Performance over Politics Act

Bill: 118-hr-4641
Sponsor: full_name: Rep. Fitzgerald, Scott [R-WI-5]
Introduced: 2023-07-14
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-07-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-07-14
action_desc: Introduced in House
text: <p><b>Performance over Politics Act </b></p> <p>This bill allows an issuer of securities to exclude a shareholder proposal from its proxy materials if that proposal addresses the same subject matter as a previously offered proposal. The bill provides time frames and voting percentages for the previously offered proposal that, if applicable, allow an issuer to exclude the new shareholder proposal. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 4641 IN THE HOUSE OF REPRESENTATIVES July 14, 2023 Mr. Fitzgerald introduced the following bill; which was referred to the Committee on Financial Services A BILL To authorize the exclusion of shareholder proposals from proxy or consent solicitation material if such proposals are substantially similar to previously included proposals.

1. Short title This Act may be cited as the Performance over Politics Act . 2. Exclusion of certain substantially similar shareholder proposals The Securities and Exchange Commission shall revise the resubmission requirements in section 240.14a–8(i)(12) of title 17, Code of Federal Regulations, to provide that a shareholder proposal may be excluded by an issuer from its proxy or consent solicitation material for a meeting of the shareholders of such issuer if the shareholder proposal addresses substantially the same subject matter as a proposal, or proposals, previously included in the proxy or consent solicitation material for a meeting of the shareholders of such issuer— (1) for a meeting of the shareholders conducted in the preceding 5 calendar years; and (2) if the most recent vote— (A) occurred in the preceding 3 calendar years; and (B) (i) if voted on once during such 5-year period, received less than 10 percent of the votes cast; (ii) if voted on twice during such 5-year period, received less than 20 percent of the votes cast; or (iii) if voted on three or more times during such 5-year period, received less 40 percent of the votes cast.