; and (3) with respect to each shareholder proposal for which the covered entity voted (other than an issuer-sponsored proposal or a vote consistent with the recommendation of the majority of the board of directors of the issuer), make publicly available the economic analysis the covered entity conducted to determine that the vote is in the best economic interest of the customers. (c) Covered entity defined In this section, the term covered entity means an investment advisor, asset manager, or pension fund with more than $100,000,000 in assets under management. 5. Transparency regarding ESG funds Section 10 of the Securities Act of 1933 ( 15 U.S.C. 77j ) is amended by adding at the end the following: (g) Transparency regarding ESG funds An investment company that holds itself out as offering an index fund under which investments are made pursuant to a set of environmental, social, or governance standards shall disclose in tabular form on the first page of each prospectus required pursuant to this section the 1-, 3-, and 5-year annual returns and fees charged to investors with respect to such fund compared with the annual returns and fees charged to investors for the most readily comparable broad-based index fund offered by such investment company under which investments are not made pursuant to such standards, or if such investment company does not offer a comparable index fund, a reasonably similar comparison to a readily comparable broad-based index fund. . 6. Resubmission thresholds for shareholder proposals Section 14 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78n ) is amended by adding at the end the following: (k) Exclusion of certain shareholder proposal resubmissions A shareholder proposal may be excluded from any proxy or consent solicitation material for an annual meeting of the shareholders of an issuer if the proposal— (1) is not germane (without regard to whether the proposal involves a significant social policy issue)