,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #idhh  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #ab1         
#bjbb,mr4 ,donalds introduc$ ! foll[+   
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
! ,securities ,ex*ange ,act ( #aicd to  
require proxy vot+ advice bus9esses to  
disclose c]ta9 in=mation1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,proxy ,advice ,disclosure 
,act4  #b4 ,proxy vot+ advice bus9ess   
disclosure requirem5ts ,section #ad ( ! 
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghn7 is am5d$ by add+ at !   
end ! foll[+3  7k7 ,proxy vot+ advice   
bus9ess disclosure requirem5ts  7#a7 ,9 
g5]al ,a proxy vot+ advice bus9ess t    
makes proxy vot+ advice available to a  
security hold] %all adopt & make        
publicly available writt5 policies &    
proc$ures reasonably design$ to ensure  
t-- 7,a7 an issu] t is ! subject ( proxy
 vot+ advice has su* advice made        
available to ! issu] n lat] ?an ! "t :5 

su* advice is dissem9at$ to ! security  
hold]2 &  7,b7 ! security hold] is      
provid$ ) a me*anism by :i* ! security  
hold] c reasonably be expect$ to become 
aw>e ( any writt5 /atem5ts reg>d+ su*   
proxy vot+ advice by ! issu] t is !     
subject ( su* advice1 9 a timely mann]  
be=e ! applicable meet+1 vote1 cons5t1  
or au?orization4  7#b7 ,failure to      
disclose mat]ial in=mation ,x %all be   
unlawful = a proxy vot+ advice bus9ess1 
9 provid+ proxy vot+ advice to a        
security hold]1 to fail to disclose     
mat]ial in=mation reg>d+ ! proxy vot+   
advice1 includ+ in=mation reg>d+ !      
me?odology1 s\rces ( in=mation1 or      
conflicts ( int]e/ ( su* proxy vot+     
advice bus9ess4  7#c7 ,def9itions ,9 ?is
 subsection3 7,a7 ,proxy vot+ advice ,) 
respect to a security ( an issu]1 ! t]m 
proxy vot+ advice means provid+ a       
recomm5dation to a security hold] on a  
specific matt] ( :i* ! issu] has reque/$
 security hold] approval1 vote1 or      
cons5t4  7,b7 ,proxy vot+ advice bus9ess

 ,! t]m proxy vot+ advice bus9ess means 
a p]son t-- 7i7 holds itself out z a    
provid] = proxy vot+ advice sep>ately f 
o!r =ms ( inve/m5t advice2 &  7ii7 sells
 proxy vot+ advice = a fee4  4