,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #eb  ,,9 ,,! ,,h\se ,,(             
,,repres5tatives  ,janu>y #c1 #bjbe,mr4 
,biggs ( ,arizona 7= himself1 ,mr4      
,ogles1 & ,mr4 ,crane7 introduc$ !      
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to am5d a rule ( ! 
,commission relat+ to %>ehold]          
proposals1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,/op    
,woke ,inve/+ ,act4  #b4 ,%>ehold]      
proposals  7a7 ,def9itions ,9 ?is       
section3 7#a7 ,accel]at$ fil]2 l>ge     
accel]at$ fil] ,! t]ms accel]at$ fil] & 
l>ge accel]at$ fil] h ! mean+s giv5 !   
t]ms 9 section #bdj4ab;b-#b ( title #ag1
 ,code ( ,f$]al ,regulations1 or any    
successor regulation4  7#b7 ,commission 
,! t]m ,commission means ! ,securities &
 ,ex*ange ,commission4  7#c7 ,mat]ial ,!
 t]m mat]ial1 :5 us$ to qualify a       
f9ancial risk or f9ancial return-- 7,a7 
means a f9ancial risk or f9ancial return

 9 :i* !re is a sub/antial likelihood t 
a reasonable inve/or w\ld atta*         
importance :5-- 7i7 evaluat+ ! pot5tial 
f9ancial risks or returns ( an exi/+ or 
prospective inve/m5t2 or  7ii7 ex]cis+1 
or decl9+ to ex]cise1 any rights )      
respect to securities2 &  7,b7 does n   
include-- 7i7 fur!r+ nonpecuni>y1       
environm5tal1 social1 political1        
ideological1 or o!r goals or objectives2
 or  7ii7 any portion ( a f9ancial risk 
or f9ancial return t prim>ily relates to
 ev5ts t-- 7,i7 involve a high degree ( 
unc]ta9ty reg>d+ :at may occur 9 !      
long-t]m future2 &  7,,ii7 are sy/emic1 
g5]al1 or n inve/m5t-specific 9 nature4 
7#d7 ,non-accel]at$ fil] ,! t]m         
non-accel]at$ fil] means an issu] t is n
 an accel]at$ fil] or a l>ge accel]at$  
fil]4  7b7 ,am5dm5ts requir$ ,n lat] ?an
 #ahj days aft] ! date ( enactm5t ( ?is 
,act1 ! ,commission %all am5d section   
#bdj4ad;a-#h ( title #ag1 ,code ( ,f$]al
 ,regulations1 or any successor         
regulation1 to provide t ! %>ehold]     

proposals t a company includes on !     
proxy c>d ( ! company1 & includes along 
) any support+ /atem5t 9 ! proxy /atem5t
 ( ! company1 %all be det]m9$ 9         
accordance ) ! foll[+3 7#a7 ,a company  
%all det]m9e ! proposals to include )   
respect to any #a annual or special     
meet+ ( %>ehold]s z foll[s3 7,a7        
,subject to p>agraph 7#b71 if ! company 
is a non-accel]at$ fil]1 ! company %all 
n be requir$ to include m ?an #b        
proposals submitt$ by %>ehold]s4  7,b7  
,subject to p>agraph 7#b71 if ! company 
is an accel]at$ fil]1 ! company %all n  
be requir$ to include m ?an #d proposals
 submitt$ by %>ehold]s4  7,c7 ,subject  
to p>agraph 7#b71 if ! company is a l>ge
 accel]at$ fil]1 ! company %all n be    
requir$ to include m ?an #g proposals   
submitt$ by %>ehold]s4  7#b7 ,a proposal
 may n be includ$ "u p>agraph 7#a7      
unless ! proposal has a mat]ial effect  
on ! f9ancial p]=mance ( ! applicable   
company4  7#c7 ,! me?od = det]m9+ :i*   
proposals to include "u subp>agraphs    

7,a71 7,b71 & 7,c7 ( p>agraph 7#a7 %all 
be-- 7,a7 det]m9$ by ! company2 &  7,b7 
disclos$ to ! ,commission4  7#d7 ,! ord]
 9 :i* ! company receives ! proposals   
%all h no be>+ 9 det]m9+ :e!r a proposal
 is s includ$4  7#e7 ,if any #b or m    
proposals submitt$ are sub/antially     
simil>1 all su* proposals %all be       
consid]$ to be a s+le proposal = !      
purposes ( ?is subsection4  7#f7 ,no    
proposal submitt$ by a memb] ( ! bo>d ( 
directors ( ! company may be s includ$4 
7c7 ,rules ( con/ruction ,no?+ 9 ?is    
section may be con/ru$-- 7#a7 to require
 a company to include a %>ehold]        
proposal 9 ! proxy /atem5t ( ! company  
if1 "u rules prescrib$ by ! ,commission1
 ! proposal o!rwise is n requir$ to be  
includ$ 9 ! proxy /atem5t2  7#b7 to     
au?orize or approve any ,commission rule
 or claim ( au?ority to require a       
company to include ! proposal ( a       
%>ehold] 9 ! proxy /atem5t ( ! company2 
or  7#c7 to re/rict ! ability ( !       
,commission to repeal any rule requir+ a

 company to include ! proposal ( a      
%>ehold] 9 ! proxy /atem5t ( ! company4