To amend the Securities Exchange Act of 1934 to require issuers with a multi-class stock structure to make certain disclosures in any proxy or consent solicitation material, and for other purposes.
Legislative Progress
Passed HouseReceived; read twice and referred to the Committee on Banking, …
Passed House (inferred from eh version)
Reported with an amendment, committed to the Committee of the …
Mr. Meeks introduced the following bill; which was referred to …
On Motion to Suspend the Rules and Pass, as Amended
Enhancing Multi-Class Share Disclosures Act
Summary
What This Bill Does
Requires SEC to mandate disclosure of voting power concentration in companies with multi-class share structures. Directors, executives, and 5%+ shareholders must disclose both their share ownership and actual voting power percentages.
Who Benefits and How
Investors gain transparency about voting power concentration in multi-class companies. Shareholders can better understand governance dynamics. Market efficiency improves with better information.
Who Bears the Burden and How
Companies with multi-class shares must make additional proxy disclosures. SEC must implement disclosure rules. Directors and large shareholders face enhanced disclosure requirements.
Key Provisions
- SEC rulemaking required
- Disclosure in proxy materials for annual meetings
- Must show percentage of shares owned vs percentage of voting power
- Applies to directors, nominees, executives, and 5%+ beneficial owners
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Requires disclosure of voting power in multi-class share structures
Policy Domains
Legislative Strategy
"Improve transparency of voting power in dual-class companies"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "commission"
- → Securities and Exchange Commission
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology