Top Summary
The Enhancing Multi-Class Share Disclosures Act (H.R.3357) mandates that companies with multi-class share structures—where different share classes have varying voting rights—disclose detailed information about ownership and voting power in proxy or consent solicitation materials. Specifically, issuers must reveal the number of shares and voting power held by directors, nominees, named executive officers, and beneficial owners with 5% or more of the total combined voting power across all share classes. This requirement aims to increase transparency regarding disparities in voting influence between share classes, such as when public shareholders hold non-voting shares while insiders retain significant control.