H.R. 4644 · 118th Congress
No Expensive, Stifling Governance Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HouchinSponsorNo cosponsors.
No Expensive, Stifling Governance Act of 2023 or the No ESG Act of 2023
What it does: CRS summary · Introduced in House · Jul 14, 2023
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 nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: No Expensive, Stifling Governance Act of 2023
Latest action (Jul 25, 2023): Sponsor introductory remarks on measure. (CR H3903-3904)
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 14, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.