S. 3831 — Enhancing Multi-Class Share Disclosures Act

This section directs the Securities and Exchange Commission (SEC), by rule, to require issuers with multi-class share structures—defined as capitalization structures containing two or more classes of securities with differing voting rights in director elections—to disclose in annual proxy or consent solicitation materials (or other SEC-determined filings), for each director, director nominee, named executive officer, or beneficial owner of 5% or more of total combined voting power: (1) the percentage of total outstanding voting securities beneficially owned; and (2) the percentage of total combined voting power held. (Thus, the disclosure highlights disparities between economic ownership and voting control in multi-class structures, such as those used by certain technology firms.)