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S 3055119th CongressIn Committee
Corporate Governance Fairness Act
Introduced: Oct 23, 2025
Sponsor: Sen. Reed, Jack [D-RI] (D-Rhode Island)
Standard Summary
Comprehensive overview in 1-2 paragraphs
The Corporate Governance Fairness Act requires proxy advisory firms to register as investment advisers with the SEC, subjecting them to examination, reporting requirements, and conflict of interest oversight.
Key Points
- 1Amends Investment Advisers Act to include proxy advisory firms as investment advisers
- 2Requires SEC registration and examination of proxy advisory firm records
- 3Mandates conflict of interest policies and procedures for proxy advisory firms
- 4Prohibits false statements or material omissions in proxy recommendations
- 5Requires SEC report on proxy firm oversight within 2 years
- 6Establishes 5-year review cycle for updated oversight reports
Impact Areas
Proxy advisory firms (e.g., ISS, Glass Lewis)Securities and Exchange CommissionPublic companies and shareholdersInvestment advisers and asset managersCorporate governance and proxy voting
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