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SEC Proposes New Pay-Versus-Performance Disclosure Rules

On April 29, 2015, the Securities and Exchange Commission (the “SEC”) proposed new rules that would require most publicly traded companies to describe in detail the relationship between their financial performance and their...more

Pay-Versus-Performance: SEC's Proposed Rules

On April 29, the SEC proposed rules that would require most publicly traded companies to describe in detail the relationship between their financial performance and executive compensation actually paid. HIGHLIGHTS...more

Electronic Self-Certification for Hardship Distributions is Not Sufficient

In its April 1, 2015 Employee Plans News, the IRS stated that defined contribution plan sponsors must maintain hardship distribution records and that plan sponsors cannot rely on electronic participant self-certification for...more

Plan Sponsors Should Avoid The Dark Side of the Retirement Plan Business

I grew up in New York City and the City of today isn’t like it was when I grew up. They called it Fun City and not because it was fun unless you thought crime was fun. I remember going to take a Washington D.C. bus (because...more

Pay For Performance Table and Best Proxy Disclosure

The SEC recently released its proposed "pay for performance" rules under one of the last remaining executive compensation requirements mandated by the Dodd-Frank Act. This new "pay for performance" rule requires companies1 to...more

Does The SEC’s Unbundling Rule Deprive Stockholders The Right To Vote On The Whole?

A forthcoming academic paper looks for bundling in more than 1,500 management proposals between 2003 and 2012.  Bundling occurs when multiple matters are combined into a single proposal.  The authors, James Cox, Fabrizio...more

Proxy Access – Week of May 17 – The Trend Is Less Clear

During the week of May 17, 2015, 8-Ks were filed that disclosed six shareholder sponsored proxy access proposals passed and five failed. All required three percent ownership for three years and all were opposed by the...more

Overview of Annual Reporting Requirements/Statements of Financial Interests

Pursuant to the Public Official and Employee Ethics Act, public officials and employees are required to file a Statement of Financial Interests before May 1 of each year to report, among other things, gifts, transportation,...more

It Takes Only One Retirement Plan Participant To Sink An Employer

There are a couple of songs that says it takes two, but that’s for love. When it comes to causing grief and heartache for retirement plan sponsor, it only takes one. The one is a plan participant who is adamant of making a...more

The Small Business, Enterprise and Employment Act - When will the insolvency-related provisions come into force?

Following Parliamentary approval in March 2015, there has been a level of uncertainty around the implementation timeline for certain company law and insolvency provisions. In particular, many of the changes to the Insolvency...more

Financial Services Weekly News Roundup - May 2015 #3

SEC Proposals to Enhance Investment Company and Investment Adviser Reporting: As we went to press, the SEC commissioners announced that they had voted to approve two proposals. The first was for new and amended rules and...more

SEC Approves Proposed Rules for Executive Compensation

On April 29, 2015, the Securities and Exchange Commission (SEC) narrowly approved proposed rules requiring certain reporting companies to disclose the relationship between pay to named executive officers and performance by...more

Supreme Court: ERISA Imposes Continuing Fiduciary Duty to Monitor Plan Investment Options

Section 409 of ERISA imposes personal liability on a plan fiduciary to make good to the plan any losses resulting from the fiduciary’s breach of any duties imposed by Title I of that statute. Section 413 provides generally...more

IRS Limits Correction Opportunities under Section 409A Proposed Income Inclusion Regulations and Imposes 20% Penalty

In Chief Counsel Advice 201518013 (May 1, 2015) (the "CCA"), the IRS addresses an executive retention bonus that originally vested after three years and was payable in equal installments on the first two anniversaries of the...more

Alert: SEC Proposes New Rules on Pay Versus Performance When "Compensation Actually Paid" is Not Compensation Actually Paid and...

On April 29, 2015, the SEC voted to propose rules requiring public companies to disclose the relationship between compensation actually paid and company financial performance. The proposal comes almost five years after the...more

Small Business Securities Bulletin: SEC Proposed Pay-Versus-Performance Disclosure Rules

A periodic bulletin keeping small businesses informed about current developments in securities law and related matters. As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Securities and...more

ISS Reports on Compensation Trends

ISS has issued a report on compensation trends incorporating data so far from this year’s proxy filings. According to ISS: - The most significant trend continuing in 2015 has been the move to performance-based pay,...more

SEC Proposes Pay-Versus-Performance Disclosure Rules

The Securities and Exchange Commission (SEC) recently issued its long-awaited proposal for "pay-versus-performance" disclosure. The proposed rules would implement the requirements of Section 953(a) of the Dodd-Frank Wall...more

A Plan Sponsor’s Foolproof Way To Getting In Trouble

The foolproof method to getting inves- tigated for tax evasion? Stop filing your taxes. The foolproof method to get hit by a car? Run into mid-town traffic. The foolproof method to get the chicken pox? Don’t take the vaccine...more

In Case You Missed It - Interesting Items for Corporate Counsel - May 2015

The SEC proposed pay for performance rules to implement Section 953(a) of Dodd-Frank, which requires disclosure of “information that shows the relationship between executive compensation actually paid and the financial...more

Does Your Retention Bonus Plan Violate IRS Code?

In a memorandum released earlier this month, the IRS Office of Chief Counsel ruled that a retention bonus payable to an executive violated Section 409A of the Internal Revenue Code ("409A"). The IRS further ruled that the...more

Federal Budget 2015: What it Means for Employers

On 12 May 2015, Treasurer, Joe Hockey, delivered the Coalition Government's second budget. A key part of the budget is the Government's AUD5.5 billion 'Jobs and Small Business' package, aimed at assisting small businesses and...more

SEC proposed rule would require new "pay versus performance" table in proxy statements

As public companies navigate the 2015 proxy season, a potential change to executive compensation disclosure is on the horizon. The US Securities and Exchange Commission (SEC) has proposed new rules to implement the...more

SEC Proposes New Executive Pay Versus Company Performance Disclosure Rules

On April 29, 2015, the Securities and Exchange Commission (SEC) voted 3 to 2 to propose rules related to the disclosure of information that shows the relationship between executive compensation and the financial performance...more

SEC Proposes “Pay Versus Performance” Rules, as Required by Dodd-Frank

On April 29, 2015, the Securities and Exchange Commission (the SEC) proposed for comment new “pay versus performance” rules that would require public company registrants to disclose the relationship between executive...more

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