Pipeline · Bill → Law
Step 1
Introduced
Jul 27, 2023
Step 2
Referred
Jul 27, 2023
Banking, Housing, and Urban Affairs
Step 3
Committee
Step 4
Senate
Step 5
House floor
Step 6
Resolve Changes
Step 7
Signed
SummaryCRS Summary
This bill establishes guidelines for passively managed funds (e.g., index funds) that vote shares on behalf of fund investors in proxy shareholder votes. Under the bill, these funds generally must vote shares on a proportional basis according to instructions from fund investors. The bill establishes an exemption for routine matters and matters requiring approval of a majority of outstanding securities. Additionally, the bill establishes a safe harbor from these requirements for investment advisers.
Timeline · 2 actions
Jul 27, 2023
Introduced in Senate
Jul 27, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.