Proxy Advisor Transparency Act.

HB 175, Wyoming's "Proxy Advisor Transparency Act," requires proxy advisors to disclose whether their voting recommendations for shareholders are based on a written financial analysis. This disclosure must be provided to shareholders and a company's board at the same time as the recommendation, and posted on the advisor's website. The bill defines a "written financial analysis" as a document evaluating financial benefits/costs, concluding on the best vote for shareholder value, and explaining the methodology. Violations could lead to penalties, civil lawsuits, or discipline by the secretary of state.