Louisiana 2026 Regular Session Status: In Committee 1 R cosponsors

HB 830 — CORPORATIONS: Provides for the regulation of proxy advisors (EG INCREASE GF EX See Note)

Last action — Read by title, amended, ordered engrossed, recommitted to the Committee on Appropriations.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced February 27, 2026. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Prognosis

Stalled 16% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 R).

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

162 added · 137 removed

Plain-language change summary

The recent amendment to Bill HB 830 added several definitions that clarify the roles and relationships of companies and proxy advisors, specifically what constitutes an "affiliate" and a "company proposal." It also specifies what a "proxy advisor" is and outlines who does not fall under this definition. This matters because it provides clearer guidelines on how companies can interact with proxy advisory services and may impact the way shareholders receive advice on voting matters, promoting transparency and reducing conflicts of interest.

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HLS 26RS-956 ORIGINAL Regular Session HOUSE BILL NO.
HLS 26RS-956 ENGROSSED Regular Session HOUSE BILL NO.
(1) "Company" means a publicly traded, for-profit corporation, limited liability company, partnership, or other business entity.
(1) "Affiliate"meansanycompanythatcontrols,iscontrolledby,orisunder common control with, another company.
(2) "Company proposal" means a proposal made by a company to its shareholders that is included in the company's proxy statement, including but not limited to director nominations or elections, or a proposal relating to director nominationsorelections,executivecompensation,corporatetransactions,corporate structure, auditor selection, or companypolicy on any subject.
(2) "Company" means a publicly traded, for-profit corporation, limited liability company, partnership, or other business entity.
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(3) "Company proposal" means a proposal made by a company to its shareholders that is included in the company's proxy statement, including but not limited to director nominations or elections, or a proposal relating to director Page 1 of 8 CODING:
HLS 26RS-956 ORIGINAL HB NO.
HLS 26RS-956 ENGROSSED HB NO.
830 (3) "Default recommendation or policy" means a system, set of rules, principles, or guidelines designed to assist with voting decisions on any company proposals or proxy proposals.
830 nominationsorelections,executivecompensation,corporatetransactions,corporate structure, auditor selection, or companypolicy on any subject.
(4) "Proxyadvisor"meansapersonwho,forcompensation,providesaproxy advisory service to shareholders of a companyor to other persons with authority to vote on behalf of shareholders of a company.
(4) "Default recommendation or policy" means a system, set of rules, principles, or guidelines designed to assist with voting decisions on any company proposals or proxy proposals.
(5) "Proxy advisory service" means any of the following services that are provided in connection with or in relation to a company headquartered or incorporated in this state, or are provided to anyperson in this state:
(5)(a) "Proxy advisor" means a person who, for compensation, provides a proxy advisory service to shareholders of a company or to other persons with authority to vote on behalf of shareholders of a company.
(a) Advice or a recommendation on how to vote on acompany proposal or proxy proposal.
(b) "Proxy advisor" does not mean any of the following:
(i) An affiliate of the company.
(ii) A fiduciary or asset manager, or an affiliate of a fiduciary or asset manager, where that fiduciary, asset manager, or affiliate acts pursuant to a delegation of proxy voting authority from its client or beneficiary, and where that delegationismadeinconnectionwiththemanagementofclientorbeneficiaryassets and not as a commercial proxyadvisoryservice offered to unaffiliated third parties.
(iii) AcharitableorganizationexemptfromfederalincometaxunderSection 501(c)(3) of the Internal Revenue Code of 1986, or its affiliated groups.
(6) "Proxy advisory service" means any of the following services that are provided in connection with or in relation to a company headquartered or incorporated in this state, or are provided to anyperson in this state:
(a) Advice or a recommendation on how to vote on a company proposal or proxy proposal.
(6) "Proxyproposal"meansaproposalmadebya shareholderof a company thatisincludedinthecompany'sproxystatementorhasbeensubmittedforinclusion in the company's proxystatement, including but not limited to a proposal relatingto any subject that could be covered bya company proposal.
(7) "Proxyproposal"means a proposal made bya shareholderofacompany thatisincludedinthecompany'sproxystatementorhasbeensubmittedforinclusion Page 2 of 8 CODING:
(7) "Shareholder"includesashareholder,unitholder,limitedpartner,orother equity owner of a company.
Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
(8) "Written financial analysis" means a written document that does all of the following:
HLS 26RS-956 ENGROSSED HB NO.
830 in the company's proxystatement, including but not limited to a proposal relatingto any subject that could be covered bya company proposal.
(8) "Shareholder"includesashareholder,unitholder,limitedpartner,orother equity owner of a company.
(9) "Written financial analysis" means a written document that does all of the following:
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(c) Explains the methods and processes used to prepare the analysis, including the experience and geographic location of the personnel who formed the recommendation.
Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
HLS 26RS-956 ORIGINAL HB NO.
830 (c) Explains the methods and processes used to prepare the analysis, including the experience and geographic location of the personnel who formed the recommendation.
(i) Analyzes the expected short-term and long-term financial benefits and costs to the company of implementing the company proposal or proxy proposal.
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Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
HLS 26RS-956 ENGROSSED HB NO.
830 (i) Analyzes the expected short-term and long-term financial benefits and costs to the company of implementing the company proposal or proxy proposal.
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(3) While any proxy advisory services described by Paragraph (1) of this Subsection are being provided, publicly and conspicuously disclose on the home or front page of the proxy advisor's website a statement that the advisor's proxy advisory services include one or more services that include a recommendation or policyagainstcompanymanagementonacompanyproposaloraproxyproposalthat are not made based on a written financial analysis regarding the impact of that recommended action on companyinvestors that does all of the following:
Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
HLS 26RS-956 ORIGINAL HB NO.
830 (3) While any proxy advisory services described by Paragraph (1) of this Subsection are being provided, publicly and conspicuously disclose on the home or front page of the proxy advisor's website a statement that the advisor's proxy advisory services include one or more services that include a recommendation or policyagainstcompanymanagementonacompanyproposaloraproxyproposalthat are not made based on a written financial analysis regarding the impact of that recommended action on companyinvestors that does all of the following:
If a proxy advisor makes a recommendation against company management on a company proposal or proxy proposal, or makes a default recommendation or policy involving a vote against company management on a company proposal or proxy proposal, and the proxy advisor does so based on a written financial analysis, the proxy advisor shall do all of the following:
If a proxy advisor makes a recommendation against company management on a company proposal or proxy proposal, or makes a default recommendation or policy involving a vote against company management on a Page 4 of 8 CODING:
(1) Concurrently with providing the proxyadvisory service, include a clear and conspicuous disclosure to each shareholder, or entityor other person acting on behalf of a shareholder, receiving the proxy advisory service that meets all of the following requirements:
Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
HLS 26RS-956 ENGROSSED HB NO.
830 company proposal or proxy proposal, and the proxy advisor does so based on a written financial analysis, the proxy advisor shall do all of the following:
(1) Concurrently with providing the proxy advisory service, include a clear and conspicuous disclosure to each shareholder, or entityor other person acting on behalf of a shareholder, receiving the proxy advisory service that meets all of the following requirements:
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(ii) Concludeswhatvoteorcourseofactionismostlikelytopositivelyaffect shareholder value.
Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
HLS 26RS-956 ORIGINAL HB NO.
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830 (ii) Concludeswhatvoteorcourseofactionismostlikelytopositivelyaffect shareholder value.
(3) For a proxy advisory service covered by Subparagraph (a) or (b) of Paragraph (5) of R.S.
(3) For a proxy advisory service defined in Subparagraph (a) or (b) of R.S.
51:3111 of this Act, concurrently with providing the proxy advisory service, provide a copy of the written financial analysis to the board of directors of each companythat is the subject of the service.
51:3111(5), concurrentlywith providing the proxyadvisoryservice, provide a copy of the written financial analysis to the board of directors of each companythat is the subject of the service.
A violation of this Chapter is an unfair and deceptive trade practice in accordancewiththeLouisianaUnfairTradePracticesandConsumerProtectionLaw, R.S.51;1401,etseq.,andisactionableundertheenforcementprovisionsofthatlaw.
A violation of this Chapter is an unfair and deceptive trade practice in accordance with the Unfair Trade Practices and Consumer Protection Law, R.S.
The attorney general may exercise all investigative powers under the Unfair Trade PracticesandConsumer ProtectionLawiftheattorneygeneralhasreasonto believe a violation has occurred, is occurring, or is about to occur.
51:1401 et seq., and is actionable in accordance with the enforcement provisions of Page 5 of 8 CODING:
Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
HLS 26RS-956 ENGROSSED HB NO.
830 thatlaw.TheattorneygeneralmayexerciseallinvestigativepowersundertheUnfair Trade Practices and Consumer Protection Law if the attorney general has reason to believe a violation has occurred, is occurring, or is about to occur.
Not later than the seventh day after the date on which an action is brought in accordance with this Subsection, the plaintiff shall provide written notice to the attorney general, who has a right to intervene in the action.
Within seven days of the date on which an action is brought in accordance withthisSubsection,theplaintiffshallprovidewrittennoticetotheattorneygeneral, who may intervene in the action.
For purposes of this Subsection, an aggrieved person includes anyof the following:
For purposes of this Subsection, an aggrieved person includes any of the following:
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(2) A company that is the subject of proxy advisory services as defined by Subparagraph (a) or (b) of R.S.
Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
51:3111(5) provided bythe proxy advisor.
HLS 26RS-956 ORIGINAL HB NO.
(3) Any shareholder, unitholder, limited partner, or other equity owner of a company provided in Paragraph (2) of this Subsection.
830 (2) A company that is the subject of proxy advisory services as defined by Subparagraph (a) or (b) of Paragraph (5) of R.S.
51:3111 provided by the proxy advisor.
(3) Any shareholder, unitholder, limited partner, or other equityowner of a company provided in Paragraph (2) of this Subsection.
This Act shall become effective on January 1, 2027 and shall apply prospectively.
This Act shall become effective on January 1, 2027, and shall apply prospectively.
1:13(B) and 24:177(E)] HB 830 Original 2026 Regular Session Wright Abstract:
1:13(B) and 24:177(E)] HB 830 Engrossed 2026 Regular Session Wright Abstract:
Proposedlawdefines"company","companyproposal","defaultrecommendationorpolicy", "proxy advisor", "proxy advisory service", "proxy proposal", "shareholder", and "written financial analysis".
Proposedlawdefines"affiliate","company","companyproposal","defaultrecommendation or policy", "proxyadvisor", "proxyadvisoryservice", "proxyproposal", "shareholder", and "written financial analysis".
Proposed law requiresthat a proxyadvisormakingarecommendationor providing a policy against company management on a decision or vote on a company proposal or proxy proposal that is not based on a written financial analysis shall do all of the following:
Proposed law requiresthat aproxyadvisormakingarecommendationor providing a policy against company management on a decision or vote on a company proposal or proxy proposal that is not based on a written financial analysis shall do all of the following:
(2) For certain proxy advisory services as defined in proposed law, provide that same disclosure to the board of directors of the companythat is the subject of the service.
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Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
HLS 26RS-956 ENGROSSED HB NO.
830 (2) For certain proxy advisory services as defined in proposed law, provide that same disclosure to the board of directors of the companythat is the subject of the service.
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(2) For certain proxy advisory services as defined in proposed law, provide the that written financial analysis to the board of directors of the companythat is the subject of the service.
Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
HLS 26RS-956 ORIGINAL HB NO.
830 (2) For certain proxy advisory services as defined in proposed law, provide the that written financial analysis to the board of directors of the companythat is the subject of the service.
51:3111-3113) Page 7 of 7 CODING:
51:3111-3113) Summary of Amendments Adopted by House The Committee Amendments Proposed by House Committee on Commerce to the original bill:
1.
Make technical changes.
2.
Define "affiliate" as any company that controls, is controlled by, or is under common control with, another company.
3.
Amend the definition of "proxy advisor" to specify that it does not include an affiliate of the company;
a fiduciary or asset manager, or an affiliate of a Page 7 of 8 CODING:
Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
HLS 26RS-956 ENGROSSED HB NO.
830 fiduciaryor asset manager, where that fiduciary, asset manager, or affiliate acts pursuant to a delegation of proxy voting authority from its client or beneficiary in connection with the management of client or beneficiary assets and not as a commercial proxy advisory service offered to unaffiliated third parties;
or a charitableorganizationexemptfromfederalincometaxunderSection501(c)(3) of the Internal Revenue Code of 1986, or its affiliated groups.
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Amendments

4 amendments

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Action History

  1. Read by title, amended, ordered engrossed, recommitted to the Committee on Appropriations.

  2. Reported with amendments (12-0).

  3. Read by title, under the rules, referred to the Committee on Commerce.

  4. Prefiled.

  5. Under the rules, provisionally referred to the Committee on Commerce.

  6. First appeared in the Interim Calendar on 2/27/2026.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 146 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (146)

146 members have not signed on to this bill.

Show all 146 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance technology
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors HB 830?
HB 830 is sponsored by Mark Wright (Republican).
What is the current status of HB 830?
This bill is in committee in the House. Introduced February 27, 2026. It must pass committee before a floor vote.
Where can I track HB 830?
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