Wyoming2026Did Not Pass
HB0175
Proxy Advisor Transparency Act
Last scannedOct 9, 2026, 2:19 AM
In one sentence
This act requires proxy advisors to disclose when their advice on shareholder votes is not based on a written financial analysis and mandates similar disclosures for advice that is based on such analyses, with penalties for non-compliance.
What it does
- Requires proxy advisors to inform shareholders if voting recommendations are made without a detailed financial report.
- Requires proxy advisors to provide similar information when their advice is based on a written financial analysis.
- Mandates that proxy advisors disclose this information on their websites.
- Authorizes the secretary of state to discipline registered investment advisers who violate these disclosure requirements.
Who it affects
- Proxy advisors providing voting advice to shareholders.
- Shareholders and companies receiving proxy advisory services.
- The secretary of state, responsible for enforcing compliance with new rules.
Limits and unknowns
- The bill did not pass in its session.
- It is unclear how many proxy advisors will be affected by this act.
- Specific penalties or civil actions for non-compliance are not detailed.
Plain language
Terms to know
- proxy advisor
- A person or company that provides paid advice on how shareholders should vote in a company's elections or proposals.
- written financial analysis
- A detailed report analyzing the short-term and long-term financial impacts of a proposal, concluding what action would best serve shareholder value.
Official record
Sources
Official activity
Bill history
- H Did not Consider for IntroductionHouse
- H Received for IntroductionHouse
- Bill Number AssignedLSO