WI SB879

Requires proxy advisors who recommend voting against company management on shareholder proposals to either base recommendations on a written financial analysis or disclose that no such analysis was performed

Written financial analysis must analyze short-term and long-term financial costs/benefits, conclude what action best affects shareholder value, and explain methods used including personnel experience and geographic location

Proxy advisors must provide disclosures to shareholders receiving advisory services and to the board of directors of affected companies; those without financial analyses must also post disclosure on their website homepage

Violations constitute deceptive practices under Wisconsin consumer protection law, with enforcement authority granted to the Department of Justice and district attorneys

Aggrieved parties (including shareholders and affected companies) may bring private actions for declaratory judgment or injunctive relief, with 7-day notice requirement to the attorney general