The Empowering Shareholders Act of 2026 aims to update the Investment Advisers Act of 1940 by introducing new requirements for how investment advisers vote on behalf of passively managed funds during shareholder meetings. The main goal is to enhance transparency and accountability in proxy voting, ensuring that the interests of shareholders are better represented. Key provisions of the Act include several specific requirements for investment advisers. They must vote in line with the instructions of the beneficial owners of the securities, which can include using a published voting policy.