Protecting American’s Savings Act

Protecting American’s Savings Act

This bill prohibits the use of robovoting, or automatic voting in a shareholder vote according to the recommendations of a proxy advisory firm. (Proxy advisory firms provide voting services and advice to clients who invest in public companies for proposals presented at shareholder meetings.) Further, the bill prohibits institutional investors from outsourcing any such voting decisions. Finally, under the bill, no person is required to vote in a shareholder vote.