H.R. 6322 — what changed

changed This Act may be cited as the “Enhancing Multi-Class Stock Share Disclosures Act”.

Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n) is amended by adding at the end the following:

changed “(k) Disclosure for issuers with multi-Class stock structuremulti-class share structures

changed “(1) Disclosure—The Commission shall, by rule, require each issuer with a multi-class stock share structure to disclose the information described in paragraph (2) in any proxy or consent solicitation material for an annual meeting of the shareholders of the issuer.issuer, or any other filing as the Commission determines appropriate.

changed “(2) Content—A disclosure made under paragraph (1) shall include, with respect to each person who is a director, director nominee, or named executive officer of the issuer or who, directly issuer, or indirectly, holds who is the beneficial owner of securities with 5 percent or more of the total combined voting power of all classes of stock securities entitled to vote in the election of directors—

changed “(A) the amount number of equity interest directly or indirectly shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, expressed as a percentage of the total value number of the outstanding equity securities of the issuer; issuer entitled to vote in the election of directors; and

“(B) the amount of voting power held by such person, expressed as a percentage of the total combined voting power of all classes of the securities of the issuer entitled to vote in the election of directors.

changed “(3) multi-class stock Multi-class share structure—In this subsection, the term “multi-class stock share structure” means a capitalization structure that contains 2 or more classes of stock securities that have different differing amounts of voting power.”rights in the election of directors.”