The Protecting Americans' Savings Act would restrict how institutional investors and asset managers vote on corporate shareholder issues. The bill prohibits "robovoting," which is the automatic casting of votes based on recommendations from proxy advisory firms without independent review. It also prevents institutional investors from outsourcing voting decisions to anyone except registered investment advisers or brokers who have a legal duty to act in the investor's best interest. The legislation requires the Securities and Exchange Commission to issue final rules enforcing these restrictions. The bill aims to ensure that voting decisions on corporate matters are made more thoughtfully rather than through automatic systems, potentially affecting how large investment funds manage shareholder voting on issues like executive compensation and board elections.
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