Shareholder Protection Act of 2021
This bill requires shareholder authorization of certain political expenditures by a publicly traded company. A violation of this requirement is considered a breach of fiduciary duty, and the officers and directors who authorized the expenditure are subject to joint and several liability. A publicly traded company must require a board vote with respect to political expenditures in excess of $50,000 and, within 48 hours, make publicly available the individual votes of each board member.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2021-03-02 | IntroReferral | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2021-03-02 | IntroReferral | Introduced in Senate | Library of Congress |