Relating to the submission and approval of certain proposals by shareholders of nationally listed corporations.

The bill title and number were updated from 'SB A1057' to 'SB 1057' and the text was reorganized from a draft format to a final engrossed version.

Eligibility criteria for corporations were simplified to require either having securities registered under Section 12(b) of the Securities Exchange Act of 1934 or being admitted to listing on a national securities exchange, with an additional requirement that the corporation must make an affirmative election to be governed by the section.

New definitions were added for 'Nationally listed corporation' and 'Voting shares' to clarify the terms used throughout the bill.

The requirements for submitting shareholder proposals were reorganized and clarified, specifying that shareholders must hold at least $1 million in market value or three percent of voting shares for six months and through the meeting, and solicit holders of shares representing at least 67 percent of voting power.

Provisions were added requiring corporations to provide notice to shareholders about proposed amendments and to include specific information about the proposal submission process in proxy statements.

The effective date of the Act remains September 1, 2025.