Performance over Politics Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4641 Introduced in House (IH)]

<DOC>






118th CONGRESS
  1st Session
                                H. R. 4641

   To authorize the exclusion of shareholder proposals from proxy or 
   consent solicitation material if such proposals are substantially 
               similar to previously included proposals.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 2023

Mr. Fitzgerald introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To authorize the exclusion of shareholder proposals from proxy or 
   consent solicitation material if such proposals are substantially 
               similar to previously included proposals.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.
                                 <all>