{"database": "press", "table": "releases", "rows": [["https://www.tillis.senate.gov//public/index.cfm/press-releases?ContentRecord_id=15F8A701-3C90-4761-918B-5FE85925D1F7", "Tillis Introduces Bipartisan Legislation to Protect Investors And Ensure Proper Oversight of Proxy Advisory Firms", "2018-11-14", "2018", "2018-11", "Republican", "House", "NC", "Thom Tillis", "T000476", "www.tillis.senate.gov", null, null, "legacy", "WASHINGTON, DC Today, U.S. Senator Thom Tillis (R-NC) introduced theCorporate Governance Fairness Act,bipartisan legislation that wouldstrengthen corporate governance andhelp ensure that investors may confidently rely on the advice of proxy advisory firms by requiring the U.S. Securities and Exchange Commission (SEC) to regulate all major proxy advisory firms under the Investment Advisers Act (IAA).This advice is critical for investors as they decide how to vote their shares on important corporate governance matters, such as director elections or whether to sell the company. Joining Senator Tillis to introduce the bipartisan legislation are Senators Jack Reed (D-RI), David Perdue (R-GA), Doug Jones (D-AL), John Kennedy (R-LA) and Heidi Heitkamp (D-ND).\r\n\r\nProxy advisory firms play a crucial role in recommending investment decisions to investors, and it is important that clients can safely rely that the information being provided is in their best interest, saidSenator Tillis. The bipartisanCorporate Governance Fairness Actwould hold proxy advisory firms accountable and strengthen the transparency of corporate governance matters so when investors might be voting on a new board member or deciding whether to sell a company they are invested in, they have all the information available.\r\n\r\nThe SEC is scheduled to hold a roundtable discussion on proxy advisory firms on November 15, and the bipartisan sponsors of theCorporate Governance Fairness Actare sending a strong signal that they want robust oversight of proxy advisory firms. TheCorporate Governance Fairness Actwould direct the SEC to conduct periodic examinations, which must include a serious review of the conflicts of interest policies of registered proxy advisory firms and whether firms knowingly made false statements to any of its clients. It also requires the SEC to consult with all relevant stakeholders and report back periodically to the Senate Banking Committee and the House Financial Services Committee with recommendations for any additional investor protections beyond continued access to proxy advisory firms so that investors have the tools to make informed investment decisions and exercise their rights as shareholders.\r\n\r\nProxy advisory firms are an essential tool for investors, and the senators want to ensure they are well-regulated and held accountable as fiduciaries to the investors who rely on their advice.TheCorporate Governance Fairness Actis supported by the Consumer Federation of America; SEC Investor Advisory Committee Member John Coates; the New York Stock Exchange; and the Society for Corporate Governance.\r\n\r\nThis is a thoughtful and balanced bill that brings the benefits of government oversight to the proxy advisory business while recognizing, and strengthening, the fiduciary duty that these firms owe to their investor clients. The Consumer Federation of America strongly supports its adoption, saidBarbara Roper, Director of Investor Protection for the Consumer Federation of America.\r\n\r\nThis well-considered bill would improve oversight of proxy advisors without impairing their ability to assist fiduciaries in carrying out their important roles in corporate governance, saidHarvard Law School Securities Regulation Professor John Coates, who is also a member of the SEC Investor Advisory Committee.\r\n\r\nWe strongly support this bipartisan bill that advances the regulation of proxy advisory firms under the Investment Advisers Act of 1940. Working together, the Corporate Governance Fairness Act strikes an important balance between the interests of our issuers and the value that proxy advisory firms offer to institutional investors. It will also place the oversight of these firms in the hands of the SEC, and ensure that the information that they provide to their institutional clients is factual and unbiased, saidStacey Cunningham, President of the New York Stock Exchange.\r\n\r\nDarla Stuckey, President & CEO of the Society for Corporate Governancestated: The Society applauds the bipartisan introduction of the Corporate Governance Fairness Act and commends the members of the Senate Banking Committee for coming together to provide real reform that strengthens America's capital markets, our public companies, and their shareholders. At a time when the influence of proxy advisory firms reaches all-time highs, the CGFA will provide the transparency and fairness to both investors and public companies that are the hallmarks of American capital markets. The Society for Corporate Governance supports the enactment of this bill.\r\n\r\n###", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.tillis.senate.gov//public/index.cfm/press-releases?ContentRecord_id=15F8A701-3C90-4761-918B-5FE85925D1F7"], "units": {}, "query_ms": 1.5573441050946712, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}