Legis Daily

Enhancing Multi-Class Share Disclosures Act

USA118th CongressHR-2795| House 
| Updated: 5/31/2023
Gregory W. Meeks

Gregory W. Meeks

Democratic Representative

New York

Financial Services Committee, Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Enhancing Multi-Class Share Disclosures Act This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives. Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.

Bill Text Versions

View Text
4 versions available

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Timeline

Bill from Previous Congress

HR 115-6322
Enhancing Multi-Class Share Disclosures Act
Apr 24, 2023
Introduced in House
Apr 24, 2023
Referred to the House Committee on Financial Services.
Apr 26, 2023
Committee Consideration and Mark-up Session Held.
Apr 26, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 48 - 1.
May 30, 2023
Placed on the Union Calendar, Calendar No. 58.
May 30, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79.
May 30, 2023
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
May 30, 2023
Considered under suspension of the rules. (consideration: CR H2653-2654)
May 30, 2023
DEBATE - The House proceeded with forty minutes of debate on H.R. 2795.
May 30, 2023
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
May 30, 2023
Considered as unfinished business. (consideration: CR H2662-2663)
May 30, 2023
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239). (text: CR H2653)
View Vote
May 30, 2023
Motion to reconsider laid on the table Agreed to without objection.
May 31, 2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    HR 115-6322
    Enhancing Multi-Class Share Disclosures Act


  • April 24, 2023
    Introduced in House


  • April 24, 2023
    Referred to the House Committee on Financial Services.


  • April 26, 2023
    Committee Consideration and Mark-up Session Held.


  • April 26, 2023
    Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 48 - 1.


  • May 30, 2023
    Placed on the Union Calendar, Calendar No. 58.


  • May 30, 2023
    Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79.


  • May 30, 2023
    Mrs. Wagner moved to suspend the rules and pass the bill, as amended.


  • May 30, 2023
    Considered under suspension of the rules. (consideration: CR H2653-2654)


  • May 30, 2023
    DEBATE - The House proceeded with forty minutes of debate on H.R. 2795.


  • May 30, 2023
    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.


  • May 30, 2023
    Considered as unfinished business. (consideration: CR H2662-2663)


  • May 30, 2023
    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239). (text: CR H2653)
    View Vote


  • May 30, 2023
    Motion to reconsider laid on the table Agreed to without objection.


  • May 31, 2023
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Consumer affairsCorporate finance and managementFinancial services and investmentsSecurities

Enhancing Multi-Class Share Disclosures Act

USA118th CongressHR-2795| House 
| Updated: 5/31/2023
Enhancing Multi-Class Share Disclosures Act This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives. Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.

Bill Text Versions

View Text
4 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 115-6322
Enhancing Multi-Class Share Disclosures Act
Apr 24, 2023
Introduced in House
Apr 24, 2023
Referred to the House Committee on Financial Services.
Apr 26, 2023
Committee Consideration and Mark-up Session Held.
Apr 26, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 48 - 1.
May 30, 2023
Placed on the Union Calendar, Calendar No. 58.
May 30, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79.
May 30, 2023
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
May 30, 2023
Considered under suspension of the rules. (consideration: CR H2653-2654)
May 30, 2023
DEBATE - The House proceeded with forty minutes of debate on H.R. 2795.
May 30, 2023
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
May 30, 2023
Considered as unfinished business. (consideration: CR H2662-2663)
May 30, 2023
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239). (text: CR H2653)
View Vote
May 30, 2023
Motion to reconsider laid on the table Agreed to without objection.
May 31, 2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    HR 115-6322
    Enhancing Multi-Class Share Disclosures Act


  • April 24, 2023
    Introduced in House


  • April 24, 2023
    Referred to the House Committee on Financial Services.


  • April 26, 2023
    Committee Consideration and Mark-up Session Held.


  • April 26, 2023
    Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 48 - 1.


  • May 30, 2023
    Placed on the Union Calendar, Calendar No. 58.


  • May 30, 2023
    Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79.


  • May 30, 2023
    Mrs. Wagner moved to suspend the rules and pass the bill, as amended.


  • May 30, 2023
    Considered under suspension of the rules. (consideration: CR H2653-2654)


  • May 30, 2023
    DEBATE - The House proceeded with forty minutes of debate on H.R. 2795.


  • May 30, 2023
    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.


  • May 30, 2023
    Considered as unfinished business. (consideration: CR H2662-2663)


  • May 30, 2023
    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239). (text: CR H2653)
    View Vote


  • May 30, 2023
    Motion to reconsider laid on the table Agreed to without objection.


  • May 31, 2023
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Gregory W. Meeks

Gregory W. Meeks

Democratic Representative

New York

Financial Services Committee, Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Consumer affairsCorporate finance and managementFinancial services and investmentsSecurities