; and (iii) include each economic analysis required under clause (ii) in the annual report required under subparagraph (A). (C) Best economic interest defined In this paragraph, the term best economic interest means decisions that seek to maximize investment returns over a time horizon consistent with the investment objectives and risk management profile of the fund in which shareholders are invested. . IX Protecting Americans’ Savings 901. Requirements related to proxy voting Section 14 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78n ), as amended by section 701, is further amended by adding at the end the following: (m) Prohibition on robovoting (1) In general The Commission shall issue final rules prohibiting the use of robovoting with respect to votes related to proxy or consent solicitation materials. (2) Robovoting defined In this subsection, the term robovoting means the practice of automatically voting in a manner consistent with the recommendations of a proxy advisory firm or pre-populating votes on a proxy advisory firm’s electronic voting platform with the proxy advisory firm’s recommendations, in either case, without independent review and analysis. (n) Prohibition on outsourcing voting decisions by institutional investors With respect to votes related to proxy or consent solicitation materials, an institutional investor may not outsource voting decisions to any person other than an investment adviser or a broker or dealer that is registered with the Commission and has a fiduciary or best interest duty to the institutional investor. (o) No requirement to vote No person may be required to cast votes related to proxy or consent solicitation materials. (p) Proxy advisory firm calculation of votes With respect to votes related to proxy or consent solicitation materials with respect to an issuer, a proxy advisor firm shall calculate the vote result consistent with the law of the State in which the issuer is incorporated. . X Empowering Shareholders 1001. Proxy voting of passively managed funds (a)