About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

LOG IN
LOG IN


H. Rept. 115-451 1 (2017-12-07)

handle is hein.congrecreports/crptxaasf0001 and id is 1 raw text is: AUTHENTICATEO U.S. GOVERNMENT INFORMATION Gp 115TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 115-451 CORPORATE GOVERNANCE REFORM AND TRANSPARENCY ACT OF 2017 DECEMBER 7, 2017.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 4015] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 4015) to improve the quality of proxy advisory firms for the protection of investors and the U.S. economy, and in the public interest, by fostering accountability, transparency, responsiveness, and competition in the proxy advisory firm industry, having consid- ered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY On October 11, 2017, Representative Sean Duffy introduced the Corporate Governance Reform and Transparency Act of 2017, which enhances transparency in the shareholder proxy system by providing for, among other things, the registration of proxy advi- sory firms with the U.S. Securities and Exchange Commission (SEC), disclosure of proxy firms' potential conflicts of interest and codes of ethics, and the disclosure of proxy firms' methodologies for formulating proxy recommendations and analyses. BACKGROUND AND NEED FOR LEGISLATION The goal of H.R. 4015 is to improve transparency in the proxy system and enhance shareholder access to investment information 79-006