; and (5) in section 211(h) ( 15 U.S.C. 80b–11(h) )— (A) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively, and adjusting the margins accordingly; (B) in the matter preceding subparagraph (A), as so redesignated, by striking The Commission and inserting the following: (1) In general The Commission ; (C) in paragraph (1), as so redesignated— (i) in subparagraph (A), as so redesignated, by striking and at the end; (ii) in subparagraph (B), as so redesignated, by striking the period at the end and inserting ; and ; and (iii) by adding at the end the following: (C) not later than 2 years after the date of enactment of the Corporate Governance Fairness Act, and after consulting with all relevant stakeholders, submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that— (i) evaluates existing, as of the date on which the report is submitted— (I) policies and programs regarding conflicts of interest at proxy advisory firms; and (II) policies and procedures at proxy advisory firms that are designed to avoid knowingly making any false statement, or omitting to state a material fact, that would be necessary to make a statement to a client of the proxy advisory firm not misleading; and (ii) examines whether any additional protection to investors under subparagraph (B) would be helpful to those investors, including policies and procedures that allow investors to consider, in a reasonably timely manner, material information that is necessary for the investors to— (I) make informed investment decisions; and (II) exercise any of the rights of the investors that are conferred by securities held by the investors.