A bill for an act relating to proxy advisors and proxy advisory services, and including applicability provisions.

Summary

The bill forces any proxy advisor who gives voting advice or default recommendations to shareholders to clearly state if that advice is backed by a financial analysis, and to provide the analysis if requested. It also obligates advisors to send the same disclosure to the companies involved and to post a notice on their website. The rule applies to services offered on or after July 1, 2026 and creates a civil cause of action for violations.

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