HB4657: To clarify that an issuer may exclude a shareholder proposal pursuant to section 240.14a-8(i) of title 17, Code of Federal Regulations, without regard to whether such proposal relates to a significant social policy issue.
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To clarify that an issuer may exclude a shareholder proposal pursuant to section 240.14a-8(i) of title 17, Code of Federal Regulations, without regard to whether such proposal relates to a significant social policy issue.
Plain-language summary
This bill clarifies that public companies can exclude shareholder proposals from their proxy ballots without considering whether the proposal addresses a major social policy issue. Currently, the Securities and Exchange Commission (SEC) has a rule called 14a-8 that lets companies exclude certain shareholder proposals, but some debate exists about whether proposals on significant social issues get special treatment. The bill removes any uncertainty by stating that social importance is not a factor in deciding whether to exclude a proposal. The bill is currently in the introduction stage.
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HB4657: To clarify that an issuer may exclude a shareholder proposal pursuant to sectio…