Section 1 Short title
This Act may be cited as the “Performance over Politics Act”.
Performance over Politics Act
A BILL
To authorize the exclusion of shareholder proposals from proxy or consent solicitation material if such proposals are substantially similar to previously included proposals.
Sec. 2 Exclusion of certain substantially similar shareholder proposals
The Securities and Exchange Commission shall revise the resubmission requirements in section 240.14a–8(i)(12) of title 17, Code of Federal Regulations, to provide that a shareholder proposal may be excluded by an issuer from its proxy or consent solicitation material for a meeting of the shareholders of such issuer if the shareholder proposal addresses substantially the same subject matter as a proposal, or proposals, previously included in the proxy or consent solicitation material for a meeting of the shareholders of such issuer—
for a meeting of the shareholders conducted in the preceding 5 calendar years; and
if the most recent vote—
occurred in the preceding 3 calendar years; and
if voted on once during such 5-year period, received less than 10 percent of the votes cast;
if voted on twice during such 5-year period, received less than 20 percent of the votes cast; or
if voted on three or more times during such 5-year period, received less 40 percent of the votes cast.