Sec. 801. Requirements related to proxy voting
182 words·~1 min read·
/bill/119/hr/8286/ih/section-801A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 14 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78n ), as amended by section 601, is further amended by adding at the end the following: The Commission shall issue final rules prohibiting the use of robovoting with respect to votes related to proxy or consent solicitation materials. In this subsection, the term robovoting means the practice of automatically voting in a manner consistent with the recommendations of a proxy advisory firm or on a proxy advisory firm’s electronic voting platform with the proxy advisory firm’s recommendations, in either case, without independent review and analysis.
With respect to votes related to proxy or consent solicitation materials, an institutional investor may not outsource voting decisions to any person other than an investment adviser or a broker or dealer that is registered with the Commission, or is exempt from such registration, and has a fiduciary or best interest duty to the institutional investor. No person may be required to cast votes related to proxy or consent solicitation materials, unless obligated by their fiduciary duty or Rule 206(4)–6 (17 CFR 275.206(4)–6). .
Connectionstraces to 1
Traces to 1 document
U.S. Code
1 reference not yet in our index
- 17 CFR 275.206(4)
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources