Businesses Over Activists Act

HR 4655, the "Businesses Over Activists Act," prevents the Securities and Exchange Commission (SEC) from requiring companies to include shareholder proposals or related discussions in their voting materials (proxy statements). This directly affects shareholders who seek to raise issues like environmental policies or executive pay at company meetings, as companies would no longer be obligated to include these proposals. The bill also clarifies that federal securities law does not override state laws governing shareholder proposals or voting materials. The key change is limiting the SEC's authority to mandate inclusion, shifting power toward companies and state regulations.