Duffy Advances Corporate Governance Reform Bill
Thursday, June 16, 2016
FOR IMMEDIATE RELEASE
Mark Bednar; 202-738-0744
Cassie Smedile; 816-726-1290
WASHINGTON, D.C. – Congressman Sean Duffy’s (WI-07) bill, the Corporate Governance Reform and Transparency Act (H.R. 5311), which he introduced with Congressman John Carney (DE-AL), advanced out of committee with bipartisan support markup. The Corporate Governance Reform and Transparency Act will protect investors and improve corporate governance of publicly-held companies by increasing transparency on and oversight of proxy advisory firms, which advise shareholders on key corporate governance decisions. Specifically, the bill would require requiring proxy advisory firms to:
• register with the Securities and Exchanges Commission (SEC),
• disclose potential conflicts of interest,
• make publicly available their methodologies for formulating proxy recommendations and analyses.
The vote advanced out of Financial Services Committee markup in a bipartisan fashion with a vote of 41-18.
Below is an excerpt of Congressman Duffy’s opening remarks:
“My bill, the Corporate Governance Reform and Transparency Act, which I introduced with my good friend from Delaware, Mr. Carney, will foster accountability, transparency, responsiveness, and competition in the proxy advisory firm industry- thereby improving corporate governance and protecting investors. The role of proxy advisory firms in the US economy and in shaping corporate governance is of significant national importance.”
Watch Congressman Duffy’s remarks in support of the Corporate Governance Reform and Transparency Act by clicking HERE or the image below.