Limits required corporate disclosures to information a company finds material to investment or voting decisions, creates an advisory committee for the SEC, and sets new registration, conflict-of-interest, and voting rules for proxy advisory firms and large investment managers.

• Limits SEC disclosure rules so companies must disclose only information that is material to a voting or investment decision, except when a requirement is removed.
• Creates a Public Company Advisory Committee of 10 to 20 members to advise the SEC on public reporting, proxy, trading, and capital formation issues.
• Requires proxy advisory firms to register with the SEC, disclose conflicts of interest, give companies a chance to correct data, and face liability for material misstatements.
• Requires institutional investment managers with at least $100 billion in assets to report their proxy votes and run economic analyses before voting on shareholder proposals, and bans robovoting and outsourcing of voting decisions.

• Financial Services Committee (House)

Finance and Financial Sector