Shareholder Protection Act of 2017
This bill amends the Securities Exchange Act of 1934 to require shareholder authorization with respect to certain political expenditures by an issuer.
A violation of this requirement shall be considered a breach of fiduciary duty, and the officers and directors who authorized the expenditure shall be subject to joint and several liability.
The Securities and Exchange Commission must direct the national securities exchanges and associations to prohibit the listing of any equity security of an issuer whose corporate bylaws do not require a board vote with respect to political expenditures in excess of $50,000. An issuer must, within 48 hours, make publicly available the individual votes of each board member with respect to such expenditures.
The bill establishes various reporting requirements.
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