To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals, and for other purposes.

Bill 118 hr 4648, also known as the "Shareholder Proposal Reform Act of 2021," aims to amend the Securities Exchange Act of 1934 to establish new responsibilities for certain investment advisors, asset managers, and pension funds regarding voting on shareholder proposals.

Under this proposed legislation, these entities would be required to disclose their policies and procedures for voting on shareholder proposals, as well as any potential conflicts of interest that may arise. Additionally, they would need to report on their voting records and provide explanations for any votes that deviate from their stated policies.

The bill also seeks to increase transparency and accountability in the voting process by requiring these entities to disclose any engagement efforts with issuers on shareholder proposals, as well as any efforts to influence the outcome of such proposals. Overall, the Shareholder Proposal Reform Act of 2021 aims to ensure that investment advisors, asset managers, and pension funds act in the best interests of their clients when voting on shareholder proposals, and to promote greater transparency and accountability in the voting process.