H. Rept. 115-904 1 (2018-08-24)

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                   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

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