S. 530 · 117th Congress
Shareholder Protection Act of 2021
- Stage
- In committee
- Sponsor
- Bob Menendez
- Introduced
- 2021-03-02
- Latest action
- 2021-03-02 · Introduced in Senate
Summary
Shareholder Protection Act of 2021
This bill requires shareholder authorization of certain political expenditures by a publicly traded company. A violation of this requirement is considered a breach of fiduciary duty, and the officers and directors who authorized the expenditure are subject to joint and several liability. A publicly traded company 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.