3.0.0 1074 2023-01-11T13:19:01Z 2023-01-11T13:19:01Z Senate S S 2009-05-19 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-05-19T20:45:29Z 2009-05-19 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2009-05-19 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2009-05-19 True Finance and Financial Sector Administrative law and regulatory procedures Corporate finance and management Securities Securities and Exchange Commission (SEC) Wages and earnings Finance and Financial Sector 00 2009-05-19 Introduced in Senate 2009-07-10T19:10:51Z Shareholder Bill of Rights Act of 2009 - Amends the Securities Exchange Act of 1934 to require any proxy or consent or authorization for an annual or other meeting for which the proxy solicitation rules of the Securities Exchange Commission (SEC) require shareholder compensation disclosure to include a separate resolution subject to shareholder vote to approve the compensation of executives.

Requires any person making a proxy solicitation concerning an acquisition, merger, consolidation, or proposed sale or other disposition of substantially all of the assets of an issuer (transaction) to disclose in the proxy solicitation material, in a clear and simple form, any agreements or understandings of that person with any of the issuer's principal executive officers concerning any type of (golden parachute) compensation based on or otherwise related to the transaction that have not been subject to a shareholder vote.

Requires the proxy solicitation material for a golden parachute to require a separate shareholder vote to approve it.

Directs the SEC to establish rules for the use by shareholders of issuer proxy solicitation materials for the purpose of nominating individuals to membership on the issuer's board of directors. Prohibits such rules from providing for such use, however, unless the shareholder, or a group of shareholders acting by agreement, has beneficially owned, directly or indirectly, an aggregate of at least 1% of the issuer's voting securities for at least the two-year period preceding the date of the issuer's next scheduled annual meeting.

Requires the SEC to direct the national securities exchanges and national securities associations to prohibit the listing of any security of an issuer that is not in compliance with any specified requirements pertaining to director independence, mandatory annual elections, SEC rules on elections, and mandatory establishment of a risk committee to establish and evaluate the issuer's risk management practices.

]]> Shareholder Bill of Rights Act of 2009 Display Title Shareholder Bill of Rights Act of 2009 Official Title as Introduced A bill to provide shareholders with enhanced authority over the nomination, election, and compensation of public company executives. Introduced in Senate IS Short Titles as Introduced Shareholder Bill of Rights Act of 2009 Introduced in Senate 2009-05-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s1074is/xml/BILLS-111s1074is.xml 2009-05-19 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.