republic-os/legislation/us/states/in/2026/hb-1273.md

---
type: "Bill"
title: "Requirements for proxy advisors."
description: "Provides that if a proxy advisor makes a recommendation against entity management on an entity proposal or proxy proposal, or makes a default recommendation or policy concerning votes against entity management on entity proposals or proxy proposals, and the proxy advisor does not do so based on a written financial analysis, the proxy advisor shall do the following: (1) At the time the proxy advisor provides the proxy advisory services, provide a clear and conspicuous disclosure to each interest holder or any person acting on behalf of an interest holder, receiving the proxy advisory services, that: (A) identifies the services being provided by the proxy advisor; (B) identifies the recommendation at issue; and (C) states that the proxy advisor has made the recommendation without utilizing a written financial analysis regarding the impact that the recommended action would have on entity interest holders. (2) If the proxy advisor provides certain proxy advisory services, then at the time the proxy advisor provides the proxy advisory services, the proxy advisor must provide to entity management the disclosure provided to each interest holder or any person acting on behalf of an interest holder receiving the proxy advisory services. (3) For the entire time that a proxy advisor is providing proxy advisory services to an interest holder of an entity or any person acting on behalf of an interest holder of an entity, prominently display on the home page of the proxy advisor's website a statement that the proxy advisor has made a recommendation: (A) against entity management on an entity proposal or proxy proposal; and (B) without utilizing a written financial analysis regarding the impact that the recommended action would"
jurisdiction: "us/states/in"
legislature: "Indiana General Assembly"
session: "2026"
identifier: "HB 1273"
citation: "Indiana HB 1273 (2026)"
classification: ["bill"]
subjects: ["AGENCIES; Generally", "COUNTY GOVERNMENT", "LOCAL GOVERNMENT; Generally", "TOWNSHIPS AND TOWNSHIP OFFICERS", "TRADE REGULATIONS; Generally"]
status: "enacted"
primary_sponsors: ["Kyle Pierce", "Scott Baldwin"]
version_count: 4
action_count: 28
vote_count: 3
first_action: "2026-01-06"
last_action: "2026-03-03"
source: "openstates"
source_identifier: "ocd-bill/64441201-7103-4e63-b702-3dbb9710d08f"
source_url: "https://api.iga.in.gov/2026/bills/hb1273"
source_hash: "ed2f87e071cff6d0b64f75b48dbd70e99253dcb3020c0fccf93ae546ed2f68f5"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-in"]
---

# Indiana HB 1273 (2026) — Requirements for proxy advisors.

Provides that if a proxy advisor makes a recommendation against entity management on an entity proposal or proxy proposal, or makes a default recommendation or policy concerning votes against entity management on entity proposals or proxy proposals, and the proxy advisor does not do so based on a written financial analysis, the proxy advisor shall do the following: (1) At the time the proxy advisor provides the proxy advisory services, provide a clear and conspicuous disclosure to each interest holder or any person acting on behalf of an interest holder, receiving the proxy advisory services, that: (A) identifies the services being provided by the proxy advisor; (B) identifies the recommendation at issue; and (C) states that the proxy advisor has made the recommendation without utilizing a written financial analysis regarding the impact that the recommended action would have on entity interest holders. (2) If the proxy advisor provides certain proxy advisory services, then at the time the proxy advisor provides the proxy advisory services, the proxy advisor must provide to entity management the disclosure provided to each interest holder or any person acting on behalf of an interest holder receiving the proxy advisory services. (3) For the entire time that a proxy advisor is providing proxy advisory services to an interest holder of an entity or any person acting on behalf of an interest holder of an entity, prominently display on the home page of the proxy advisor's website a statement that the proxy advisor has made a recommendation: (A) against entity management on an entity proposal or proxy proposal; and (B) without utilizing a written financial analysis regarding the impact that the recommended action would

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Enrolled House Bill (H)** (committee substitute) — [source](https://iga.in.gov/pdf-documents/124/2026/house/bills/HB1273/HB1273.04.ENRS.pdf)
2. **House Bill (H)** (committee substitute) — [source](https://iga.in.gov/pdf-documents/124/2026/house/bills/HB1273/HB1273.03.COMS.pdf)
3. **House Bill (S)** (committee substitute) — [source](https://iga.in.gov/pdf-documents/124/2026/house/bills/HB1273/HB1273.02.COMH.pdf)
4. **Introduced House Bill (H)** (committee substitute) — [source](https://iga.in.gov/pdf-documents/124/2026/house/bills/HB1273/HB1273.01.INTR.pdf)

## Votes

- HB 1273 - Pierce K - 3rd Reading — **67–21** (pass) · lower
- HB 1273 - Pierce K — **72–20** (pass) · lower
- HB 1273 - Baldwin - 3rd Reading — **41–4** (pass) · upper

## Sponsors

- Kyle Pierce — primary (person)
- Scott Baldwin — primary (person)
- Jake Teshka — coauthor (person)
- Mike Andrade — coauthor (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2026-01-06** Authored by Representative Pierce K
- **2026-01-06** First reading: referred to Committee on Financial Institutions `reading-1, referral-committee`
- **2026-01-12** Representative Andrade added as coauthor
- **2026-01-13** Committee report: amend do pass, adopted `committee-passage`
- **2026-01-14** Representative Teshka added as coauthor
- **2026-01-15** Second reading: ordered engrossed `reading-2`
- **2026-01-20** Senate sponsor: Senator Baldwin
- **2026-01-21** Referred to the Senate `referral`
- **2026-01-20** Third reading: passed; Roll Call 63: yeas 67, nays 21 `passage, reading-3, reading-3`
- **2026-01-26** First reading: referred to Committee on Insurance and Financial Institutions `reading-1, referral-committee`
- **2026-02-12** Committee report: amend do pass, adopted `committee-passage`
- **2026-02-16** Second reading: ordered engrossed `reading-2`
- **2026-02-17** Third reading: passed; Roll Call 186: yeas 41, nays 4 `passage, reading-3, reading-3`
- **2026-02-18** Returned to the House with amendments `receipt`
- **2026-02-18** House dissented from Senate amendments
- **2026-02-18** Motion to dissent filed `filing`
- **2026-02-19** Senate advisors appointed: Randolph Lonnie M, Walker K
- **2026-02-19** Senate conferees appointed: Baldwin, Qaddoura
- **2026-02-19** House conferees appointed: Pierce K, Andrade
- **2026-02-19** House advisors appointed: Teshka, Lauer, Miller K
- **2026-02-24** Motion to concur filed `filing`
- **2026-02-24** Dissent rescinded
- **2026-02-25** Signed by the Speaker `passage`
- **2026-02-25** House concurred with Senate amendments; Roll Call 368: yeas 72, nays 20
- **2026-03-03** Public Law 60 `became-law`
- **2026-02-27** Signed by the President Pro Tempore `passage`
- **2026-02-27** Signed by the President of the Senate `passage`
- **2026-03-03** Signed by the Governor `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/64441201-7103-4e63-b702-3dbb9710d08f`. Confidence: reported (aggregated from official Indiana legislature records).