118th CONGRESS 1st Session |
To authorize the exclusion of shareholder proposals from proxy or consent solicitation material if such proposals are substantially similar to previously included proposals.
July 14, 2023
Mr. Fitzgerald introduced the following bill; which was referred to the Committee on Financial Services
To authorize the exclusion of shareholder proposals from proxy or consent solicitation material if such proposals are substantially similar to previously included proposals.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Performance over Politics Act”.
SEC. 2. Exclusion of certain substantially similar shareholder proposals.
The Securities and Exchange Commission shall revise the resubmission requirements in section 240.14a–8(i)(12) of title 17, Code of Federal Regulations, to provide that a shareholder proposal may be excluded by an issuer from its proxy or consent solicitation material for a meeting of the shareholders of such issuer if the shareholder proposal addresses substantially the same subject matter as a proposal, or proposals, previously included in the proxy or consent solicitation material for a meeting of the shareholders of such issuer—
(1) for a meeting of the shareholders conducted in the preceding 5 calendar years; and
(A) occurred in the preceding 3 calendar years; and
(B) (i) if voted on once during such 5-year period, received less than 10 percent of the votes cast;
(ii) if voted on twice during such 5-year period, received less than 20 percent of the votes cast; or
(iii) if voted on three or more times during such 5-year period, received less 40 percent of the votes cast.