Wyoming legislation · 2026 Budget Session
Wyoming HB175: Proxy Advisor Transparency Act.
Status: Failed, February 13, 2026
AN ACT relating to corporations, partnerships and associations; requiring proxy advisors to disclose when proxy advisory services are not based on a written financial analysis as specified; requiring proxy advisors to disclose when proxy advisory services are based on a written financial analysis as specified; requiring proxy advisors to disclose proxy advisory services on their websites as specified; authorizing the secretary of state to discipline registered investment advisers for violations of the disclosure requirements; providing definitions; providing legislative findings; providing for a penalty; providing for a civil cause of action; making conforming amendments; providing rulemaking authority; specifying applicability; and providing for effective dates.
What the bill says
An act relating to corporations, partnerships and associations; requiring proxy advisors to disclose when proxy advisory services are not based on a written financial analysis as specified; requiring proxy advisors to disclose when proxy advisory services are based on a written financial analysis as specified; requiring proxy advisors to disclose proxy advisory services on their websites as specified; authorizing the secretary of state to discipline registered investment advisers for violations of the disclosure requirements; providing definitions; providing legislative findings…
From the introduced text, February 11, 2026:
AN ACT relating to corporations, partnerships and associations; requiring proxy advisors to disclose when proxy advisory services are not based on a written financial analysis as specified; requiring proxy advisors to disclose when proxy advisory services are based on a written financial analysis as specified; requiring proxy advisors to disclose proxy advisory services on their websites as specified; authorizing the secretary of state to discipline registered investment advisers for violations of the disclosure requirements; providing definitions; providing legislative findings; providing for a penalty; providing for a civil cause of action; making conforming amendments; providing rulemaking authority; specifying applicability; and providing for effective dates. Be It Enacted by the Legislature of the State of Wyoming: HB0175 2026 STATE OF WYOMING 26LSO-0336 Section 1. (a) The legislature finds that: (i) When shareholders of business entities hire professionals to provide advice in the exercise of their rights as shareholders, the shareholders reasonably expect those services to be performed based on a written financial analysis. The professionals who deviate from that shareholder expectation should clearly disclose that the services provided were not provided based on a written financial analysis; (ii) There is a particular need for disclosures for proxy voting advice because proxy voting advice is often provided for hundreds or thousands of shareholder votes each year and is typically based on lengthy policies …