118 HR 4641 IH: Performance over Politics Act U.S. House of Representatives 2023-07-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 4641IN THE HOUSE OF REPRESENTATIVESJuly 14, 2023Mr. Fitzgerald introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo authorize the exclusion of shareholder proposals from proxy or consent solicitation material if such proposals are substantially similar to previously included proposals.

1.

Short title

This Act may be cited as the Performance over Politics Act.

2.

Exclusion of certain substantially similar shareholder proposals

The Securities and Exchange Commission shall revise the resubmission requirements in section 240.14a–8(i)(12) of title 17, Code of Federal Regulations, to provide that a shareholder proposal may be excluded by an issuer from its proxy or consent solicitation material for a meeting of the shareholders of such issuer if the shareholder proposal addresses substantially the same subject matter as a proposal, or proposals, previously included in the proxy or consent solicitation material for a meeting of the shareholders of such issuer—(1)for a meeting of the shareholders conducted in the preceding 5 calendar years; and(2)if the most recent vote— (A)occurred in the preceding 3 calendar years; and(B)(i)if voted on once during such 5-year period, received less than 10 percent of the votes cast; (ii)if voted on twice during such 5-year period, received less than 20 percent of the votes cast; or(iii)if voted on three or more times during such 5-year period, received less 40 percent of the votes cast.