Proxy Advice Disclosure Act

This bill requires a proxy voting advice business to disclose material information involved in providing proxy voting advice to a security holder, including the methodology used, sources of information, and conflicts of interest of the business. A proxy voting advice business provides, for a fee, recommendations to security holders on specific matters for which an issuer of securities has requested security holder approval or consent.

In addition, a proxy voting advice business must make this advice available to the issuer. Also, the security holder must be made aware of any written statement made by the issuer in response to this advice before the relevant meeting or vote.