HB 830 Louisiana House · 2026 Regular Session

CORPORATIONS: Provides for the regulation of proxy advisors (EG INCREASE GF EX See Note)

HB 830 requires proxy advisors (firms that recommend how shareholders should vote on company proposals) to clearly disclose whether their voting recommendations against company management are based on a written financial analysis. If they lack such analysis, advisors must notify shareholders and companies about this fact at the time of providing recommendations. If they do use a financial analysis, they must disclose its availability upon request and provide a copy to the company’s board. The law directly affects proxy advisors, shareholders, and Louisiana-based companies by increasing transparency around voting advice. Violations are treated as deceptive trade practices under Louisiana consumer protection law.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2026

Committee Review

Floor Vote

Governor

Introduced Feb 27, 2026 Last action Mar 31, 2026

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What changed between versions

HB830 Original → HB830 Engrossed · 4 edits

MODERATE

The bill was reorganized to expand the definition of 'Company' to include various business entities and added a new definition for 'Affiliate'. The most significant change is the creation of exemptions for proxy advisors, specifically excluding affiliates, fiduciaries managing client assets, and charitable organizations from the strict disclosure requirements. This shifts the bill's focus from regulating all proxy advisory services to targeting only commercial services offered to unaffiliated third parties.

Scope change

The bill's scope was narrowed by adding exemptions for internal affiliates and fiduciaries, while the definition of 'Company' was broadened to include more business entity types.

DEFINITION

The definition of 'Company' was expanded to include limited liability companies, partnerships, and other business entities, not just publicly traded corporations.

A new definition for 'Affiliate' was added to cover any company under common control with another company.

ELIGIBILITY

New exemptions were created for affiliates, fiduciaries acting on delegated authority, and charitable organizations, removing them from the bill's regulatory requirements.

REQUIREMENT

The mandatory disclosure requirements for proxy advisors were modified to apply only to commercial services offered to unaffiliated third parties, rather than all advisory services.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 31, 2026

Committee

Read by title, amended, ordered engrossed, recommitted to the Committee on Appropriations.

lower

Mar 30, 2026

Lower · Passed

Reported with amendments (12-0).

lower

Mar 9, 2026

Committee

Read by title, under the rules, referred to the Committee on Commerce.

lower

Feb 27, 2026

Committee

Under the rules, provisionally referred to the Committee on Commerce.

lower

1 primary · 0 co-sponsors