This bill would require publicly traded companies with multiple classes of stock to disclose detailed voting results to shareholders. Specifically, when shareholders vote on company matters, these multi-class companies would need to break down and publicly report how many votes were cast for, against, or withheld for each class of stock, as well as abstentions and broker non-votes by class. The requirement applies whenever all shareholders vote together as a single group. The bill amends the Securities Exchange Act of 1934 and directs the Securities and Exchange Commission to establish the specific rules for these disclosures. The legislation affects publicly traded companies with dual or multi-class share structures, which often give certain shareholders greater voting power than others, and would increase transparency around how different classes of shareholders actually voted on corporate matters.
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