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SB 183 Kentucky Senate · 2026 Regular Session

AN ACT relating to the regulation of proxy advisory services.

Summary
Create new sections of KRS Chapter 367 to define terms; require proxy advisors to notify and disclose certain information to shareholders in a company doing business in Kentucky and to the company that is subject to the proxy advisory service when the proxy advisor is not acting solely in the interest of shareholders, as defined, or is providing materially different advice to shareholders regarding a proxy proposal or company proposal; declare that failure to notify or disclose required information is an unfair, false, misleading, or deceptive trade practice in violation of KRS 367.170; establish remedies including civil actions; apply to proxy advisory services provided on or after the effective date of the Act.
Bill status signed all 5 stages cleared
Introduction
Jan 2026
Committee Review
Mar 2026
Senate Passage
Mar 2026
House Passage
Mar 2026
Signed into Law
Mar 2026
Introduced Jan 29, 2026 Signed Mar 31, 2026
Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Current/Final · 6 edits
MODERATE
The bill was amended to add new definitions for 'Default recommendation or policy' and 'material connection' while reorganizing the existing definitions of economic analysis and proxy advisor services. The substantive policy requirements for proxy advisors remain largely the same, mandating that services be 'solely in the interest of shareholders' unless specific exceptions regarding nonpecuniary interests or board recommendations are met.
Scope change
The bill's scope regarding the definition of proxy advisory services and the criteria for determining if a service is 'solely in the interest of shareholders' remains functionally unchanged, though the terminology and structure of the definitions were updated.
DEFINITION

Added a new definition for 'Default recommendation or policy' to clarify how proxy advisors create standard voting guidelines.

Reordered and renumbered existing definitions, moving the 'Economic analysis' definition to a later position in the list.

Updated the definition of 'Proxy advisor' to explicitly exclude investment advisors under federal law, except when they provide proxy advisory services to third parties for compensation.

Reorganized the list of services included under 'Proxy advisory service' to align with the new definition structure.

Updated the definition of 'Shareholder-sponsored proposal' to clarify that it includes proposals made pursuant to specific federal regulations.

ADDED

Added a new definition for 'material connection' to specify when a relationship is considered significant enough to affect financial risk assessments.

Floor votes · Senate Feb 10, 2026

How they voted

37–7
Passed
Total votes 44
Feb 10, 2026
D Democratic6
6 Nay
100% Nay
R Republican38
37 Yea 1 Nay
97% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
37
Key actions
14
Committee
11
Mar 31, 2026
Lower · Passed
enrolled, signed by Speaker of the House
lower
Mar 31, 2026
Upper · Passed
enrolled, signed by President of the Senate
upper
Mar 31, 2026
Upper · Passed
passed 76-15
upper
Mar 31, 2026
Vetoed
posted for consideration of Governor's veto
upper
Mar 31, 2026
Committee
to Rules (H)
lower
Mar 31, 2026
Upper · Passed
passed 31-6
upper
Mar 31, 2026
Vetoed
veto overridden
upper
Mar 31, 2026
Vetoed
posted for passage for consideration of Governor's veto
upper
Mar 31, 2026
Committee
to Rules (S)
upper
Mar 27, 2026
Vetoed
Vetoed
upper
Mar 17, 2026
Lower · Passed
enrolled, signed by Speaker of the House
lower
Mar 17, 2026
Upper · Passed
enrolled, signed by President of the Senate
upper
Mar 17, 2026
Upper · Passed
passed 31-6
upper
Mar 17, 2026
Upper · Passed
Senate concurred in House Committee Substitute (1)
upper
Mar 17, 2026
Upper · Passed
posted for passage for concurrence in House Committee Substitute
upper
Mar 16, 2026
Committee
to Rules (S)
upper
Mar 13, 2026
Upper · Passed
3rd reading, passed 81-6 with Committee Substitute (1)
upper
Mar 11, 2026
Upper · Passed
reported favorably, 1st reading, to Calendar with Committee Substitute (1)
upper
Mar 9, 2026
Committee
to Banking & Insurance (H)
lower
Feb 11, 2026
Committee
to Committee on Committees (H)
lower
Feb 10, 2026
Upper · Passed
3rd reading, passed 32-6
upper
Feb 5, 2026
Upper · Passed
reported favorably, 1st reading, to Calendar
upper
Feb 4, 2026
Committee
to Economic Development, Tourism, & Labor (S)
upper
Jan 29, 2026
Committee
to Committee on Committees (S)
upper
Jan 29, 2026
Introduced
introduced in Senate
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.