More voting transparency for investors
If enacted, shareholders in companies with two or more voting classes would get vote totals broken down by share class. This would apply to each meeting when shareholders vote as a single class. Issuers would report, by class, votes for, against, and withheld. They would also report abstentions and broker non-votes. The Securities and Exchange Commission would write rules for how and when companies must provide these disclosures.
Sponsors & CoSponsors
Sponsor
Casten, Sean [D-IL-6]
IL • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov