WY HB0175

Proxy advisors must disclose to shareholders and company boards when recommendations against management are not based on a written financial analysis that evaluates short-term and long-term financial costs/benefits to the company

Proxy advisors must also disclose when recommendations are based on a written financial analysis, and make that analysis available electronically upon request

Required disclosures must appear on the proxy advisor's website homepage and be provided in the same format and timing as the advisory service itself

Violations constitute unlawful deceptive trade practices under Wyoming consumer protection law, and the Secretary of State may discipline registered investment advisers for non-compliance

Shareholders, their representatives, and affected companies may bring civil actions for declaratory judgment or injunctive relief; effective date is July 1, 2026