SB 375

SB 375 imposes new legal burdens on proxy advisory firms — the companies that union pension funds and retirement plans hire to research and recommend how to vote their shares on corporate issues like executive pay, workplace safety, and governance. By requiring a narrow type of "written financial analysis" for any recommendation that goes against company management, the bill makes it harder and more expensive for these advisors to recommend votes on labor, environmental, and governance proposals that workers' retirement funds depend on. This is part of a national campaign to weaken the tools unions use to hold corporations accountable as shareholders.