Enhancing Multi-Class Share Disclosures Act (H.R. 3357)
May 13, 2025
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Where This Stands
Currently in_committee. The next step in the legislative lifecycle is Floor Vote.
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →The Frame
If passed, public companies with multi-class stock structures will be required to explicitly report the voting influence of their leadership and largest shareholders in proxy materials, changing how investors assess corporate control.
Potentially affected actors named in the source documents. Mention is not a position.
Public companies with multi-class stock
These companies must update their proxy and consent solicitation materials to include specific voting power disclosures.
Shareholders
Shareholders will receive more detailed information regarding the voting control held by company insiders and major investors.
Securities and Exchange Commission (SEC)
The agency is tasked with creating the specific rules to implement these disclosure requirements.
Current stage: in_committee.
Floor Vote.
Summary
Key Facts
- The bill amends Section 14 of the Securities Exchange Act of 1934.
- The SEC is required to create rules mandating disclosure for issuers with multi-class share structures.
- Disclosures must be included in proxy or consent solicitation materials for annual shareholder meetings.
- Companies must disclose the number of shares owned by directors, nominees, and executives as a percentage of total voting securities.
- Companies must disclose the percentage of total combined voting power held by directors, nominees, and executives.
- Companies must disclose the same ownership and voting power data for any person owning 5% or more of the total combined voting power.
- A 'multi-class share structure' is defined as a capitalization structure with 2 or more types of securities that have differing voting rights for directors.
Frequently Asked Questions
What is a multi-class share structure?
Who will have to disclose their voting power under this bill?
Why It Matters
If passed, public companies with multi-class stock structures will be required to explicitly report the voting influence of their leadership and largest shareholders in proxy materials, changing how investors assess corporate control.
News Coverage
Voting Record
Total
412
Yes
381
No
31
Present
0
Not Voting
0
Abstain
0
How they voted (412)
Robert Onder
R · no
Mike Kelly
R · yes
John Moolenaar
R · yes
Marie Perez
D · yes
Shontel Brown
D · yes
Brett Guthrie
R · yes
Suhas Subramanyam
D · yes
Adam Gray
D · yes
Celeste Maloy
R · yes
Nicholas Begich
R · yes
Monica De La Cruz
R · yes
Randy Weber
R · yes
Sarah Elfreth
D · yes
H. Griffith
R · yes
Sarah McBride
D · yes
Anna Paulina Luna
R · yes
Austin Scott
R · yes
Daniel Webster
R · yes
Jefferson Van Drew
R · yes
Sara Jacobs
D · yes
Frank Pallone
D · yes
Susie Lee
D · yes
Jahana Hayes
D · yes
Veronica Escobar
D · yes
+ 388 more
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Increased Transparency for Insider Control
The bill shifts the burden of disclosure onto companies to explicitly quantify the voting power of insiders and major shareholders, rather than leaving it to investors to calculate from complex filings.
Connected Entities
Sources
www.congress.gov
Analysis Score
0–100- Significance45How much this matters to a regular citizen
- Controversy20Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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