To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose material information in connection with proxy voting advice, and for other purposes.

Bill 118 hr 4590, also known as the Proxy Voting Advice Reform Act, aims to amend the Securities Exchange Act of 1934 to hold proxy advisory firms accountable for failing to disclose important information when providing advice on shareholder voting decisions.

The bill seeks to address concerns that proxy advisory firms may not always provide accurate or complete information to shareholders when making recommendations on how to vote on important corporate matters. By requiring these firms to disclose any potential conflicts of interest and ensuring that their advice is based on reliable and up-to-date information, the bill aims to improve transparency and accountability in the proxy voting process.

If passed, the Proxy Voting Advice Reform Act would impose liability on proxy advisory firms for any failures to disclose material information that could impact shareholder voting decisions. This would help ensure that shareholders have access to all relevant information when making important decisions about corporate governance and other matters. Overall, the bill aims to enhance the integrity of the proxy voting process and promote greater transparency and accountability in corporate decision-making. It is currently under consideration in the US Congress and has the potential to have a significant impact on how proxy advisory firms operate and provide advice to shareholders.