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![handle is hein.congrecreports/crptxaasf0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-451
CORPORATE GOVERNANCE REFORM AND TRANSPARENCY
ACT OF 2017
DECEMBER 7, 2017.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 4015]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4015) to improve the quality of proxy advisory firms for
the protection of investors and the U.S. economy, and in the public
interest, by fostering accountability, transparency, responsiveness,
and competition in the proxy advisory firm industry, having consid-
ered the same, report favorably thereon without amendment and
recommend that the bill do pass.
PURPOSE AND SUMMARY
On October 11, 2017, Representative Sean Duffy introduced the
Corporate Governance Reform and Transparency Act of 2017,
which enhances transparency in the shareholder proxy system by
providing for, among other things, the registration of proxy advi-
sory firms with the U.S. Securities and Exchange Commission
(SEC), disclosure of proxy firms' potential conflicts of interest and
codes of ethics, and the disclosure of proxy firms' methodologies for
formulating proxy recommendations and analyses.
BACKGROUND AND NEED FOR LEGISLATION
The goal of H.R. 4015 is to improve transparency in the proxy
system and enhance shareholder access to investment information
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