S. 1630 · 116th Congress
Shareholder Protection Act of 2019
- Stage
- In committee
- Sponsor
- Bob Menendez
- Introduced
- 2019-05-23
- Latest action
- 2019-05-23 · Introduced in Senate
Summary
Shareholder Protection Act of 2019
This bill requires shareholder authorization of certain political expenditures by an issuer. A violation of this requirement shall be considered a breach of fiduciary duty, and the officers and directors who authorized the expenditure shall be subject to joint and several liability. An issuer must require a board vote with respect to political expenditures in excess of $50,000 and, within 48 hours, make publicly available the individual votes of each board member.