To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.

This bill says that big investment managers who use outside companies for voting advice must share more information about how they vote on proposals at shareholder meetings. They would have to report each year how they voted, how often they followed the advice of these outside firms, and explain how their votes serve the best financial interests of shareholders. The largest investment managers would also have to do an economic analysis on certain votes to show the vote is in the best financial interest of shareholders and let their customers know that shareholders don't have to vote on every proposal.

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