Sec. 105. Study on shareholder collective action
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Not later than 1 year after the date of the enactment of this Act, the Securities and Exchange Commission shall— conduct a study on— the emergence, viability, and significance of coalitions of shareholders who wish to preserve and promote critical employment and ESG standards; whether and to what extent shareholder collective action— occurs; and has implications with respect to filing requirements under the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq.); and any possible anticompetitive activities associated with shareholder collective action; and submit to Congress a report that includes— the findings of the study conducted under paragraph (1); guidance, which may include an approved list, of shareholder engagement activities that are not considered to involve questions of corporate control; and recommendations on regulatory safe harbors for engagement with respect to sustainability guardrails and similar restrictions on portfolio company conduct with a goal of— preserving economic justice, environmental systems, and social institutions; and otherwise protecting the common interests of corporate shareholders and stakeholders.
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Sec. 105
Study on shareholder collective action
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