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![handle is hein.congrecreports/crptxabqq0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-904
TO REQUIRE THE SECURITIES AND EXCHANGE COMMIS-
SION TO ADJUST CERTAIN RESUBMISSION THRESH-
OLDS FOR SHAREHOLDER PROPOSALS
AUGUST 24, 2018.-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. 5756]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 5756) to require the Securities and Exchange Commission
to adjust certain resubmission thresholds for shareholder pro-
posals, having considered the same, report favorably thereon with-
out amendment and recommend that the bill do pass.
PURPOSE AND SUMMARY
On May 10, 2018, Representative Sean Duffy introduced H.R.
5756 to direct the U.S. Securities and Exchange Commission (SEC)
to revise Rule 14a-8(c)(12) to protect the interests of long-term
shareholders and allow a company to exclude a shareholder pro-
posal that focuses on substantially the same subject matter as a
prior proposal that failed to receive at least six 6 percent of the
vote on its first submission, 15 percent on the second submission,
and 30 percent on the third submission.
BACKGROUND AND NEED FOR LEGISLATION
The goal of H.R. 5756 is to eliminate burdensome costs on com-
panies by modernizing the shareholder resubmission thresholds.
79-006](ViewImageLocal?handle=hein.congrecreports/crptxabqq0001&div=1&collection=&method=preview&ext=.png&size=3)