South Carolina H 4985: National Guard tuition eligibility

Bill Text

2025-2026 Bill 4985 Text of Previous Version (Jan. 20, 2026) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 4985

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS 
BY ENACTING THE "PROXY ADVISOR TRANSPARENCY ACT" BY ADDING ARTICLE 9 TO CHAPTER 
5, TITLE 39 SO AS TO REQUIRE PROXY ADVISORS TO ISSUE SPECIFIED DISCLOSURES WHEN 
MAKING CERTAIN RECOMMENDATIONS WITHOUT RELYING ON A WRITTEN FINANCIAL ANALYSIS; 
AND TO PROVIDE THAT A VIOLATION OF THIS ARTICLE IS A DECEPTIVE TRADE PRACTICE 
SUBJECT TO THE INVESTIGATORY AND ENFORCEMENT POWERS OF THE ATTORNEY GENERAL, AS 
WELL AS A PRIVATE RIGHT OF ACTION BY ANY AGGRIEVED PERSON.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Chapter 5, Title 39 of the 
S.C. Code is amended by adding:

Article 9

Proxy Advisor 
Transparency Act

 Section 
39-5-900. As used in this article:

 (A) "Company" means a publicly traded, 
for-profit corporation, limited liability company, partnership, or other 
business entity.

 (B) "Company proposal" means any 
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 any proposal relating to director nominations or elections, 
executive compensation, corporate transactions, corporate structure, auditor 
selection, or company policy on any subject.

 (C) "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.

 (D) "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.

 (E) "Proxy advisory service" means any 
of the following services that are provided with or in relation to a company, 
or are provided to any person in this State:

 (1) advice or a recommendation on how 
to vote on a company proposal or proxy proposal;

 (2) proxy statement research and 
analysis regarding a company proposal or proxy proposal; or

 (3) development of proxy voting 
recommendations or policies, including establishing default recommendations or 
policies.

 (F) "Proxy proposal" means any proposal 
made by a shareholder of a company that is included in the company's proxy 
statement including, but not limited to, a proposal relating to any of the 
subjects that could be covered by a company proposal.

 (G) "Shareholder" includes a 
shareholder, unitholder, limited partner, or other equity owner of a company.

 (H) "Written financial analysis" means 
a written document that:

 (1) analyzes the expected short-term 
and long-term financial benefits and costs to the company of implementing a 
company proposal or proxy proposal;

 (2) concludes what vote or course of 
action is most likely to positively affect shareholder value; and

 (3) explains the methods and processes 
used to prepare the analysis, including the experience and geographic location 
of the personnel who formed the recommendation.

 Section 
39-5-910. (A) 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 votes 
against company management on company proposals or proxy proposals, and the 
proxy advisor does not do so based on a written financial analysis, the proxy 
advisor shall:

 (1) concurrently with providing the 
proxy advisory service, include a clear and conspicuous disclosure to each 
shareholder, or entity, or other person acting on behalf of a shareholder, 
receiving the proxy advisory service that:

 (a) identifies the service being 
provided;

 (b) identifies the recommendation or 
policy at issue; and

 (c) states that the proxy advisor has 
made the recommendation or policy without doing so based on a written financial 
analysis regarding the impact of that recommended action on company investors 
that:

 (i) analyzes the expected short-term 
and long-term financial benefits and costs to the company of implementing the 
company proposal or proxy proposal;

 (ii) concludes what vote or course of 
action is most likely to positively affect shareholder value; and

 (iii) explains the methods and 
processes used to prepare the analysis, including the experience and geographic 
location of the personnel who formed the recommendation.

 (2) for a proxy advisory service 
covered by Section 39-5-900(E)(1) or (2), concurrently with providing the proxy 
advisory service, provide the disclosure under subsection (A)(1) to the board 
of directors of each company that is the subject of the service; and

 (3) while any proxy advisory services 
described by subsection (A) are bei