Enhancing Multi-Class Share Disclosures Act
This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives.
Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2023-05-31 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2023-05-30 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2023-05-30 | Vote | On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239). (text: CR H2653) | House floor actions |
| 2023-05-30 | Floor | Considered as unfinished business. (consideration: CR H2662-2663) | House floor actions |
| 2023-05-30 | Floor | At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. | House floor actions |
| 2023-05-30 | Floor | DEBATE - The House proceeded with forty minutes of debate on H.R. 2795. | House floor actions |
| 2023-05-30 | Floor | Considered under suspension of the rules. (consideration: CR H2653-2654) | House floor actions |
| 2023-05-30 | Floor | Mrs. Wagner moved to suspend the rules and pass the bill, as amended. | House floor actions |
| 2023-05-30 | Calendars | Placed on the Union Calendar, Calendar No. 58. | House floor actions |
| 2023-05-30 | Committee | Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79. | House floor actions |
| 2023-04-26 | Committee | Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 48 - 1. | House committee actions |
| 2023-04-26 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2023-04-24 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2023-04-24 | IntroReferral | Introduced in House | Library of Congress |