118th Congress Finance and Financial Sector
H.R. 4644: No Expensive, Stifling Governance Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
No Expensive, Stifling Governance Act of 2023 or the No ESG Act of 2023
This bill allows an issuer of securities to exclude a shareholder proposal from its proxy materials if that proposal (1) has been substantially implemented by the issuer through policies, practices, or procedures; (2) duplicates another proposal contained in the proxy materials; or (3) addresses the same subject matter as a previously offered proposal. The bill provides time frames and voting percentages for the previously offered proposal that, if applicable, allow an issuer to exclude the new shareholder proposal.
The bill also prohibits the Securities and Exchange Commission from implementing a proposed rule published on July 27, 2022, titled Substantial Implementation, Duplication, and Resubmission of Shareholder Proposals under Exchange Act Rule 14a—8, which addresses the exclusion of shareholder proposals.
Written by the Congressional Research Service, Library of Congress.
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Other bills by Erin Houchin
History
- Introduced in the House by Erin Houchin.
Show the full action history (3 actions)
- Sponsor introductory remarks on measure. (CR H3903-3904)
- Introduced in House
- Referred to the House Committee on Financial Services.