Chairwoman Warren opened the hearing on SB375

Natalie Scott, Revisor's Office, provided an overview of the bill and stood for questions (Attachment 16)

Matthew du Mee, Fusion Law, Representing Consumers Defense, testified in support of the bill.  He stated investors receiving this information will be able to better evaluate whether following the proxy advisor's recommendation will increase the value of their investment and meet their fiduciary duties.  (Attachment 17)

Noah Tabors, United Church Funds, provided testimony in opposition to the bill.  He stated the real world effect of the bill, for UCF, is not improved transparency, the the transformation of ordinary faith-based shareholder engagement into a compliance exercise so complex, and legally risky that we face a choice:  curtail our ministry or withdraw from this work altogether.  (Attachment 18)

Cathy Becker, Green America, provided testimony opposing this bill.  She said it was unclear if this bill would apply to what we do at Green America.  The bill seems to apply to larger proxy advising services.  Due to questions about constitutional concerns, and if the law applies to nonprofit organizations, we ask that amendments be made to make this more clear.  (Attachment 19)

Opponent, written only testimony was submitted by:

• David Williams, Taxpayers Protection Alliance (Attachment 20)

The conferees stood for questions and discussion.

Chairwoman closed the hearing on SB375.

The meeting adjourned at 12:07 p.m.