Executive Compensation Alert: House Passes Executive Compensation Bill

more+
less-

On August 3, the House, led by Representative Barney Frank, passed the Corporate and Financial Institution Compensation Fairness Act of 2009 (H.R. 3269), which applies to public companies and would (i) give shareholders a “say on pay” by providing a nonbinding, advisory vote on the company’s pay practices for top executives (ii) give shareholders a nonbinding, advisory vote on “golden parachute” compensation in connection with a proxy filing for a change in control, (iii) provide for greater independence of compensation committees and their consultants and advisors and (iv) add additional reporting and compensation limitations to financial institutions with assets over $1 billion. The Securities Exchange Commission (the “SEC”) could exempt certain smaller public companies from the “say on pay” provisions. The bill will now move to the Senate.

Please see full alert for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

more+
less-

Fenwick & West LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×