Today, the Retail Industry Leaders Association (RILA), the trade association for today's most recognized and innovative retail brands, praised the passage of H.R. 4015, the "Corporate Governance Reform and Transparency Act." The bill, introduced by Rep. Sean Duffy (R-WI) and Rep. Gregory Meeks (D-NY) would increase transparency in the proxy advisory firm industry.
"RILA supports the passage of this important legislation and the need to bring reforms to the proxy advisor industry. Improving the accountability of these firms will lead to more efficient U.S. capital markets and the quality of information available to shareholders and investors to make informed decisions. We are encouraged with the bipartisan vote today and hope the Senate addresses this legislation in 2018," said Austen Jensen, vice president of government affairs for RILA.
RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.