Mind Your Own Business Act of 2021
Last action on Sep 23, 2021Read twice and referred to the Committee on Banking, Hous...
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Summary
Mind Your Own Business Act of 2021
This bill requires a large publicly traded company, as a condition of being listed on a national securities exchange, to establish in the company's articles of incorporation or bylaws certain duties and procedures regarding a claim against a corporate defendant for breach of fiduciary duty resulting from a material action.
A material action taken by a corporate actor covered by this bill includes
- an action taken primarily in response to a state law, state regulation, or state legislation relating to the manner in which elections are conducted in the state, protecting religious freedom, or limiting the availability of abortion services;
- an action to promote certain social issues; or
- other actions unrelated to the company's pecuniary interest.
Actions not covered by this bill include charitable contributions, certain exercises of religion, activity related to national security, and the limitation of business with certain nations and entities.
